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The Costs Associated With Buying / Selling A Home

     
Purchase Price:      Look at past sale comparables before making an offer and get your Real Estate agent’s advice. If you have selected your agent wisely he/she will know just what to do.
     
Deposit:      When making an offer you will need to submit a deposit and should have the funds ready. This deposit money will be applied toward the purchase price when the sale closes. Depending on the property your agent will recommend the appropriate amount.
     
Legal Fees:   You will need a lawyer to look after the details for closing. It is wise to call several lawyers to ascertain what their fee is and if it includes Title Insurance, disbursements and taxes.
     
Land Transfer Tax:  

This tax is a one time cost paid by the Buyer each time a property changes hands. The following table is a guide to the Ontario Land Transfer Tax for Residential Properties. These numbers do not apply to the new Toronto Land Transfer Tax nor are they meant for closing calculations. For exact amounts please speak to your solicitor.

 

Purchase Price Amount

Land Transfer Tax Equation
under $55,000 Amount x 0.005
$55,001 to 250,000 (Amount x 0.01) - $275
$250,001 to $450,000 (Amount x 0.015) - $1,525
over $450,000 (Amount x 0.2) - $3,525
     
Mortgage Fees:   Depending on the Lender you might be charged an appraisal fee and if you are getting a high ratio mortgage, Mortgage insurance will apply. You should discuss this with the Lender who will be able to calculate the amount of insurance needed. This amount is generally added to your mortgage amount.
     
Miscellaneous:   Other costs to consider are moving costs, possible survey requirement, and one time installation fees for services. To eliminate the cost of a survey, which could be significant, make sure the Seller provides his existing acceptable and readable copy of the survey to you.