Tweet

Determining What You Can Afford

• Purchasing a home involves one-time costs and monthly expenses.
• The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
• In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for.
   

 

Typical One-Time Expenses 

Mortgage Application & Appraisal Fee..........................................................................................  At time of Aplication

Appraisal Fee....................................................................................................................................  At Inspection

Property Inspection...........................................................................................................................  At Inspection

Water tests  (When on well water).................................................................................................  At time of Test

Septic Inspection (inspection & Pumping of Septic Tank) Rural property..............................  At Inspection

Status Certificate  (Condominium property).................................................................................  Closing

Legal fees............................................................................................................................................  Closing

Legal Dispersements........................................................................................................ ...............  Closing

Deed and/ or mortgage registration................................................................................................  Closing

Property Survey (sometimes provided by Seller or found at the Land Registry Office)..........  Closing

Land Transfer tax.................................................................................................................................  Closing

Deed Tax or Proeprty Purchase Tax(in Quebec within 3 months following signing)..............  Closing

Mortgage Interest Adjustment and Take Over Fee (if applicable).................................................  Closing

Adjustment for Fuel, Taxes, etc............................................................................................................  Closing

Mortgage Insurance (and application fee if applicable)..................................................................  Closing

Home & property Insurance.................................................................................................................  Closing  & Ongoing

Connection charges for utilities such as Gas, Water, Electricity..................................................  Date of Move

Moving Expenses.................................................................................................................................... Date of Move

For more information Please feel free to Contact

John Bakker at

Direct Line:  613-788-2510

Fax: 613-788-2511

Email John@JohnBakker.com