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Transaction Costs
When purchasing a home, whether new or resale, there are several costs that need to be budgeted for:
1. LAND TRANSFER TAX - Applicable on all homes, whether new, resale, freehold or condominium.
2. MORTGAGE/FINANCING COSTS - Usually include an Appraisal fee, Administration and setup costs, Tax holdbacks, etc.
3. PROFESSIONAL HOME INSPECTION - A preventative measure as well as an informative and educational experience.
4. SURVEY - May be required for mortgage purposes if one is not available.
5. LEGAL FEES - A lawyer is recommended for all transactions, both sale and purchase.
6. ADJUSTMENTS - There will always be adjustments on closing for certain items like taxes, condominium common expenses, etc.
7. G.S.T. - Residential resale homes are exempt, however tax is applicable on services such as commissions, legal fees, etc.
For more detailed information on these or other costs associated with buying a home, please contact me directly by clicking here.
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