House buying costs - fees, charges, expenses, premiums, taxes etc




	Checklist of costs when buying a home

If Dale Kantymir is your real estate agent, then you pay him nothing.

There are many other costs, however, in addition to your mortgage. Some of the following may not require a fee from you, but most will.

Mortgage application and processing fee
Mortgage insurance -- if down payment < 25%, then you must pay 0.5 to 3.75% insurance plus application fee of $75 to $235, as you're considered a risk to the lender
Mortgage life insurance -- in case you die, it pays your mortgage for your family (optional)
Property insurance -- required by lenders
Home inspection fee (optional but recommended, approx. $150 to $350 for homes under $300,000 and make sure inspector has errors and omissions insurance)
Appraisal (optional to seller and/or buyer, recommended, $150-$250)
Lawyer (Offer to Purchase, title search from registry, mortgage documents, closing)
Registration of deed and mortgage
Land survey fee (often paid by seller)
Land title insurance (optional)
Land transfer tax
GST (General Sales Tax) if a newly constructed home (7%, with 2.5% rebate if < $450,000, none on resold homes unless major renovation)
Property tax
If condominium, then Estoppel Certificate on the condominium corporation's financial and legal state
If condominium, then monthly fees for common elements maintenance
Connection charges for utilities (electricity, water, telephone, gas), or transfer
Appliances, repairs and completely fitting out the home (new drapes, decor, furniture, etc.)
Moving expenses

It all adds up, and it's best to not have any major surprises that should have been forseen.

Need more real estate buying advice?

Jump straight to other Buyer Help guides, tools and features

If you have any questions about buying homes or property, you can send Dale Kantymir a message.