Here you will find many valuable tools to aid you in the process of buying and selling real estate.
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707 - 10 Edgecliff Gfwy
Welcome To This Very Clean & Spacious 3 Bdrm, Over 1000 Sq Ft Condo W/Two Wshrms, Fam Size Liv/Din Rms, Huge Eat-In Kit W/Brand New Stove. Lots Of Storage Including En-Suite Locker & Mstr W/I Closet. Enjoy Your Morning Coffee On Your Lrg Private Covered South Facing Balcony. This...
Prime Agincourt 5 Level Backsplit, Rarely Offered 4 Bedroom Backing Onto Open Space, Ravine/Park. This Large Family Home Shows True Pride Of Ownership. Great Schools District Agincourt C.I, Sam, North Agincourt, And French Immersion. Close To, 401, 404, Agincourt Go Train, Scarbo...
Location, Location, Location! Excellent Walk (74) & Tansit (71) Score. Bayview Manor By Daniels. 1417 Sq Ft Of Comfort. Open Concept Kitchen/Living/Dining, Perfect For Entertaining. Pull Back The Shutters & Enjoy South Facing View Of The Park. Easy Access To 401/Dvp/404.Walking D...
Great Investment Opportunity. Property In Prime Location. 3 Rented Self-Contained Units That Will Almost Pay Your Mortgage. Close To Public Transit, Walking Distance To Subway. 2 Bedroom Units On Upper Floor. 2 Bedroom Units On Main Floor. 1 Bedroom Unit In Basement. Current Tena...
Beautiful Stunning Bungalow Backing On Ravine In Hi-Demand And Prestigious Alamosa Area,Tastefully Extended Open Concept Great Room,Professionally Landscaped With Flood Lights And Sound System Water Garden,Beautiful Stone Patio/Walkway,Mature Trees,Sprinkler,Slate Stone Ramps,Cir...
Brand New Stacked Townhome. Never Lived In. Grand Cornell Brownstone. Convenient Location On Hwy 7, Short Drive To Hwy 407, Markham Stouffville Hospital, Cornell Library, Cornell Community Centre. Laminate Flooring Throughout. 1 Parking And 1 Locker. Roof Top Terrace.
Location! Beautiful Open Concept W/Breathtaking Views! Stunning Apt Updated To Perfection! Maintained W/ Pride! Approx.1500Sqft. Quartz Counter Top In Kit & B/R's, Marble Shower & Flrs In Mstr B/R. His/Her W/I Closet. Extra Rm For 2nd B/R Or Office/Flex Space. Tons Of Great Ameni...
Assignment - Selling Agreement Of Purchase And Sale.Victory Hts! 3,523 Sq Ft Built By Treasure Hill On A 42' Lot! Walk-Up Bsmt! Larger Bsmt Windows. R/I Wet Bar 10 Ft Main Fl. Ceil Coffered Ceil. In Lr, Dr, Mbr, Foyer. Waffle Ceil. In Fam. Rm. Extensive Use Of Pot Lights - Interi...
Welcome To The Prestigious 7 Helen Ave, One Of The Most Sought After Streets In The Area. This Beautiful 100 Ft South Facing Lot, Boasts Over 7200 Sq Ft Of Total Living Space. It Is Conveniently Located Mins Away From Hwy 407 & 404, Ttc, Go Train, Some Of The Finest Golf Courses ...
Excellent Location! Metroplace Condos, Fully Furnished, Steps To Downsview Subway Station, Next To Allen Rd And Hwy 401. Fantastic Amenities, 24 Hr Concierge, Full Gym, Indoor Pool, S/S Appliances, Stacked Washer And Dryer, Gulf Simulator, Party Rm, Guest Suite, A Must See.
Furnished Executive High End Rental Recently Designed & Renovated W/Upscale Industrial Style Furniture Barn Dr, Reclaimed Wood Brick Walls, Washed Oak Fl, Pure Spirit Luxury Corner Unit S/E Exposure Loc In Historic Distillery District W/Views Of Lake & Distillery, Open Concept W/...
2 Years Old Prof. Designed Modern Family Home In Prestigious Cliffside Area, Extra High Ceiling Simply Stunning, High End Kitchen Cabinets. This Unique Full Brick Home Has Everything You & Your Family Needs. 3 Skylights, Upper Flr Laundry, Very Convenient Location. 15-18 Mins To ...
Brand New 1 Bedroom, Fantastic Location At The Shops At Don Mills. Easy Access To Upscale Shopping, Restaurants, Bars And Entertainment. Close To Public Transit, Schools, Library And Parks. Upgraded Backsplash In Kitchen And Bathroom.
'The Modern' Super Layout-West Facing Sun Filled Breathtaking View Of City Skyline- Engineered Hardwood Throughout- Large Den-Locker Included- Master Has Mirrored Closets- Smooth Ceilings, Rooftop Lounge With Bbq Area And Pool- Whirlpool. Panoramic City View, Amenities Gym , Part...
Luxury Tridel Triomphe In Amazing Prime Location Of North York. Lrg 2 Bedroom Open Concept Living, Dining 2 Washroom Suite. 9 Ft Ceiling. Engineered Flooring. Spacious Corner Unit Walk-Out Balcony W/ Nice View. Charming Comfy Condo Direct Access To 24H Metro, Walking Distance To...
Charming Bright Family Home Is Situated In The Prime Location Of Woodbridge. Over 2900 Sqft. House Has Gorgeous Center Hall Features Large Principal Rooms. Finished W/O Basement. Hardwood Flrs Thru-Out. Main Floor Laundry. Gourmet Open Concept Kitchen ,Large Sun Deck. California ...
Live In Prestigious North York Area! Bright & Spacious 1700 Square Feet, Huge Master Bedroom With Sitting Area And En Suite! Magnificent Building Offers All Luxury Amenities - Close To Major Hwy's And Everything Toronto Has To Offer. Don't Miss Out On This Opportunity. Condo Has ...
Gorgeously Renovated, Very Quiet, Large, East Facing Condo On Tree-Top Level. Newer, Open Concept Beautiful Kitchen With Tons Of Pantry, Extra Deep Pot Drawers, High End S/S Appliances, Wisper Quiet Dw, Granit Countertops, Pot Lights Over Bar Area, High Quality Laminate Floors, D...
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Closing Cost Overview
Closing costs, ranging from 1.5% to 4% of selling price, are the legal and administrative costs you will need to pay when your house closes. In addition to closing costs, there are other expenses and/or events that may require a cash outlay before, on or after your house closes. We will outline these in detail to ensure these often unexpected costs do not sneak up on you.
Cash outlays required before your mortgage closes
Home Inspection Fee. It is highly recommended that you contract a home inspection as a condition of your Offer to Purchase. A home inspector will assemble a report on the condition of the home for a fee of around $500, depending on the complexities of the inspection.
Deposit. A deposit that counts towards your down payment is required when you make an Offer to Purchase. The deposit may amount to 5% of the purchase price, which is the minimum down payment percentage in Canada.
Costs financed in your mortgage
Mortgage default insurance, or CMHC insurance, is not normally considered a traditional closing cost as it is added to the total mortgage you require and amortized over the life of your mortgage. I have chosen to include it here to point out the major difference between it and traditional closing costs: it does not require a cash outlay upon closing.
Mortgage default insurance. If you purchase a house with less than a 20% down payment, you will be required to buy mortgage default insurance, commonly referred to as CMHC insurance. This protects the lender in the case the borrower, defaults on the loan.
Mandatory closing costs covered by the home buyer
The following is a list of closing costs that are incurred by the home buyer
Land Transfer Tax. Calculated as a percentage of the purchase price of your home, all provinces have a Land Transfer Tax (LTT) payable on closing, with the amount varying in each province. Some cities, such as Toronto, also have a municipal LTT.
Legal Fees and Disbursements. You can expect to incur a minimum of $500 and may go up to $1000 (plus GST/HST) on legal fees, which account for the preparation and recording of official documents. Find a residential real estate lawyer or contact Nick Ignatiou direct for a list of real estate lawyers that his Clients have used.
Title Insurance. Today, most lenders require title insurance to protect against losses in the event of a property ownership dispute. This is purchased through your lawyer/notary and costs $100 - $300.
PST on CMHC insurance. Though CMHC insurance itself is financed through the mortgage, PST on the insurance must be paid in cash at the time of close.
The following is a list of closing costs that are incurred by some home buyers as they are only applicable to certain properties
Septic tank. If the house has a septic tank, it should also be tested to ensure it is in good working order. Once again, you can negotiate the cost with the previous owner and list it in your Offer to Purchase.
Water Tests. If the home has a well, you will want to test the quality of the water and ensure there is an adequate supply, as well if the water is potable. You can negotiate these costs with the previous owner and list them in your Offer to Purchase.
Estoppel/Status Certificate Fee. A certificate fee may be payable if you are buying a condominium or strata unit, and could cost up to $100.
Mandatory closing costs often covered by the lender
Appraisal Fee. An appraisal, which is an estimate on the value of your home, is often covered by your mortgage lender. An appraisal is performed to certify the lender of the resale value of the home in the case you default on the mortgage. The cost is usually between $250 and $350.
Other costs to consider
Property Insurance. Property insurance, which covers the cost of replacing your home and its contents, must be in place on closing day. This insurance is often paid in monthly or annual premiums.
Prepaid Utility Bills. You may need to reimburse the previous owner of your property for prepaid costs such as property taxes, utilities and so forth.
Property taxes. Property tax is calculated as a percentage of your home value, varies by municipality and must be paid each year. The residential property tax rate in Toronto for example is 0.83%, and on a $400,000 home, would be equal to $3,320 per year. You may need to reimburse the previous property owner if he/she has already paid property taxes for the full year. You are also given the option to set-up an automatic payment plan with your lender. Your lender will set up an account for you, collect an additional $277 per month ($3,320 / 12 months) and then pay property taxes on your behalf. Though by no means necessary, some homeowners find this service extremely valuable for budgeting purposes.
Closing Day is the day you finally take legal possession of your home. It's important that the bulk of your administration is completed by this point including transferring your down payment to your lawyer. Transferring down payment funds, especially from your RRSP can take time, and should be done several days before close.
On closing date, the following events will take place:
Your lender will provide the mortgage funds to your lawyer/notary.
You must provide, your down payment less the deposit, to your lawyer/notary along with the closing costs.
Your lawyer/notary pays the previous owner, registers the home in your name, and gives you the deed and keys to your new home.