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Your offer has been accepted! Yay!
What happens next? I'm so glad you asked!
Loop in your Mortgage Broker. I can help send them all of the details of your purchase and they can get started on their paperwork. You'll meet with them closer to your close date to finalize all the details of your financing.
We'll send everything over to your Lawyer. Here are a few I've worked with and recommend, but feel free to use your own! Closer to closing day you'll meet with your Lawyer to sign all of the paperwork.
Do you need a home inspection? Let's get that set up! Here's some home inspectors I've worked with in the past that have taken great care with my clients.
We'll do some pre-closing inspections where we can walk through the property to take some measurements, ensure all of the appliances are working as they should, and that everything is in good working order. If there were repairs the sellers agreed to do, this is a good time to confirm they were completed, too.
Once all of these steps are done and all of the paperwork is signed, we just have to wait for closing day. On closing day your Lawyer and their Lawyer will do all the heavy lifting ensuring the correct funds get transferred. Once that's complete, then you'll get your keys and the house is yours!
Typical Home Buyer Costs
DOWN PAYMENT
Minimum 5% for Principal Residence
Minimum 20% for Rental Properties
Minimum 20-35% for Investment Properties
DEPOSIT
Cash in hand that will be held in trust until completion of the transaction
It's usually 1-2% of the purchase price due within 24 hours of an accepted offer, even a conditional offer
LAND TRANSFER TAX
Based on home value - First time Homebuyers receive up to $4000 credit
0.5% over $55,000 up to $250,000
1% over $55,000 up to $400,000
2% over $400,000
Here's a great link to help you calculate what your land transfer tax might look like www.landtransfertaxcalculator.ca
LAWYERS FEES
$1,300 - $3,000 approximately for standard transactions
TITLE INSURANCE
Approximately $250.00. The total cost depends on the property and is usually included in your lawyers fees.
HOME INSURANCE
Dependent on your unique property - $100-$250/month
STATUS CERTIFICATE
If you're purchasing a condo, you'll need a Status Certificate and you'll want your Lawyer to review it. It's usually around $100.00* one time fee, plus the cost of Lawyer’s review.
CONDO FEES
Property dependent
APPRAISAL FEES
Approximately $400-$700*
GST/HST
This is only applicable to new build homes, residential resale is exempt.
MORTGAGE LOAN INSURANCE
If your down payment is less than 20%, your lender will require loan insurance. Your Mortgage Broker will be able to walk you through this.
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