Closing Costs
Buyers and Sellers pay additional costs when they complete a real estate transaction. Often these are called "closing costs"; the Agreement of Purchase and Sale refers to the day ownership changes as the "Completion Date" and are more formally known as "completion costs".
Cameron Nolan assists clients to estimate their anticipated costs and offers a form for calculating these expenses. Some use a less accurate budget as a percentage of the purchase price, however, Cameron prefers to help with more detail which is realted to your actual needs. 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
- 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
- New Home HST when 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.