| *PLEASE NOTE: Lenders will want proof that you have at least 1.5% of the purchase price for closing costs. This is not how much they will actually be, but rather a generic estimate. | |
| Every home will have different costs associated with purchasing it. Please contact me directly for estimates on the items below. | |
Deposit
-Paid to you Realtor usually upon acceptance or subject removal
|
$
|
Down
Payment
-Paid on closing date with lawyer. Minimum 5%.
|
$
|
$
|
|
Property
Tax Adjustment
–Calculated by your lawyer/notary at completion
|
$
|
Property
Tax Hold-back –
If the lender is paying the property taxes on your behalf, they may require a
lump sum at closing to start the property tax account
|
$
|
Utility
Transfer fees
– BC Gas, Hydro, Telephone, Cable
|
$
|
Property Transfer Tax
-Refer to your lawyer for details. Currently 1% on the first $200,000
and 2% on the remainder -First Time Home Buyers may be exempt as well as
purchasers of some newly built homes
|
$
|
Appraisal
Fees
–May
be required. The purpose is to confirm the value and condition of the home
|
$
|
Home
Inspection -Not
generally a lender requirement, but strongly recommended. If deficiencies are
found and a price reduction occurs, the lender may request a copy.
|
$
|
Land
Survey or Title Insurance
-Most lenders will require title insurance which is done through the
solicitor at closing.
|
$
|
House
Insurance
-You will be required to arrange adequate house insurance to cover the value
of your home with “loss payable” to the lender. The replacement value
typically has to be supported by the purchase price. Strata-titled properties
are typically covered under the Strata Corporation blanket policy however
further insurance may be required.
|
$
|
Legal
Fees
-A lawyer or notary will charge you professional and disbursement fees for
conducting various title searches, preparing and registering the mortgage.
|
$
|
Life
Insurance-
Life insurance and/or creditor insurance is not required however it is
strongly recommended that you have some type of coverage
|
$
|
Closing
Adjustments
-You should expect some closing adjustments for bills that the seller has
prepaid such as property taxes and utility bills. This will be settled at the
time of closing by your lawyer/notary.
|
$
|
GST –For
confirmation ask realtor.
|
$
|
Other
_____________________________________
|
$
|
*Closing
costs are estimated only and may be higher or lower than estimated. Please
contact your lawyer/notary to verify.
|
If you are using a non-bank lender for your mortgage, you may notice that your mortgage has been registered in the name of “Computershare Trust Company of Canada”. This registration does not affect the terms and conditions of your mortgage in any way. Computershare holds no beneficial interest or rights to the mortgage loan. This is merely a third party, custodial arrangement which means that your lender has used Computershare to review the mortgage and provide custodial certification to Canada Mortgage and Housing Corp (CMHC) for their government securities program. Computershare is the largest provider globally of many of the services they offer and the largest corporate trust service provider in Canada. They have successfully provided this custodial service to many Canadian bank and non-bank lenders for many years and they play a very important role in the Government of Canada’s NHA Mortgage-Backed Securities Program. Computershare has served as the exclusive Central Payor and Tr
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