Legal fees such as mortgage registration, title transfer, tax certificates, land titles searches.
This includes disbursements such as couriers, photocopying, and faxing.
Fees charged by the lawyer who prepares and reviews the purchase documents.
Provinicial or municiple tax payed when purchasing the home. It is also commonly called Land Registration Fee, Deed Registration Fee, Tariff or Property Purchase Fee. It is between 0.5% and 2.0% of the purchase price, depending on your province.
Charged by a licensed appraiser. Many mortgage lenders require that the home be appraised at the buyer's expense. This usually costs between $250 and $500.
Charge to have the home inspected by a professional. A home inspection report usually costs between $250 and $500.
A fee charged by the mortgage lender for preparing and evaluating the loan. Sometimes called the Loan Origination Fee. Usually less than 1% of the loan amount.
Property taxes prepaid by the seller that you will have to reimburse.
Utility costs prepaid by the seller that you will have to reimburse.
Required by the mortgage lender to cover the loss of the house and its contents. Generally between $250 and $650
Payment for an up-to-date survey or certificate of the land, should the seller not have one available. It is used to determine if trees, plants and fences are on the property. Typically costs between $350 and $2000
Insurance protecting the ownership rights to the property. Sometimes purchased in lieu of a land survey. Typically around $200.
Miscellaneous Fees
The length of your mortgage.
The Canadian nominal interest rate for your mortgage
Your down payment on the property
The total estimated closing costs NOT including your down payment
The listed price of the property
The final purchase price of the property
The expected annual increase in the value of the property expressed as a percentage
The total property tax payed on the property annually
The total cost of maintaining the property (not including Tax or Insurance) for the period of one year
The cost to insure the property to the period of one year
Your monthly rent payment
The expected yearly rate of increase for your rent as a percentage
Your initial damage deposit
The expected rate of return on savings invested during the time period
The estimated cost to sell the propery expressed as a percentage of home value
How long will you keep the property
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