Common Legal Fee
(eg. $120,000 purchase with $90,000 mortgage) |
|
|
|
|
$500.00 |
| |
| Common Disbursements |
| Tax
Certificate |
|
|
|
|
25.00 |
Register
Land at Land Titles Office
($35 +$1 per $1000 of selling price) |
|
|
|
|
|
155.00 |
Register
Mortgage at Land Titles Office
($15 +$1 per $1000 of mortgage) |
|
|
|
|
105.00 |
| Title
Search, etc. |
|
|
|
|
|
45.00 |
| Miscellaneous |
|
|
|
|
|
50.00 |
| G.S.T. |
|
|
|
|
|
|
$60.00 |
| |
| |
|
|
|
|
Subtotal |
$940.00 |
| Other Fees
- If your down payment is less than 25% of the purchase |
| price of the home, the mortgage
will require insurance from CMHC. |
| This will result in an additional
out-of-pocket expense of ................. |
$75 |
| |
|
|
|
|
|
|
|
|
|
| There is also an insurance premium
which is usually added to the |
| mortgage. This premium ranges from
.5% of the mortgage value to |
| 2.5% depending on the size of down
payment. |
| |
| Property Tax Adjustment
- In addition to the above costs, you may |
| be required to have cash on hand
to repay the vendors for taxes they |
| have paid in advance (depending on
poss. date and how the vendors |
| paid their taxes). Your lender may
also request that you pre-pay a few |
| months taxes as well. A good rule
of thumb is to have enough money |
| on
hand to pay seven months of taxes. e.g. $120,000 home |
|
$700 |
| |
| Insurance
- You will have to arrange for fire insurance a
few days before possession. The annual rate of a basic
policy is approximately............. |
|
|
|
| $250 |
| |
| Suggested
cash on hand - a minimum of ... |
Total $2000 |
