Buyers - Do Not Forget Closing Costs
Irina Bartnik, Notary Public • October 11, 2019
Not budgeting properly for closing costs is most common mistake that Buyers make, in my opinion.
If you are expecting to be exempt from paying Property Transfer tax as a First time buyer, carefully examine the eligibility criteria. Not everyone is qualified. Do your own homework.
It is important to check what fees out of the following list will be applicable to you.
Ask your Bank or Mortgage Broker:
- Mortgage application fee
- Mortgage default insurance
- Appraisal fee
- Survey fee or Title insurance fee
- Cost of any Bridge financing if needed.
Ask the Realtor:
- Property Transfer tax
- Property and municipal tax
- GST
- Home inspection fees
- Strata fees for forms, move in fee, monthly strata fees
Ask your Accountant:
- Foreign Buyers property tax
Ask Insurance Provider:
- Cost of Insurance and cost of Insurance binder
Ask your Notary:
- Legal Closing fees
- Land Title Registration fee
Happy House Hunting!
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