Closing Costs
Closing costs are a list of charges your lawyer presents to you on the closing date of your home. Many people are surprised at the additional costs over and above the price of the home. According to the CMHC and Genworth Financial you should have at least 1.5% of the purchase price for closing costs in addition to the down payment (have around 2.5% to be on the safe side). The costs vary among provinces and cities.
DownloadLand Transfer Tax
Purchasers in most large Canadian centres can add Land Transfer Taxes to their list of closing costs. Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, land transfer taxes (or property purchase tax) are a basic fact of life. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property.
DownloadRenting vs Owning
When it comes time to make an offer you will require current market information and assistance in drafting your offer. You will need a Real Estate Professional. A Real Estate Professional will communicate your Offer to Purchase to the seller, or the seller's representative, on your behalf. Sometimes there may be more than one offer on a property at the same time. A Real Estate Professional can guide you through this process.
DownloadRenting vs Owning
This is a decision which many people face, and the decision is not as easy to make as it may sound.
DownloadSaving with a Larger Downpayment
The size of a down payment can vary. Depending on the type of mortgage, down payments generally range from 5% to 20% of the purchase price.
Download6 Key Elements of an Offer
DownloadTitle Insurance
Title insurance is growing in popularity in Canada. But what is it exactly? Should you get it? Do you need it? Whether title insurance is right for you is something you should discuss with your lawyer, as it depends on the circumstances of your transaction. This article will provide you with some background information about title insurance to help you make an informed decision.
DownloadWhat to Expect from a Real Estate Professional
A REALTOR® will not take it for granted that you know all the ins and outs of the buying/ selling process. Instead, he or she will provide you with a full explanation of what to expect and that's important so you're not faced with any surprises along the way.
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