1/15/2024 0 Comments Land closing cost calculator![]() Mortgage Legal Fee is quoted upon the assumption that the purchaser or refinancer is obtaining a mortgage through an Institutional Lender. Fees do not include unintended transactional services, such as closing date extensions. Fee quotes are for transactional legal services only and do not include litigation services. Quotes do not include preparation and registration of additional documents, such as a Power of Attorney or a Declaration of Trust. All quotes are for residential resale transactions. Quotes and prices do not include real estate, brokerage, or credit arrangement fees or commissions, or any other fees not explicitly stated herein. Quotes and prices stated herein are estimates only and are subject to change. If necessary, decide what you can put off buying until later, after you move in and get settled.*Quoted prices are for legal fees, disbursements and taxes associated therewith only. While these and other out-of-pocket costs aren't part of the real estate transaction, you still need to budget for them. Will your new home need furniture? Carpets? Lighting? Window coverings? Appliances? Do you have the tools you need to maintain the lawn and gardens? Are you hiring movers or renting a truck? Will you need boxes, bubble wrap and tape for the move? Such items as hardwood flooring, granite kitchen countertops, additional ceiling height and so forth usually will increase the purchase price of your home, and can be paid for in cash or (in most cases) or added to the mortgage proceeds. Upgrades (applicable in new home construction).If outdated, the offer to purchase should indicate whether the seller or you will incur the necessary expense to obtain the appropriate certificate. Ensure that this certificate reflects improvements such as decks, patios or pools. Required by the financial institution for mortgage approval, and by your lawyer or notary for transfer of ownership. Certificate of Location (Property Survey).The most common adjustments occur on property taxes and utility bills that have been paid ahead of time. This means that any amount that the seller has already prepaid will be adjusted so that you pay the excess amount back to the seller, and vice versa. The purchase price of a resale home is always payable "subject to the usual adjustments" at closing. Property Tax/Utility Bill Adjustments.For such items as tree planting, school taxes and other items until they are assumed by the town/municipality. ![]() Township/Municipality Levies (applicable to new homes within subdivisions).Most provinces levy a one-time tax (sometimes called the "Welcome Tax") based on a percentage of the purchase price of the property. Land Transfer Tax (Land Registry Tax).Talk to your lawyer or notary to see if a title insurance policy is right for you. Title insurance is an insurance policy that protects you, the home owner, against challenges to the ownership of your home or from problems related to the title to your home. Fees for these services may vary significantly, so you may wish to shop around before making your decision. You will be required to retain a lawyer or notary to act for you in the purchase and mortgaging of the property, and you will be responsible for payment of all related fees and disbursements. Legal/Notarial Fees and Disbursements. ![]() When arranging your mortgage, ask how interest is collected to the interest adjustment date. If you close mid-month, however, some lenders expect the first payment, or at least the interest accrued during that time period, at the beginning of the next month, two weeks before you would normally expect. Most lenders expect the first mortgage payment one month after closing the purchase. Documentation of the condominium corporation's financial well-being and legal state.
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