Home buyers can expect several costs when buying a home, and it is very important to budget for these fees in advance so there are no surprises after an offer to purchase has been accepted.

LAND TRANSFER TAX – example, if the purchase price is $175,000.00,

The land transfer tax is $1,750.00 - $275.00 = $1475.

HST where applicable (on legal fees, fuel, CMHC fees, Home Inspection, etc)

LEGAL FEES and DISBURSEMENTS OR OUT OF POCKET EXPENSES

Home Inspection

ADJUSTMENTS: See example attached

Deposit on House

Property Taxes

Fuel Oil, if applicable

Adjustments for Common Expenses, if a condominium

Ontario New Home Warranty Enrollment, (Only if it's a new home.) New homes often have other items to be adjusted as per the agreement of purchase and sale such as water and hydro connection fees, driveway paving landscaping charges, and security deposits.

Mortgage being assumed, if applicable (transfer fees)

Vendor Take Back Mortgage, if applicable

If there are tenants – rent for the month of closing; last month's rent; 3% on last month's rental deposit

SURVEY

MORTGAGE BROKER FEES, if any

APPRAISAL AND/OR PROCESSING /APPLICATION FEE FROM MORTGAGE LENDER

MORTGAGE INSURANCE FEE (CMHC, GE )

MORTGAGE LIFE INSURANCE FEE

FIRE INSURANCE

INTEREST ADJUSTMENT ON MORTGAGE