| Legal fees:
You should ask for a quote for fees & disbursements for conveyance
& mortgage. Depending on your transaction, you can expect to pay
between $800 & $1500. For an exact quote contact us and we will
connect you with some local professionals. Appraisals:
If you are applying for a mortgage to finance your purchase you will
need to have the subject property appraised. This will cost
approximately $200. Property Taxes:
Depending on what time of the year your purchase closes, you will
probably have to reimburse the vendor for any taxes that they may have
already pre-paid. Property Transfer Taxes:
This tax is payable at time of purchase. This tax is calculated at 1%
on the first $200,000 and 2% on the balance Goods and Services Tax:
If you are buying a used residential property (this includes some phase
I town homes and condos) there is no GST. If the property you purchases
is a Commercial (i.e. in a rental pool and available for nightly
rentals) or phase II property then a 7% GST is applicable. You may
register for a GST account before closing on the purchase; this will
allow you to defer this 7% GST. The GST issue is a complex and tricky
issue please check with your accountant or contact us and we will
connect you with a local professional. Survey Certificate:
If you are purchasing a Duplex or a single family home you will likely
need a survey certificate. The cost is approximately $350.00, or you
can obtain title insurance as an alternative for $200.00. As your
realtor we may be able to obtain an existing survey from the vendor to
save you some money. Building Inspection:
You may decide to have a building inspection done. A qualified building
inspector will go through your new home with you for several hours and
then afterwards provide a written analysis of the structure of the
home. This cost is approximately $375.00. If you would like a
recommendation for a local building inspector feel free to contact us. Home Insurance:
If you are buying a house or _ duplex, you will have to purchase the
necessary fire insurance coverage for your dwelling. Depending on your
new home, you can expect an approximate cost of $500 - $800. If you are
purchasing Strata titled properties you may still have to get content
insurance. Contact your Insurance Agent for information on your
personal situation. If you would like a recommendation for a local
insurance professional feel free to contact us. Real Estate fees:
Typically my fees will be borne by the vendor. |