| Deposit: Due when your offer to purchase is accepted. Essentially, a deposit is a gesture of good faith between the buyer and the seller.
Appraisal: An appraisal may be required to determine the market value of the property you are buying. Appraisal costs vary from $300 and up, depending on the size of the property and its location.
Legal Costs and disbursements: A lawyer or notary is vital to any home deal. They are drafting the title deed, preparing the mortgage documents, mediating with the seller's attorney, and transferring the land title and much more. Approximate cost $900 to $2,000.
Prepaid Bills: The seller may be entitled to reimbursement, from you, if they have prepaid bills (water, gas or hydro) or property taxes.
Land Transfer Tax: Most provinces charge a land transfer tax, payable by the purchaser, and the amount varies from province to province. This tax is based on the purchase price. In some provinces, first time home buyers who purchase a new home will receive a refund. And don't forget your moving, mail transfer and utility setup costs!
Moving Expenses
Whether you’re hiring professional movers or conscripting friends and family to lug boxes, you can expect an outlay of cash on moving day.
Service Activation Fees
Once you move into your new dwelling, you’ll inevitably have to pay activation fees for utilities such as phone, cable, gas and electricity.
Forwarding Mail
You’ve made a point of notifying the important people in your life -- family, friends, employers, the bank, the utilities, your credit card company -- of your new address.
However, you’re bound to forget someone. For a fee, Canada Post will forward mail sent to your old address to your new residence. |