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 - $350
most mortgage lenders do not charge this fee
- when applying for a mortgage ask about their fees
(most will absorb this fee unless there are unusual circumstances)
Mortgage Insurance Fees from CMHC (fee can be added to mortgage)
based on amount of purchase price and % of down payment
- if you are putting 20-25% down this fee does not apply
[# of days you own property in the year] x [$ 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% |
2.75 2.90 |
Extended Amortization Surcharges |
0.20 0.40 |
*Premiums in |
Linda Book
Real Estate Marketing Specialist
604-992-7657
lindabook@shaw.ca
Sutton Group West Coast Realty
604-714-1700
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