THE IMPORTANT CLOSING COSTS WHEN PURCHASING A HOME
*1 PROPERTY TRANSFER TAX - 1% of the first $200,000 and 2% of the balance up to and including $2,000,000 and 3% on the portion greater than $2,000,000.
Exempt from this if they meet certain criteria:
a) borrower has never owned a principal residence anywhere
b) maximum purchase price of $500,000
c) be a Canadian citizen or permanent resident, and been in BC for a minimum of 12 months
*2 INSPECTION - The cost will typically be - House $450, Townhome $400, Condo $350 (plus tax)
*3 LEGAL FEES - $900 - $1200 for a puchase and $500-$700 for a sale.
*4 PROPERTY TAX ADJUSTMENT - If you purchase a property before July 1st, the seller will be paying you for the days they owned the home after January 1st. If you purchase a property after July 1st, you will pay the seller for the days you own the property before December 31st.
*5 STRATA COST ADJUSTMENTS, MOVE IN FEE AND FORM CERTIFICATE
*6 PROPERTY APPRAISAL - Costs Approx. $300 ask the lender to cover cost.
*7 SURVEY CERTIFICATE - No survey needed if strata property.
*8 INSURANCE BINDER - This is required by the bank to ensure the purchaser has arranged fire insurance on the new home. Costs $35 -$50
*9 GST - Is charged on new construction. (excempt if under $750,000)
*10 CHMC APPLICATION FEE - $125 underwriting fee paid to CHMC for processing a hi-ratio mortgage application.
*11 TITLE INSURANCE $200 and up.