| |
| Common Legal Fee |
|
$325.00 |
| |
| Disbursements |
| Plan of Survey (if required &
not available) |
$600.00 (estimate) |
| Title Insurance (if necessary)
|
|
|
|
250.00 |
| Zoning Report (if necessary) |
|
|
|
50.00 |
| Bylaw/Sub Division Admin Report
(if necessary) |
50.00 |
|
|
| Tax Certificate (if necessary) |
|
|
|
30.00 |
| London Hydro Report (if necessary) |
|
|
|
16.00 |
| Register Deed (as of March 1, 2000) |
|
|
|
75.00 |
| Register Mortgage (as of March
1, 2000) |
|
|
|
75.00 |
| Execution Certificate |
|
|
|
11.00 (per name) |
| Title Search |
|
|
|
100.00 (estimate) |
| Miscellaneous (photocopies/Faxes/postage/courier/ |
350.00 (estimate) |
| Long Distance/Law Clerk/GST) |
| |
| Land Transfer Tax (Paid
to Minister of Finance - on closing) |
| The regular rate of Land Transfer
Tax on the Purchase price is as follows: |
| (a) Amounts up to and including
$55,000.00 |
|
|
|
0.5 % |
| (b) Amounts exceeding $55,000.00,
up to and including $250,000.00 |
1.0 % |
| (c) Amounts above $250,000.00 |
|
|
|
1.5 % |
| (d) Where the property contains
at least one and not more than two |
| Single Family residences, the Land
Transfer Tax will be 2.0 % on the |
| portion of the consideration that
is above $400,000.00 |
|
2.0 % |
| |
| For Example: A $100,000.00 home
would be $725.00 |
| |
| Other Fees |
| |
| CMHC |
| If your Down Payments is less than
25 % of the Purchase Price of the home, |
| the Mortgage will require insurance
from CMHC. The premium is usually |
| added to the Mortgage. The premium
ranges from .5 % of the Mortgage |
| value to 3.75 % depending on the
size of Down Payment. There is also |
| Provincial Sales Tax of 8 % on
the premium which is an up-front cost and |
| can not be added to the Mortgage. |
|
|
|
|
|
| |
| ADJUSTMENTS |
| In addition to the above costs,
you may be required to have Cash-on-Hand |
| to repay the Vendors for advances
they may have made in connection with |
| the property, which you will benefit
from; such as pre-payments of taxes, |
| Condo fees et cetera. |
|
|
|
|
|
$500.00 (estimate) |
| |
| |
| INTEREST ADJUSTMENT |
| |
| Depending on the date chosen by
the Lender as the interest adjustment (the |
| date the Mortgage starts) you may
be required to pay interest to the Lender |
| from the date the money is required
and the interest adjustment date. The |
| maximum amount would be one month's
interest at the rate of interest charged |
| in the Mortgage. |
|
|
|
|
|
|
$300.00 (estimate) |
| |
| INSURANCE |
| |
| You will have to arrange for Fire
Insurance before possession |
| |
| The above figures are an estimate
only. Disbursement Costs vary depending on the particulars of the
transaction. Not all of these disbursements are applicable on every
Purchase and are subject to change. It is recommended that you consult
your lawyer for further assistance. |
|
|
