Marla Janzen is an award winning SASKATOON REALTOR she takes action to sell her client's homes and find them the perfect new place to live while negotiating the best terms and price possible. She loves what she does and takes great pride in providing excellence in customer service to all of her clients. She is one of our TRUSTED SASKATOON REAL ESTATE EXPERTS listed on the SASKATOON DIRECTORY and loves to provide Trusted Tips that help the public!
Marlas Real estate Tip: What are closing costs when buying a home?
As exciting as it is to purchase a home, many home buyers are also always looking at the bottom line: how much is this home going to cost me? And while looking at the listing price is a good place to start forming an idea of just how much exactly you’re going to pay for a home, you need to also figure in some additional costs. These are the closing costs, the money you will have to pay in addition to the price of the home, just to make the sale of the home happen.
Knowing about closing costs, and which ones you’ll have to pay, is a huge help when it comes time to make that final purchase. Here are some of the closing costs you can expect to pay, although there may be others that are specific to your deal.
- Home Inspection Fee: This is crucial, especially if the home is not new construction. You need to get a professional home inspector to look over the property so that they can make you aware of any existing or potential problems. Although a home inspection usually costs $300 – $400, getting one can save you thousands in the long run.
- Legal Costs: You will most likely need to hire a lawyer to draft a title, perform searches, and assist the mortgage broker with handling the mortgage.
- Disbursements: Out-of-pocket expenses, such as title searches and registrations are known as disbursements and must be paid by the buyer.
- Appraisal Fees: In order to obtain a mortgage most Canadian mortgage brokers will require that you get an appraisal of the property so that they can have a good understanding of how much the property is actually worth. An appraisal usually costs $100 – $250.
- Land Survey Fee/Title Insurance Fee: A land survey will also be required by any Canadian mortgage broker and if one is not available, you’ll need to get a new one at a cost anywhere from $600 – $900. If a survey is not available some mortgage lenders will accept a title insurance fee, which usually costs a much cheaper $250.
- High Ratio Mortgage Insurance: This is another fee that Canadian mortgage brokers require if your down payment is less than 20%.
- Land Transfer Tax: All provinces and territories in Canada have a land transfer tax associated with all property purchases; the rate varies by province. Residential homes in Ontario carry a land transfer tax that can be anywhere from 0.5% to 2.0%.
- Fire Insurance: Any Canadian mortgage broker is also going to need verification that fire insurance has been purchased for the home before a mortgage is approved.
Find Marla Online at http://www.century21.ca/marla.janzen she is a Century 21 Fusion Realtor Sakatoon based at 703 Circle Drive, Saskatoon..or checkout her listing in REAL ESTATE SASKATOON here on www.trustedsaskatoon.com , Marla Janzen is TRUSTED SASKATOON REAL ESTATE EXPERT.
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