Costs To You
Buying
Part of my job as a Realtor is to make you aware of costs
involved in purchasing property, along with closing costs,
deposit, mortgage arrangements, and any other typical
expenses so there will be no surprises for you.
I will explain various costs to you in buying a home, including:
-
real estate commission
-
deposit
-
lawyer fees
-
transfer tax
-
mortgage costs(guide you only)
-
closing costs including adjustments
as heating fuel, taxes, etc.
This is to help you be aware and to budget for the transaction
without any surprises.
Cost Summary Sheet
This handy chart will help you estimate the various costs
involved in purchasing your property. It could be used
in discussion with your lawyer to determine actual expenses
related to your purchase. Since the majority of costs must
be paid on closing day to your lawyer, it will help you
to be prepared.
Purchase
Price |
|
$ |
|
Less:
Deposit |
(-) |
$ |
|
Mortgage
required |
(=) |
$ |
|
Total
Mortgage(or funds required) |
|
$ |
|
Closing Costs
Mortgage
application fee(may apply) |
$ |
|
Lawyers
fees |
$ |
|
Property
inspection(optional) |
$ |
|
Deed
transfer tax |
$ |
|
Property
insurance |
$ |
|
Fuel
adjustment (oil, electrical, etc.) |
$ |
|
Property
tax adjustment |
$ |
|
Miscellaneous |
$ |
|
Total
closing costs |
$ |
|
There is no cost for the services of a Realtor until
the sale of your home takes place. The following is a summary
of the primary fees you would be responsible for at Closing.
Selling
Purchase
price of your home |
|
$ |
(credit) |
Real
Estate Commission on
|
$ |
|
|
+
HST on commission |
$ |
|
|
Existing
mortgage balance |
$ |
|
|
Penalty
to discharge existing mortgage (if any) |
$ |
|
|
Legal
fees (should obtain a few quotes) |
$ |
|
|
Total
Expenses |
$ |
(-)
$ |
(debit) |
| |
|
$ |
(credit) |
Adjustments(expenses you have prepaid before closing
day are prorated with buyer reimbursing you for costs
you have incurred)
Fuel
oil tank (have receipts) |
$ |
$ |
(credit) |
Municipal
taxes |
$ |
|
|
Water |
$ |
|
|
Lease(s) |
$ |
|
|
Any
other adjustments |
$ |
|
|
Total
Adjustments |
$ |
$ |
(credit) |
| |
|
(adjustment) |
|
Net
to Seller |
|
$ |
|
|
