Closing Costs to Purchaser
CLOSING COSTS TO PURCHASER
1. Deposit cheque (certified) with your offer to purchase, which becomes part of the down payment.
2. Notaries’ fees of approximately $850 plus summary costs plus all applicable taxes; GST & PST.
3. Adjustment of school taxes (July to June).
4. Adjustment of municipal taxes (January to December).
5. Oil costs if applicable (One full tank approx. 909 liters at current rates).
6. Transfer tax: 0.5% on first $50,000, 1% on the difference from $50,000 to $250,000 and 1.5% on the difference over $250,000. Tax is based on the sale price or evaluation and is payable six weeks after signing.
7. Appraisal and Application fee for mortgage, which normally does not exceed $250 plus all applicable taxes, GST & QST. Banks usually waive this fee.
8. Building Inspection, if requested, which is normally around $350 plus all applicable taxes, GST & QST, for written report.
9. C.M.H.C. premium for high ratio mortgage .50% to 3.5% of face value plus 9% tax on the premium. C.M.H.C. charge for opening of a file is approx. $165.
10. Property insurance is mandatory and proof will be required at the signing.
11. If the purchased property is a condominium, the purchaser will have monthly condo fees to pay and might have an adjustment for reserved fund at closing.