Buying a house includes more than just the purchase price

*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%.	$
Default Insurance	$
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.