| Appraisal
Fee |
$275.00 |
An
appraisal is provided to the lender to confirm the fair
market value of the property securing the mortgage.
Usual cost is around $275.00 plus GST. |
| Home
Inspection Fee |
Varies |
This
is not required but is generally recommended when purchasing
a house in particular, to ensure that it is structurally
sound. |
| Mortgage
Loan Insurance Premium |
Can
be included in the mortgage |
The
premium charged to insure a mortgage with a loan to
value (usually) in excess of 75%. |
| Survey
Certificate, if Applicable |
Varies |
Most
Lenders require a surveyors certificate of the property,
unless it is strata. Often an existing survey is available
from the current property owner or, in some cases, the
City or Municipality. If not available, the cost to
prepare a surveyors certificate of a typical home usually
falls in the range of $321 to $500. Your Lawyer or Notary
Public usually orders it. Title Insurance is generally
accepted as an option. |
| Legal
Fees And Disbursements |
Varies |
For
a referral to a Lawyer or Notary Public please call
me a 250-489-4512. When calling for quotes be specific.
Ask whether Minister of Finance and Agency costs, local
Courier Fees, GST and PST are included in the figure
given. If they are not included, ask for a breakdown
of any and all other costs. |
| Property
Tax Information Cost |
Cost
USUALLY included with Legal Fees, etc. |
Charges
for this are about $10 to $35. This cost is usually
INCLUDED in with the Legal Fees and Disbursements, however,
confirm that it is included when discussing costs with
Lawyers and/or Notary Publics. |
| Adjustments
For Property Taxes and Utilities (Water And Sewer) |
Varies |
This
adjustment takes into consideration Property Taxes and
Utilities that have been paid by the current property
owner but that cover a portion of the time when you
will own the property. |
| House
Insurance |
Varies |
Property
insurance will be required by the mortgage Lender. This
is not the same as insurance on the contents of your
home. |
| Service
Hook- Up Fees |
Varies |
Include
the costs to hook-up hydro, telephone, cable, etc. for
your new home. |
| Moving
Expenses |
Varies |
Include
any other costs of the move, including the cost to rent
a truck or moving van. |
| BC
Property Purchase Tax |
|
1%
of the first $200,000 plus 2% of the balance.
Waived in some instances for first time
buyers. |
