Closing Costs & Extras

Upon closing your new home, you can expect some of the following expenses:

• Tax and Mortgages - Figures are only available through a lawyer

• Mortgage Insurance Fees - If CMHC is used for a high-ratio mortgage

• Mortgage Inspection Fee - Only if CMHC high ratio mortgage is used

• Oil Tank - at the current cost per litre

• Survey  It is a requirement today with all mortgage lenders that a survey be provided with every new mortgage arranged, showing the location of the building. Title insurance can sometimes be used if there is no survey available.

• Registered Deed - Deals with legal registration of the property in the Buyer's name as well as, mortgage and legal description details.

• Registered Mortgage - Procedure to register the Mortgage at the Registry Office

• Title Search - Lawyer searches title of property to make sure all is in order

• Tax Certificate - Determines how much is owing for outstanding costs (taxes etc).

• Sheriff's Certificate - Determines if any outstanding liens are present on the property.

• Zoning Compliance - Determines if certain area is within the allowable city zoning code for the new or continuing use of the property.

• Land Transfer Tax - Your individual land transfer tax calculation will be verified by your solicitor.

 Note: all of the above are not guaranteed and are only to be used as guidelines. Your Sales Representative, Mortgage Broker or Solicitor will be happy to provide you with accurate figures.