AVERAGE COST: $200 to $600 per inspection.
It is always recommended to get a home inspection report. A licensed home inspector understands the ins and outs of a home and can save you thousands of dollars by uncovering and informing you of problem areas and repairs needed down the road.
AVERAGE COST: $1,500 and up, including both fee and disbursements for title search fees, couriers and administration.
You’ll need to hire a real estate lawyer to handle your paperwork and file your transactions. Real estate lawyers manage all of the legal paperwork involved when acquiring a mortgage. This includes conducting a title search, registering your new place in your name, and making sure the down payment and land transfer tax go to the correct offices on time.
This also includes Provincial Mortgage Registration, Title Insurance and Adjustments.
PROVINCIAL LAND TRANSFER TAX
All provinces, with the exception of Alberta and Saskatchewan, charge a land transfer tax when you purchase property. Rates are a percentage that varies based on property value.
AVERAGE COST: Ontario’s land transfer tax ranges from 0.5% to 2%, depending on property value.
PROVINCIAL LAND TITLE TRANSFER FEE
Saskatchewan and Alberta don’t have a land transfer tax, but they do have a relatively nominal land title transfer fee.
MUNICIPAL LAND TRANSFER TAX
Toronto has Canada’s only municipal land transfer tax, which is paid in addition to the provincial tax.
AVERAGE COST: The premium on the total loan varies from 0.60% to 3.15%, depending on your percentage of loan-to-value and other features of your mortgage (the greater your downpayment in relation to your home’s cost, the lower the mortgage loan insurance premium).
All high-ratio mortgages (where the borrower’s down payment is less than 20% of the home’s purchase price) require mortgage default insurance from an insurer such as Genworth Canada. Lenders pay the insurance premium, and the cost is passed on to the homebuyer and normally added to the mortgage.
AVERAGE COST: The premium varies between houses and condos, and by property value: on a $500,000 house, expect an average cost of $325; for a $500,000 condo, expect just $150.
Title insurance protects you against losses arising from challenges to the ownership of your home. Examples include fraud and forgery and title defects (such as unpaid liens on the property, encroachments, etc.).
AVERAGE COST: $400 to $700. If the seller prepaid property taxes or utilities, you’ll have to repay them the prorated amount.
AVERAGE COST: $1,500 to $5,000
AVERAGE COST: $1,000 to $2,000 per year. To protect your nest and its contents.
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