Closing costs of buying a property
Closing is done at the lawyers office, it’s paying all the outstanding fees etc to complete the transaction and must be paid in cash/certified cheque. The exact amount required varies but up to 3% of the purchase price should be set aside for closing costs.
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Summary of closing costs of British Columbia mortgage
Appraisal Fee
Often paid by the lender or earlier but sometimes required at closing. Allow $250 to $300.
British Columbia Land Transfer Tax
On the first $200,000 is 1%
between $200,000 – $2,000,000 is 2%
over $2,00,000 is 3% of the excess amount.
Mortgage Default Insurance
If your down payment is 20% or less then you will need default insurance, the premium is typically added to the mortgage. However the 8% PST charged on the premium needs to be paid at closing.
Legal Fees and Disbursements
Your lawyer will review the Offer to Purchase, perform a title search, register the deed and mortgage, review your mortgage contract, prepare closing documents, pay out any disbursements, etc. Expect to pay between $1,500 to $2,500 depending on what is involved. * We have a local law firm with the following fixed prices for basic transactions (taxes Incl): Purchase-$1599; Sale-$849; Purchase & Sale-$2249; Refinance-$899.
Closing Adjustments
The seller will have made payments, such as property taxes and condo maintenance fees, that cover the year. Your lawyer will need to pay the seller at closing.
Interest Adjustment
This is an interest-only charge by your lender to cover the time between closing and when your mortgage starts. EG if you closed on Nov 15th and your mortgage started on Dec 1st, your adjustment would be for 15 days.
Property Insurance
Property insurance is mandatory. Proof of coverage is required at closing.
Status/Estoppel Certificate
Condo’s only. Details of condominium corporation’s financial and legal affairs. Cost is $100.
HST on New Home Purchases
Usually the builder will pay the HST, be sure to confirm before closing.
Title Insurance
Title Insurance is a one-off premium that protects you against losing money on anything title related, typically costing between $200 and $300, depending on the type of policy, the property type and the value of the property.
Utility Accounts- Gas/Hydro
Sometimes require $200 deposits for new accounts.
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