Purchasing a home involves one-time costs and monthly expenses.
The largest one-time cost is the down payment. It usually represents between 5 – 25% of the total price of the property.
In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed below:
Paid at Time of Application:
- Mortgage Application and Appraisal Fee
Paid at Inspection:
- Property Inspection Expense (optional)
Paid at Closing:
- Legal Fees
- Legal Disbursements
- Property Survey (sometimes provided by seller)
- Land Transfer Tax (and in Toronto, Municipal Tax)
- Mortgage Interest Adjustment and Take Over Fee (if applicable)
- Adjustments for Fuel, Taxes, Condo Maintenance Fees and Utilities, etc.
- Mortgage Insurance (and Application Fee if applicable)
Paid at Closing and Ongoing:
- Home and Property Insurance
Paid at Date of Move: