FAQS

Closing costs can vary in price depending on the circumstances of the sale. Costs you are going to encounter if you are buying a property will include: Ontario land transfer tax, legal fees and utility and property tax adjustments. Again depending on the specifics you may also have to pay municipal land transfer tax, property survey, HST and CMHC Insurance Premiums. Closing costs again vary significantly when selling a property as well. Common costs associated with closing will include: Real estate commissions, legal fees, utility and property tax adjustments and mortgage discharge fees. The best way to budget for closing costs is to speak with your realtor, lawyer and bank to try to calculate them as best as possible.

In residential application, hst is applicable in certain circumstances. Generally newly constructed homes are the most common residential properties when we talk about being subject to hst. Be weary of residential resales if the property was used to generate income and if you intend to use it in the same fashion. For circumstances such as these it is best to speak with a lawyer to see if the sale will be subject to hst.

How much you choose to put down is going to depend on how you choose to handle your money. The minimum downpayment in Canada is 5% up to $500,000, 10% for every dollar over that and up to $1 million. For homes over $1 million the minimum downpayment is 20%. If you choose to put down less than 20% your loan would be considered High-ratio and will require a mortgage insurer. Mortgage insurance is something you should discuss with your bank when deciding how much you intend on putting down.

Various items can affect the title of a property. This can include: title defects, liens, encroachments & errors in the public records. As with any insurance policy there are many stipulations. Please visit https://www.fsco.gov.on.ca/en/insurance/brochures/documents/undstitins.pdf for more detailed information.