For The Buyer
1) Legal Fees. Same as for seller, plus disbursements.
2) Disbursements. Includes obtaining City Tax Certificate, City Zoning Reports, City Engineering Report, Sheriff's Certificate, Registry Office searches, registering deed, registering mortgage, copies, postage, long distance calls, title insurance, etc.
3) Land Transfer Tax.
The formula for calculating
0.5% on the first $55,000 0.5% on the first $55,000
Plus 1% of the amount from $55,001 to $250,000 Plus 1% of the amount from $55,001 to $400,000
Plus 1.5% of the amount in excess of $250,001 to $400,000 Plus 2% of the amount in excess of $400,000
Plus 2% of the amount in excess of $400,000
4) Survey. If no recent survey is available, a new one will cost about $700.00 - $1,500. Fees for larger and recreational properties will vary and could exceed average prices. Individual quotes are suggested.
5) Adjustments. This could be monies owing or owed for things such as pre-payment of taxes, hydro, gas, fuel oil, etc.
6) Home Inspection. If you elect to have one, it will cost a minimum of $400.00
7) Arranging the Mortgage. Usually an appraisal fee of about $200.00 plus an administration fee of about $200 - $300. A new survey may also be necessary.
8) The Move. Following is a list of the major considerations:
Contact a moving Company
Send out change of address forms
Obtain boxes and packing materials
Transfer home and contents insurance
Apartment dwellers reserve the elevator
Change car license and registration
Cancel and rearrange newspaper delivery
Arrange utility connection and disconnection
Transfer schools
Re-Address or cancel club memberships
Advise charge card companies
Cancel telephone and arrange for new services
Cancel and arrange new TV cable and internet services
Move bank accounts and order new cheques with your new address