Closing Costs Summary Sheet (Estimate Only & To Be Verified By Your Notary/Lawyer)

Property Transfer Tax (non-first time buyer) up to and including the first $200,000 = 1%; over $200,000 = 2%

ie. Property value is $200,000
tax payable is: 1% of $200,000 = $2,000

Property value is $350,000
tax payable is: 1% of $200,000 = $2,000
plus 2% of $150,000 = $3,000
for total tax payable of $5,000

Property Transfer Tax (first time buyer up to $425,000)                      $0

($425,000 to $450,000 some rebate)

ie. $430,000 = approx. $1320 PPT payable

$435,000 = approx. $1680 PPT payable

$440,000 = approx. $4080 PPT payable

$445,000 = approx. $5520 PPT payable

(exact amounts should be verified)

 Legal Fees                                                                                          $1000 (plus taxes)

 This includes all fees and disbursements including

all costs associated with preparation and registration

of mortgage documents for most lenders.  If there is

no mortgage, it could run approx $925 plus taxes.

 Property Inspection                                                                             $370 - $550

 Appraisal Fee (Lenders)                                                                     $265 - $350

most mortgage lenders do not charge this fee

- when applying for a mortgage ask about their fees

(most will absorb this fee unless there are unusual circumstances)

 Mortgage Insurance Fees from CMHC (fee can be added to mortgage)

based on amount of purchase price and % of down payment

- if you are putting 20-25% down this fee does not apply

Property City Tax (Calculated by lawyer)

[# of days you own property in the year] x [$ taxes/365 days]

 Strata Maintenance Fee(Calculated by lawyer)

[# of days left in month] x [maint. $ x 12/365] approx.

 Don't forget:

Home Insurance

Moving Costs               

Utilities - Service hook-up fees 

 _______________________________________________________________________

 CMHC Mortgage Insurance Fees Schedule 

Up to and including 65%

0.50

Up to and including 75%

0.65

Up to and including 80%

1.00

Up to and including 85%

1.75

Up to and including 90%

2.00

Up to and including 95%
     Traditional Down Payment
     Non-traditional Down Payment

 

2.75

2.90

Extended Amortization Surcharges
     Greater than 25 years, up to and including 30 years
     Greater than 30 years, up to and including 35 years

  

0.20

0.40

*Premiums in Ontario and Quebec are subject to provincial sales tax. The provincial sales tax cannot be added to the loan amount.

 Linda Book
Real Estate Marketing Specialist
604-992-7657
lindabook@shaw.ca

Sutton Group West Coast Realty
604-714-1700

www.lindabook.ca

I Love Selling Real Estate!!

Subject to Approval -Lowest Rates Available for our Clients that buy through us or for the Buyer of our Clients' homes we sell http://www.suttonmember.com/images/SMP_Best_Rates.png