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2 YEAR 1.59%
3 YEAR 1.54%*
4 YEAR 1.59%
5 YEAR 1.74%*
5 YEAR Variable 1.40%*
Updated March 10th, 2021 |
Closing costs generally refer to legal fees, property tax and utility adjustment costs and, in some provinces, land transfer taxes.
Legal costs go to cover lawyer (notary in Quebec) fees and legal transactions such as reviewing the terms of the offer, preparing and signing a mortgage, conducting a title search on the property, registering a new title, obtaining relevant documentation and determining appropriate adjustment costs.You should consider hiring a real estate lawyer to handle your transaction. If you don’t have or know of a lawyer, your best referral source is family or friends, or through the law society in your area.
In some provinces this tax is levied when property changes hands. It varies with the purchase price of the property.
When it comes to real estate transactions, there are two ways HST will have an impact: Firstly, on the price of a new, from the builder, home, secondly, on commission payable on resale homes.
For new homes purchased from a builder, HST will be applicable on the purchase price of the home, albeit new homes purchased as primary residences across all price ranges will qualify for a rebate of up to $24,000 of the 8% provincial component of the HST. The HST on new builds is quite often built into the price of the new home and the builder applies directly for any rebates.
For resale homes, GST and, now, HST apply to real estate commissions only, as it is a service being provided to the consumer, not to the price of the home.
Costs other than closing costs can include but are not limited to the following: