06 Dec 2016

What other expenditures are associated with buying a house?

You should expect the following expenditures on top of your legal fees:

  • the cost of a building inspector’s report if you hire one;
  • an adjustment for taxes. For instance, if you take over the property on September 1 and the previous owner has paid the taxes for the full year, you will have to pay back the balance of the taxes from September to December of that year;
  • fire insurance;
  • appraisal fees if your bank or mortgage corporation asks for one;
  • GST if the dwelling is a new one. Generally, there is no GST paid on previously owned property;
  • registration fees at the Land Titles Office;
  • fees payable for obtaining a brand-new mortgage;
  • a Real Property Report;
  • interest fees if there is a slow between getting your mortgage advanced from your lender and paying the dealer in full. Lags like this often occur because it takes time to register records at the Land Titles Office and get the title in your call, and you must have the title in your call before your lender will advance mortgage monies. The slow is typically not more than a few days.

Keep in head that you will likewise have moving expenditures and charges for such things as arranging phone lines, Internet access, and utilities accounts.

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