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{"id":945,"date":"2012-10-22T19:55:19","date_gmt":"2012-10-22T19:55:19","guid":{"rendered":"http:\/\/www.seewindsorrealestate.com\/?page_id=945"},"modified":"2013-10-28T14:08:45","modified_gmt":"2013-10-28T14:08:45","slug":"closing-costs","status":"publish","type":"page","link":"https:\/\/sherryrudling.com\/closing-costs\/","title":{"rendered":"Closing Costs"},"content":{"rendered":"<\/a>Don’t forget closing costs when buying a home<\/strong><\/p>\nDespite the low cost of carrying a mortgage these days, you should keep in mind “closing costs” in addition to your down payment for that dream home.<\/p>\n
These various charges can add up, and for the most part they are all legally required payments in buying a property. Here is a list of most of your major “closing costs.”<\/p>\n
\n- Legal fees:<\/strong> Since a lawyer is an essential part of your home-buying team, the work provided involves fees.\u00a0 Most legal fees include searching the title of the property, arranging a property survey if necessary and handling other disbursements as required.<\/li>\n
- Mortgage insurance and application fee:<\/strong> For\u00a0any high ratio mortgage, which is any mortgage in which 75 or more per cent\u00a0of the house’s purchase price is covered by the mortgage, the lender\u00a0requires mortgage insurance.<\/li>\n
- Mortgage broker’s fee:<\/strong> A mortgage broker may charge a fee to set up a mortgage for you. In some cases the fee may be included with the legal fees if your lawyer arranges the mortgage, or\u00a0included in the lender’s fees if you deal directly with a lender such as a\u00a0bank.<\/li>\n
- Property insurance:<\/strong> This insurance covers the\u00a0replacement value of your home and its contents. Most mortgage lenders will require proof that you have this insurance before processing a\u00a0mortgage.<\/li>\n
- Home Inspection:<\/strong> A professional home\u00a0inspector knows what to look for and can confirm or add to the information \u00a0\u00a0\u00a0\u00a0 you’ve gleaned from the Realtor or your inspection. Basic inspections on \u00a0\u00a0\u00a0\u00a0 most houses are usually in the $150 to $300 range.<\/li>\n
- Land transfer tax:<\/strong> Anyone buying property in\u00a0Ontario must pay a land transfer tax. It usually runs between 0.5 to two \u00a0\u00a0\u00a0\u00a0 per cent of the home’s purchase price, depending on that price.<\/li>\n
- GST:<\/strong> GST is payable to some degree on the purchase price on all new homes, although partial rebates are available on the purchase of most homes. A resale residential home is\u00a0usually exempt from GST. Various other closing fees, however, do involve\u00a0payment of GST.<\/li>\n
- Extra charges:<\/strong> You may also be required to\u00a0pay the costs of such things as heating oil in the tank, or other costs\u00a0\u00a0incurred by the seller, but included with the house, prior to the closing\u00a0day.<\/li>\n
- Hook-ups:<\/strong> There may be hook-up\u00a0required for appliances and services such as telephone, TV cable,\u00a0hydro and other utilities.<\/li>\n
- Moving costs:<\/strong> Don’t forget the basic\u00a0costs involved in moving from your old place into your new home,\u00a0particularly if you use a professional moving company.<\/li>\n<\/ul>\n
Source:<\/strong> Ontario Real Estate Association<\/p>\n","protected":false},"excerpt":{"rendered":"Don’t forget closing costs when buying a home Despite the low cost of carrying a mortgage these days, you should keep in mind “closing costs” in addition to your down payment for that dream home. These various charges can add up, and for the most part they are all legally required payments in buying a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"_links":{"self":[{"href":"https:\/\/sherryrudling.com\/wp-json\/wp\/v2\/pages\/945"}],"collection":[{"href":"https:\/\/sherryrudling.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sherryrudling.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sherryrudling.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sherryrudling.com\/wp-json\/wp\/v2\/comments?post=945"}],"version-history":[{"count":8,"href":"https:\/\/sherryrudling.com\/wp-json\/wp\/v2\/pages\/945\/revisions"}],"predecessor-version":[{"id":2881,"href":"https:\/\/sherryrudling.com\/wp-json\/wp\/v2\/pages\/945\/revisions\/2881"}],"wp:attachment":[{"href":"https:\/\/sherryrudling.com\/wp-json\/wp\/v2\/media?parent=945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}