Page 21 - 2020 Buyer Package - Pallavi
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COSTS OF BUYING A HOME
HST FOR NEW CONSTRUCTION: 13% of the sale price minus any applicable rebates.
MORTGAGE ADJUSTMENT PERIOD: These are fees owing on the portion of the month
following the closing to the end of the rst month. The bank charges the mortgage interest
for this portion of time on closing. Actual mortgage payments start on the calendar month
after the closing.
PROPERTY INSURANCE: The property must be insured in order to get a mortgage. Costs vary
depending on property and coverage.
STATUS CERTIFICATE: $100, this applies to condominiums only and may be provaided by the
seller. It is a legal document with all the nancial and legal information abou the condominium
corporation, information on special assessments and outstanding legal actions.
TAX ADVANCE: Up to 50% of one year’s annual tax rate. This is sometimes required by lenders
on high ratio mortgages.
TITLE INSURANCE: $500+, this protects property owners and lenders against losses due to
fraud or problems with the property’s title.
UTILITY HOOKUPS: $200+, these include hydro, gas, water etc. Charges are highly negotiable
and often waived.
MOVING COSTS: $500-$4,000+, varies for each tranzaction based on requirements.
