Untitled Document

Land Transfer Tax is tax imposed on real property normally calculated on the value of the property being registered. It is registered in a land registration office for that specific province. The means of calculation will vary according to the provincial jurisdiction.

Your lender will require an up-to-date survey. You can make it a condition of the Offer to Purchase that the Vendor provide a survey, or you will have to have one done. If there is no survey available, you may purchase "Title Insurance" in lieu of a survey which saves you about $500 - 700.

The fee for the service or systematic process of estimating value of a property is referred to as the Appraisal fee. Usually, it is a written statement highlighting an opinion of the value of an adequately described property.

Your lender will insist that you have insurance on your property because your home is used as security for the mortgage.

Each real estate transaction requires the assistance of a lawyer (notary) to review the Offer to Purchase, search the title, draw up the mortgage documents and take care of the details on the day of closing. I, as your Real Estate Professional, can recommend some outstanding, well-established lawyers to you.

Some brokers may charge up to 2% of the total mortgage to find you a lender. But if you have good credit you should not have to pay a fee.

Mortgages above 75% of the purchase price or appraised lending value (High-ratio mortgage) have additional fees charged by the mortgage insurer such as CMHC or GE Capital.

Prior to purchasing a home, a qualified and accredited inspector evaluates the house for its integrity whether it is structural or mechanical. The fee involved in this process is termed as the Home Inspection Fee. The home inspection is designed to give an understanding to the client of the condition of the property.

Any items requiring attention and finishing as of the date of closing a transaction are called Closing Adjustments. Improvement rates, utility charges rent, mortgage interest and fuel costs are some of the items that consist within closing adjustments. At the day of the completion, they are charged to the buyer.