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Many home buyers get are surprised at the hidden costs when it's time to close a deal.

Lawyer's Fees

Fees range from $550.00 to $950.00. If a firm quotes $300.00 to $500.00, they may not have told you about disbursements, you can expect to pay another $250. to $300, for this service.

Land Transfer Taxes

Yes, you have to pay taxes when you buy a house.

• The amount paid on the homes is:

The Purchase Price is: How to calculate tax costs less than $250,000 1% of the purchase price, less $275 $250,000 to $400,000 1.5% of the purchase price, less $1,525 more than $400,000 2% of the purchase price, less $3525

ie. if you purchase a home for $185,000, you pay 1% or $1,850 less $275, ($1,575).

Property Taxes

All home owners pay realty tax. Check with your realtor, local town tax office or look at the tax bill on the property you want to buy. Make sure it fits within your budget. Watch out for those that prepay their taxes for the year and are entitled to a refund when they sell the property to you.

Water Bill

Towns and Cities may charge a flat rate every six months, charge for usage or have meters.How will this affect you. Check it out!!

Title Search

This is done by your lawyer of a conveyancer. Did you know that there are two types of Search of Title:

1: Land Registry - usually for older homes entails conducting a 40 year search on the property. Could be very expensive!

2: Land Title - simply registers the title to the vendor. Fees are much lower. Check it out before you buy.

Disbursements

There are various municipal disbursements that must be paid on closing. Tax Certificate, Building Clearance, Water, Hydro, Gas, and many others. CHECK OUT THE COSTS.

These charges include faxes, courier service, photocopies and long-distance phone calls

A good rule of thumb is to allow 3% of your purchase price to be your estimated closing costs. However if you don�t like to work with estimates, feel free to contact us by e-mail for a free worksheet.

Mortgage Insurance Cost

There are two fees associated with mortgage insurance: the underwriting fee and the premium.

Underwriting Fee

The underwriting fee is the cost associated with underwriting the mortgage insurance application. Fees vary depending upon the work involved in underwriting the mortgage, however you can expect to pay between $75 and $165.

Premium

The insurance premium is paid once, at the time of closing, and may be added onto the mortgage or paid separately. The premium rate varies from 0.50% to 3.75% of the mortgage amount depending on the size of your down payment. To calculate the premium, multiply the mortgage amount by the premium rate.

Premium Rates:

Loan to Value Ratio Fixed Rate and Capped Variable Rate Non-capped Variable Rate%

Premium is non-refundable

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