Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed below:
Typical One-Time Expenses
Expense | Paid |
---|---|
Mortgage Application and Appraisal Fee | At time of application |
Appraisal Fee | At inspection |
Property Inspection (optional) | Closing |
Legal Fees | Closing |
Legal Disbursements | Closing |
Deed and/or mortgage registration | Closing |
Property Survey (sometimes provided by seller) | Closing |
Land Transfer, Deed Tax or Property Purchase Tax (in Quebec within 3 months following signing) | Closing |
Mortgage Interest Adjustment and Take Over Fee (if applicable) | Closing |
Adjustments for Fuel, Taxes, etc. | Closing |
Mortgage Insurance (and application fee if applicable) | Closing |
Home and Property Insurance | Closing and on-going |
Connection charges for utilities such as gas, water and electricity | Date of move |
Moving Expenses | Date of move |