1. Legal Fees. Average legal fees are in the range of $950 plus $450 in disbursements for a house purchase. All in cost is $1400 + title insurance. Approx. $1900 in total. Susanne will send a copy of the agreement to your lawyer and has names of real estate lawyers if you don't have one.
2. Disbursements. This includes your lawyer obtaining a City Tax Certificate, City Zoning reports, City Engineering Report, Sheriff's Certificate, Registry Office searches, registering the deed, registering the mortgage, copies, postage, long distance calls etc.
3. Adjustments. This could be money owing to the Vendor for prepaid taxes, hydro, gas, fuel oil etc. The lawyer will look after # 2, 3 & 4 and title insurance.
4. Land Transfer Tax. The Ontario LTT is approximately 1.5% of the sale price of the property. As of January 2008 there is also a Toronto Land Transfer Tax. If you are a 1st time buyer you will get a partial rebate for the Ontario and Toronto Land Transfer taxes and they will be rebated to you on or before closing...speak to your lawyer. Ask Susanne for to give you the total for both taxes and there are also calculation tables online.
5. Survey. You can ask for an existing survey in the offer. But if it is not a recent survey a new survey will cost you approximately $1000. Title insurance may take the place of a survey or is in addition to the current survey. Title insurance depends on the cost of the property and is usually approximately $500.
6. Home Inspection. If you elect to have one it will cost between $375 and $500 depending on the size of the house. Susanne will co-ordinate this.
7. Arranging the Mortgage. The bank will get a copy of the agreement. They will want to appraise the property and the usual fee is $250. If you already have a mortgage you will want to 'port' it to the new property or you will have to pay a penalty. The bank will also want a survey and/or title insurance. If you require a mortgage for more than 75% of the property value it will have to be CMHC insured.
8. The Move. The move costs vary depending on whether you get a big mover or a local mover. In town it is in the $2000 range for an average size house.
9. Home and Property Insurance. The bank will require that you have replacement insurance on the building and liability insurance (you will also want content insurance). The lawyer will need this by closing.
** The harmonized sales tax of 13% applies to most services for example the home inspection, legal costs etc.