Home Inspection: Recommended before finalizing
Cost On On Closing Closing Cost No one wants surprises on closing so it is advisable to No one wants surprises on closing so it is advisable to be educated and budget ahead for closing. At closing, be educated and budget ahead for closing. At closing, the buyer will have to pay theClosing seller the basic purchase Cost On the buyer will have to pay the seller the basic purchase
price on surprises top of that other costs No one- but wants on there closingare somany it is advisable to price - but on top of that there are many other costs incurred in a real AlthoughAtdiscussed be educated and estate budgettransaction. ahead for closing. closing, incurred in a real estate transaction. Although discussed in greater detail elsewhere in this guide, here purchase is a quick the buyer will have to pay the seller the basic in greater detail elsewhere in this guide, here is a quick overview of expenses you should budget for: price - but on top of that there are many other costs overview of expenses you should budget for: incurred in a real estate Adjustments: If you transaction. are buying aAlthough home indiscussed February, Adjustments: If you are buying a home in is February, in greater detail elsewhere in this guide, here a quick and the seller has paid their property taxes until June, and the seller has paid their property taxes until June, overview of expenses you should budget for: they will want reimbursement for that time. Your lawyer they will want reimbursement for that time. Your lawyer will calculate this amount exactly. If you’re buying a Adjustments: If you are buying a home in February, will calculate this amount exactly. If you’re buying a property with has an oil tank, theproperty seller is taxes to have filled the and the seller paid their until June, property with an oil tank, the seller is to have filled the tank before closing, you will be billed for this amount. they will want reimbursement for that time. Your lawyer tank before closing, you will be billed for this amount. These are thethis most common adjustments will calculate amount exactly. If you’repayable buying on a These are the most common adjustments payable on closing. with an oil tank, the seller is to have filled the property closing. tank before will be billed this will amount. CMHC andclosing, other you mortgage fees:for These often CMHC and other mortgage fees: These will often These are the most common adjustments payable on be included in the amount you borrow. Your mortgage be included in the amount you borrow. Your mortgage closing. broker or bank representative will advise you of this. broker or bank representative will advise you of this. CMHC and other mortgage fees: often Commission: Although rare, there areThese some will scenarios Commission: Although rare, there are some scenarios be included in the amount you borrow. for Yourreal mortgage where the buyer will be responsible estate where or thebank buyer will be responsible foryou real estate broker representative will advise this. commissions. We will advise you before writingofan offer commissions. We will advise you before writing an offer if this will be an issue. Commission: Although rare, there are some scenarios if this will be an issue. where the buyer willwhen be responsible real estate Deposit: Payable an offer isfor accepted and Deposit: Payable when an offer is accepted and commissions. We will advise you before writing an offer credited towards your purchase price on closing day. your purchase price on closing day. ifcredited this willtowards be an issue. Down Payment: A minimum 5% is required. Down Payment: minimum 5% is is required. Deposit: PayableAwhen an offer accepted and Home Inspection: Recommended before finalizing credited towards your purchase price on closing day. Home Inspection: Recommended before finalizing offer to purchase because it may reveal areas where offer toPayment: purchase because it may reveal areas where Down minimum 5% is required. repairs are required.AThe inspection may range between repairs are required. The inspection may range between $300-$500 depending Recommended on the inspector before and thefinalizing property. Home Inspection: $400-$600 $300-$500 depending on the inspector and the property. offer to purchase because it may on reveal areasyou where Moving Costs: This will depend whether rent Moving Costs: This will depend on whether you rent repairs are required. The inspection may range between $300-$500 depending on the inspector and the property.
seller t the co but as for an additio Testing
offer to purchase because it may reveal areas where repairs required. Thethe inspection may range between a truckare or hire movers, time of year you are moving a truck or hire movers,onthe time of year you are moving $300-$500 depending the inspector and the property. and also how much stuff you have! and also how much stuff you have! Moving Costs: Tax: This will whether you rent Land Transfer Thisdepend amounton varies depending on Transfer Tax: This amount varies depending on aLand truck or hire movers, the time of year you are the purchase price. If you are a first time homemoving buyer, the purchase price. stuff If you arehave! a first time home buyer, and how much you also can receive a rebateyou of up to $4000 of this tax. you can receive a rebate of up to $4000 of this tax. Land Tax: Thislawyers amounthave varies depending on LegalTransfer Fees: Real estate many hard costs Legal Fees: Real estate lawyers have many hard costs Real Estate Law • Trusts & the purchase price. aIfpurchase. you are a This first includes time home buyer, when they process searching when they process a purchase. This includes searching and No Powers of you receive a rebate of up to $4000 of Attorney, this title,can transferring theWills, deed, title insurance andtax. more. title, transferring the deed, title insurance and more. Corporate - Commer The lawyer’s fee varies from firm to firm. Legal fees Legal Fees: Real estate lawyers have many hard costs The lawyer’s fee varies from firm to firm. Personal Legal fees Injury L vary widely, and the total costThis depends on the extent when they process a purchase. includes searching 32 Pellissier Street Boxdepends 1057 vary widely, and theSouth, total cost on the extent of services provided. You will also be responsible for title, transferring the deed, title insurance and more. Ontario ofCampbellford, services provided. You will also be responsible for B (any costs related to handling your file, disbursements The lawyer’s fee varies from firm to firm. Legal fees (any costs related to handling your file, disbursements & Solic K0Las 1L0 such longand distance callscost anddepends travel). on Barrister vary widely, the total the extent such as long distance calls and travel). of services provided. You will also be of responsible Property/Fire Insurance: Proof insurancefor is Property/Fire Insurance: Proof of insurance is (any costs related to handling yourcover file, disbursements required by your closing date and it must at least required by your closing date and it must . at least cover such as long distance calls and replacement value of home andtravel) contents. replacement value of home and contents. Property/Fire Insurance: is Status Certificate: If you’re Proof buyingofa insurance condo, you’ll Status Certificate: If you’re buying a condo, you’ll required by your closing date and it must atoutlining least cover need $100-$125 for a status certificate the need $100-$125 for a status certificate outlining the replacement value of home and contents. rules of the condo and its financial standing. rules of the condo and its financial standing. Status If you’re condo, you’ll Tarion: Certificate: If you’re buying a newbuying home, athe cost of the Tarion: If you’refor buying a new home, the cost of the the $100-$200 need $100-$125 a status certificate outlining Tarion warranty is paid by the buyer and usually $600 Tarionofwarranty is paid by financial the buyer and usually $600 rules the condo and its $800, depending on the sale price standing. of the home. $800, depending on the sale price of the home. Tarion: If you’re buying a new home, cost of thea Water/Septic/Fireplace: If you’rethe purchasing Water/Septic/Fireplace: If you’re purchasing aTarion warranty paidseptic by the system, buyer and $600 property with aiswell, or usually fireplace, you property with a well, septic system, or fireplace, you $800, depending the sale price the home. may need to payon a professional tooftake a look before may need to pay a professional to take a look before you waive your conditions. In If most cases, we ask the Water/Septic/Fireplace: you’re purchasing a you waive your conditions. In most cases, we ask the seller to pay the septic system and ensuring property withfora pumping well, septic system, or fireplace, you seller to pay for pumping the septic system and ensuring the code of any fireplaces orawood may needcompliance to pay a professional to take look stoves, before the code compliance of any fireplaces or wood stoves, but as the your buyerconditions. you shouldInplan on cases, paying we about you waive most ask$225 the as the buyer you should plan on paying aboutmore $225 -but $300 an hour-long test of the for antofor hour-long pumppump testseptic of the wellwell and more for seller pay for pumping the system andand ensuring for the an additional hour-long chemical pump test of the(Ministry well andofmore for for Health (Ministry of wood Healthstoves, Water additional chemical analysis the code compliance of anyanalysis fireplaces or (Ministry of Health Water additional chemical analysis Water is ayou free service). . plan on paying about $225 Testing is a free service) but as Testing the buyer should Testing is a free service). for an hour-long pump test of the well and more for additional chemical analysis (Ministry of Health Water Testing is a free service).
Paul M.G. Smith, Q.C. Profes
Byron Basiga,
www.paulsmit
Paul M.G. M.G. Smith, Smith, Q.C. Q.C. Professional Professional Corporation Corporation Paul
Moving Costs: This will depend on whether you rent Real Estate Law • Trusts & Estates Law Real Estate Law • Trusts & Estates Law Wills, Powers of Attorney, and Notary Public Services Wills, Powers of Attorney, and Notary Public Services Corporate - Commercial Law Corporate - Commercial Law Injury & Law Real EstatePersonal Law • Trusts Estates Law Personal Injury Law 32 Pellissier Street South, Box 1057 E-Mail: info@paulsmithqc.com Wills,Box Powers Services 32 Pellissier Street South, 1057 of Attorney, and Notary Public E-Mail: info@paulsmithqc.com Campbellford, Ontario Phone: 705-653-1860 Byron Basiga, B.Sc.Law J.D. Corporate Commercial Campbellford, Ontario Phone: 705-653-1860 Byron Basiga, B.Sc. J.D. Barrister & Solicitor K0L 1L0 Fax: 705-653-4903 Personal Law BarristerInjury & Solicitor K0L 1L0 Fax: 705-653-4903
Paul M.G. Smith, Q.C. Professional Corporation
32 Pellissier Street South, Box 1057 Campbellford, Ontario K0L 1L0
E-Mail: info@paulsmithqc.com www.paulsmithqc.com Phone: 705-653-1860 Byron Basiga, B.Sc. J.D. www.paulsmithqc.com Barrister & Solicitor Fax: 705-653-4903
Buyer’s & Seller’s Guide | 17 & Seller’s Guide | 17 www.paulsmithqc.comBuyer’s
