Brand New Condo, Family Oriented Neighbourhood, Large And Spacious Unit, Facing To The Court Yard Of The Building, Granite Counter Top, Building Equipped With Gym, Party Room, Multipurpose Room, 24 Hour Concierge, Must See! Nice View Of The City!
Very Bright Two Bedroom 2nd Floor Unit Available In The Prestigious Rosedale/Summerhill Neighbourhood! Huge Windows Fill The Space With Light. Conveniently Located By Summerhill Market, Dry Cleaners, Pharmacy, Coffee Shop, Specialty Foods, Rosedale Park. 10 Minute Ttc Bus Ride To...
Luxury Award Winning Condo In The Heart Of Downtown Toronto. Superb Location! Walk Score 99/100, Transit Score 98/100. Corner Unit W/Unobstructed Views, Lots Of Natural Light. Steps Away To Yonge/Bloor/Bay/Wellesley Subway Stations, Uoft, Hospitals, Ryerson, Supermarket, Restaura...
Exceptional Renovated Semi-Detached In High Demand Neighbourhood. 5 Min Walk To Subway, Shops, Restaurants Hospital And Excellent Schools Including French Immersion. Quiet Street With Close To Every Facilities, This House Has 3 Beautiful Bedrooms And 3 Washrooms. Modern Kitchen W...
Live In The Best Part Of The City. Fabulous One Bedroom Condo In A Superb Location. 24 Hr King Streetcar, Starbucks, Longo's, Shopper's And We Work At Your Doors. Juliet Balcony, Stainless Steel Fridge, Electric Range/Stove, Microwave, Ensuite Washer/Dryer, Concierge, Fitnescent...
Beautiful Walk Out Unit Is Conveniently Located In The Sought After Neighbourhood Of Bedford Park In Midtown Toronto. Close To Downtown. Easy Access To Both Ttc Bus /190M/2 Min Walk And Subway Lawrence/Yonge Lines /1Km/10 Min Walk.Easy Walking Distance To Great Restaurants And Co...
Updated Townhome In A Superb Location. Spacious End Unit, Just One Side Attached To The Neighbour, Feels Like A Semi. New High Quality Wood Laminate Flooring, New Stainless Steel Kitchen Appliances. Large Living Area. Fully Fenced Back Patio. Basement With A Full 3 Pcs Bath, Kit...
Elegant Updated Detached 2 Storey On Quiet Court In Affluent Area Of Willowdale! Large Pie Shape Lot Backing On Ravine! Four Bedrooms, Four Modern Bathrooms, Updated Kitchen W/ Granite, Main Floor Dining Room, Living Room, Den, Lower Level Walkout, Office, Laundry Room, Hardwood ...
Luxury Bayview Hill Mansion Backing Onto Beaver Creek! Fully Landscaped Backyard On Pie Shaped Lot With Pool, Poolhouse And Pond! Fabulous House For Entertaining! Opulent Features Include Sizeable Custom Kitchen With Granite Countertops, Light Filled Breakfast Room, Elegant Livin...
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St George Mews. Prime Annex Quiet Boutique Building, Bright South West Corner Unit With Nice View Over Terrace Garden, Rental Includes Utilities & Full Size Locker (P4#a3), Freshly Painted, Steps To St George Or Spadina Subway, Yorkville, U Of T, Rom, Conservatory Of Music, Caf...
Spectacular Home In The Heart Of Maple. Located In A High Demand Area. This Home Boasts A Gorgeous Eat-In Kitchen With A New Stove Top, New Built-In Range And Hood, New Dishwasher. The Home Is Freshly Painted Throughout With 9Ft Ceilings. This Home Is Uniquely Situated On Premiu...
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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.