Home Purchase Expenses
SEE DISCLAIMER NOTICE BELOW
There are many costs and expenses that home buyers must incur. This is not an all inclusive list but covers most costs you will encounter. Be certain to carefully review understand and budget for all possible expenses before you consider entering into a firm purchase commitment. Check with your lawyer, accountant, financial planner and experienced real estate professionals for estimates.
Be prepared to pay for the many costs and expenses when due including, but not limited to, the following:
Legal Fees & Disbursements (Obtain a detailed estimate from the lawyer)
GST or PST (if applicable) - Consult with your lawyer and/or professional accountant.
Land Transfer Tax - check the rate based on purchase price. Determine the EXACT AMOUNT required to be paid by you at the time of COMPLETION. Check with your lawyer or notary.
Property taxes and adjustments
Interest adjustments on interim financing, if any
Unpaid Utility Payments or City levies outstanding.
Strata or Condominium Fees or special levies due before or after the close
Home Inspection fees
Water quality and quantity certificate
Mortgage broker's fee (if applicable)
Mortgage Loan Insurance Premium (if less than 20% down)
Mortgage Loan Insurance Application Fee (if less than 20% down)
Renovations and repairs
Furniture, paint, carpeting, window coverings.
Telecom Service and any other utility Hook-up Fees
Property or Condominium Insurance
Mortgage Application and Bank Fees
Land transfer fees, Deed and Mortgage Registration Fees
Municipal Water, Sewer Payments and Garbage collection costs
Electricity and Gas Services
Cable, Telephone and Internet Services
Strata or Condo Fees
Repair and Maintenance Expenses
Real estate commissions. BE SURE TO GET A DISCLOSURE OF REMUNERATION in any transaction.
CAREFULLY READ A CURRENT COPY OF THE REAL ESTATE CONTRACT.
LEGAL DISCLAIMER: The free published tips on this website are for information purposes only.
INFORMATION FREELY PUBLISHED HERE DOES NOT CONSTITUTE ANY FORM PROFESSIONAL ADVICE:
Please obtain independent legal, accounting, tax, real estate appraisal, and real estate inspection advice.
Adam Paauwe does NOT provide such professional advice and acts strictly as a REALTOR.