|
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.
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.
|