"Agents all very pleasant & professional, excellent services."
(Relocating Ontario Hydro Employee)

Closing Costs
On the day of closing, buyers should be prepared to have extra money on hand to cover closing costs:

LAND TRANSFER COSTS
This is a provincial tax levied when title to land is transferred. It is payable by the Purchaser upon the registration of every transfer of land. (i.e. on closing day) The calculation of this tax on a single family home is as follows:

HOME INSURANCE
Lenders will require that the home is protected against perils, such as fire, before the mortgage loan is advanced.

FEDERAL & PROVINCIAL TAXES
Typically, resale homes are exempt from GST. Taxes may be payable on the many services listed on this page. A new home is not exempt from GST and may be paid by the builder or buyer, depending on what is negotiated at the time of Purchase.

HOME INSPECTION
A professional home inspector may be employed by either the seller, prior to marketing the home for sale, or the buyer, prior to 'firming up' the offer. An inspection is done to ensure that no major deficiencies exist at the time of selling or buying. (Approx. $250.00 + GST)

MISCELLANEOUS
Remember the costs incurred with:

Bruce Municipal Telephone Cable Companies

Fuel Companies Post Office (redirection of mail)

LEGAL FEES
Paid by both Seller and Buyer:
A lawyer will charge a fee for his/her service plus pass on to the client all costs that are incurred in the process. A partial list of these items is as follows:

Registering transfer & mortgage Obtain tax certificate Get utility arrears certificate Estoppel certificate. (Condo)

Obtain sheriff's certificate Manage closing day Courier, photocopying etc.

ADJUSTMENTS
The funds required to complete the transaction will include adjustments for prepaid expenses. For example, if a vendor had paid the property taxes for the entire year, the new purchaser would owe the vendor that prepayment. Other such adjustments are as follows:
Property taxes
Utility bills
Condominium fees
Interest Adjustments
Any other cost which the vendor has paid for which the purchaser will benefit. Another way to explain, is to simply say that the Purchaser pays for all expenses of the home starting from (and including) the day of closing.

MOVING COSTS
If you are hiring a professional mover be sure to call for quotes well in advance. If you are relying on friends and family, consider:
boxes, packing tape, labels
dolly and truck rental fees
pizza

Pre-approved Mortgages
A Pre-approved mortgage is a 'conditional' approval of your mortgage request. Your pre-approval should be a written contract signed by the lending institution describing the amount of the loan as well as the rate of interest you will be charged. In a volatile interest market, it is great to have a guaranteed rate. If the rates go up, you are guaranteed the rate on your pre-approval, if they go down, you receive the lowest rate at closing. Most banks will guarantee rates for 120 days.
Click Here to visit our Mortgage Centre!

Important facts about pre-approved mortgage guarantees:

This is a guarantee from the bank to you, not from you to the bank
They are usually conditional upon your credit rating, receiving letters of employment, the appraisal of the house you buy. Always read the fine print on the bottom.
All pre-approved mortgages have expiry dates.

Multiple Offers
A Multiple offer is when there is more than one offer on a single home at one time. Often the term 'bidding war' comes to mind. We understand the prospect of having to blindly bid on a home can be a frightening prospect. In today's market, we are seeing a substantial increase in this phenomenom.

"I tell my clients to pick the price of which they would like to buy the home - or the price at which they are willing to walk away. Let's present it and see what happens" explains Joyce Dudgeon. "All too often we see buyers back away from a multiple offer situation only to discover the home sold for less than they were willing to pay!"

Myth: You cannot be pressured into paying more for a home than you want to. Take control and take a shot!

Home Inspections
A home inspection is traditionaly done after an acceptable offer has been negotiated. The purchaser often has 2-3 days to hire a Qualified Home Inspector to go through the home in detail. The inspection takes from 2 -3 hours and includes a detailed analysis of the home's 5 major systems:

Structural Heating & Cooling Systems Electrical

Roof Plumbing

A good inspector offers you a written report at the time of the inspection detailing any deficiencies and/or positive qualities found in the home. The purpose of the Home Inspection is to give the buyer an overall blue print on the condition of the home it often helps the buyer plan what should be done next. Remember, even a renovated home must be maintained on a regular basis. It is not done for the purpose of renegotiating the offer, unless something completely unexpected turns up.

Cost of a home inspection is between $250 - $350, and is paid for by the purchaser.