Closing Costs
Buyers and Sellers pay additional costs when they complete a real estate transaction. Some call these "closing costs"; the Agreement of Purchase and Sale refers to the day ownership changes as the "Completion Date" and thus they are more formally known as "completion costs".
Cameron Nolan assists clients to determine their actual anticipated costs and offers a form for calculating these expenses. Although sometimes budgeted as a percentage of the purchase price, it is preferable to do a detailed estimate related to you reeds. Obtain quotes from your service suppliers (lawyer, utilities, mover, etc.) and together with the information Cameron supplies, you should be able to predict your costs.
The following are some completion costs to consider:
- Lawyer's fees and 'out of pocket' disbursements
- Property taxes or utilities paid in advance by the previous owner and in the case of Condominiums, monthly condominium fees paid in advance and adjusted to the date of completion
- Title Insurance
- Land Transfer taxes
- Survey and Appraisal Fees required by the Mortgage Lender
- Installation or credit fees for utilities etc.
- Mortgage insurance on 'Non-Conventional' mortgages
- HST on brand new homes or resale homes where it is payable and not included in the Purchase Price
- Moving Expenses, appliances and miscellaneous initial maintenance, such as changing the locks.
Buying a House
About Cameron Nolan
Cameron Nolan is a long-time resident of Hamilton and a leading residential and commercial real estate broker in the area. His radio show Real Estate Made Simple can be heard on the first Saturday of every month on AM 900 CHML.