Here you will find many valuable tools to aid you in the process of buying and selling real estate.
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117 Courville Coachway Way
Top Location & Complex That Is Rarely Offered, Executive Size Townhome With A Walk-Out Basement In This Highly Sought After Community! Super Bright & Generous Size Rooms W/ Lots Of Closets & Storage Space, This Amazing Unit Boasts An Open Concept Layout, Family Size Eat-In Kitche...
Bright And Spacious One Bedroom Unit Plus Den, Beautiful North West City View, 24 Hrs. Concierge, Steps To Cn Tower, Rogers Center, Min. To Gardiner Expwy, Financial And Entertainment District, Waterfront
A Remarkable Unique Urban Home W/ Exceptional Attention To Details Built By Nano Design Build. Spectacular Flow Of Natural Light Thanks To Oversized Multiple Windows, Skylights And The Courtyard In The Middle Of The House. High Ceilings With Lots Of Pot Lights. Walk To Subway An...
Completely Renovated, Ly Bedroom Townhouse In Multi-Million Dollar Neighbourhood With Best Schools In The City (Harrison Ps, Windfield Jhs And Yorkmills Clgt) Over $100K ++ Spend On Upgrades And Design One Of The Bets Lay Out In Complex. Custom Glass Shelves, Pot Lights, Througho...
Spacious South Facing Unit, Big Bedrooms, Master With 3 Pc Washroom And Walk In Closet, Eat In Kitchen, Great Living And Dining Space, H/C Water Line Connection For En-Suite Laundry In Place For En-Suite Usage. Convenient Location To Ttc Bus And Subway, Highway 401, Yorkdale Shop...
Assignment Sale! Luxurious Modern Town Home Built By Madison. Best Location In The Heart Of Thornhill.This Beauty Includes 2394 Sqft , 3+1 Bedrooms & 4 Washrooms. 10 Ft Ceiling In The Main Floor , 9 Ft Ceiling On The 2nd & Lower Floor. Will Be Ready To Move In On January 2019. W/...
Welcome To This Beautiful Sanctuary, 14 Riverside Blvd. A Street Synonymous With The Finest Of Luxury, This Beautiful 100Ft, South Facing Bungalow, Backs Onto The Uplands Golf Course, And Has The Most Beautiful Lush Setting In Its Resort Style Backyard. Located Between 10 + Milli...
Few Months New Stacked Townhome. Bright Corner Unit. Grand Cornell Brownstone Built By Award Winning Builder, Lindvest. Convenient Location On Hwy 7, Short Drive To Hwy 407, Close To Markham Stouffville Hospital, Cornell Library, Cornell Community Centre. Laminate Flooring Throug...
*Oak Ridges* Humberland Area Great Public & Separate Schools, Near Shopping Plazas, Parks, Hwys & Transit.Lease Is Only For Main & Upper Floor Of This Home. Cac, Ceiling Fans, Lessee Has Full Use Of Front & Backyard, Tenant Is Responsible For Mowing Lawn And Snow Removal.Tenant T...
Gorgeous & Spectacular Sun Filled Quality Built Home In Prestigious Richmond Hill Area. Pristine Family Residence. Open Concept, 9 Ft Ceiling, Main Strip Hardwood, Solid Oak , Family Sized Kitchen W/ Granite Counter-Top, Stainless Steel Appliances, Gas Fp W/ Stone Mantle, 4 Spaci...
Bright, Open Concept Corner South Facing Totally Renovated Unit, Approx 40K Kitchen +30K Other Renovations. Engineered Hardwood Floors. Rooftop Terrace With Bbq's, & Breathtaking Views Of Lake Ontario, Walk To Go, Transit,Indoor Pool, 24 Hr. Concierge, Guest Suite. Short Walk T...
La Belle Maison-Lux, Cust. Built Res. In St Andrew Winfield's. 24000 Sq. Ft Res. Comb Old Artisanship W/ 21 Cent. State Of Art Lux. Amen, Fyr, Marb Strs, Breathtaking Balustrades & Ceiling Motifs Transfer To 17 Cent. France. Feats Uniq Architect Craft Carved Limestone Ext. Sistin...
Live On The Top Floor Of The Platinum East Building! Penthouse Unit * Very Large 2 Bedroom Plus Solarium W/ 2 Full Washrooms * Newly Painted, Renovated Kitchen. Master Bedroom W/Walk-In Closet. Laminate Flooring Throughout, No Carpet Full Amenities Indoor Pool, Sauna, Tennis Cour...
Spacious Studio In Award Winning Maple Leaf Square Luxurious Condo, Unbeatable Location, Steps To Union Station, Go Train, Financinal District, Rogers Centre, Entertainment, Lake, Restaurants And Shopping. Longos Supermarket And Shops Are Just Downstairs Without Going Out From Th...
Luxury Daniel's Landmark Merci Condo, Modern Open Concept Design, One Bedroom Plus Den. Ensuite Master Bdrm, 2 Baths, 2 Balconies, Granite Counter Top, Rooftop Deck. Walking Distance To Bayview Village. Close To Subway, Minutes To Hwy 401 *** Unit Can Be Rented Furnished For 2500...
Residence Of Maple Leaf Square. This Luxury 1 Bed 1 Bath Freshly Painted.Unit Offers Upgraded Kitchen, Granite Counter Top, Back Splash, Stainless Steel Appliances, 9 Ft. Ceiling, Modern Finishes And Fantastic Views From 30th Floor. Direct Access To Union Station, Scotia Arena, P...
Spacious Renovated House For Large Family With Income Potential. Hardwood Floors Throughout. Custom Kitchen With Granite Countertop & Family Size Eating Area. Main Floor Laundry. W/O To Large Deck & Side Patio. Direct Access To Garage. Sitting Area On 2nd Floor Use As Den Or Offi...
Beautiful West Facing Unit In A Boutique Building. Only 6 Units Per Floor. Renovated Kitchen, Large Locker, Party Room Locker And Sauna On Main Floor. Close To Greektown, Parks, Schools, Shopping, Downtown, Transportation, Subway, Nice Neighborhood, Spacious Open Balcony Overlook...
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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.