What are the costs of buying a home?

Many home buyers are not fully aware of the "hidden costs" of buying and closing the purchase of a home. Below is a list of, and an approximation of many but not all the costs you could be required to pay on or before your closing date.

• Application or appraisal fee - $185.00 to $300.00
    - Often paid by the lender.
  
  
• Ontario Land Transfer Tax
    - First $55,000; .05%
    - $55-250,000; 1%
    - Over $250,000; 1.5%
  
  
• Lawyers Fees-$600.00 to $750.00
  
  
• Lawyers Disbursements- $300.00 and up
  
  
• Survey Costs- $1,000.00 and up
  
  
• Title Insurance- $250.00 (necessary, only if you don't get a survey)
  
  
• Utilities- some municipalities require deposits on water & electrical services
  
  
• Moving costs
  
  
• Home Inspection Fees-$350.00 & up, for a good one.
  
  
• Interest Adjustments- can be reduced with weekly or bi-weekly payments or eliminated with a "quick" first payment.
  
  
• Municipal Tax Holdbacks- some lenders who collect taxes with the mortgage payments will want to holdback at closing, the equivalent of 3 to 4 months taxes
  
  
• 8% Provincial Sales Tax on High Ratio (Low Down Payment) Insurance Premium- Ontario only
  
  
• Adjustments- for fuel oil, propane tanks, prepaid taxes etc.

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