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Despite the low cost of carrying a mortgage these days, you should keep in mind "closing costs” in addition to your down payment for that dream home.
These various charges can add up, and for the most part they are all legally required payments in buying a property. Here is a list of most of your major "closing costs."
- Legal fees: Since a lawyer is an essential part of your home buying team, the work provided involves fees. Most legal fees include searching the title of the property, arranging a property survey if necessary and handling other disbursements as required.
- Mortgage insurance and application fee: For any high ratio mortgage, which is any mortgage in which 75 or more per cent of the house's purchase price is covered by the mortgage, the lender requires mortgage insurance.
- Mortgage broker's fee: A mortgage broker may charge a fee to set up a mortgage for you. In some cases the fee may be included with the legal fees if your lawyer arranges the mortgage, or included in the lender's fees if you deal directly with a lender such as a bank. You may inquire your mortgage broker on this at time of discussion.
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Land
Transfer Tax Calculator
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Disclaimer: This tool and the result of calculation is used for reference only. Although I endeavour to ensure the accuracy and timeliness
of information, it is not guaranteed. I accept no responsibility for any loss
arising from any use or reliance on the information contained herein.
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What to take in your consideration? You may start with: Drive Around - Does it look like a place you’d like to live?
- Is it near places you’d like to go?
- Is it too near places you’d rather avoid?
- What will it look like during commuting time?
- What’s it like at night?
Quality of Schools - What is the school performance?
- Average test scores?
- Capacity of school in relation to # of students?
- Parent involvement?
- After school activities, teams?
Education/Income Profile - What is the household income?
- The education level?
- Occupation?
- Family type?
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Making an Offer
Time To Make An Offer...what is going to happen?
Put yourself in the sellers shoes and imagine how they will react to everything you’re about to put in your offer. Oral promises are not legally enforceable when it comes to the sale of real estate. Please be sure you have communicated everything you want in the offer to your Realtor.
Price
Have your REALTOR do a comparative market analysis for you. That will show you the fair market value of the property. The following factors could affect your offer price:
- Property condition
- New home improvements
- Market conditions (that old supply and demand again)
- Seller’s motivation
- Multiple Offers – expect to pay more if there are multiple bidders on a property
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New or Resale ... You NEED A Buyer's Representative
Buyers should be aware of their options so they are better able to protect their positions in a transaction. The role of the Realtor has been undergoing tremendous change over the past several years. Prior to 1995, all Realtors worked for the Seller in a Real Estate transaction. A buyer can now choose to retain representation with a Licensed Realtor and receive the same legal relationship that Sellers have received for nearly 100 years.
A buyer who understands their options will typically want to select their Real Estate representative EARLY in the transaction in order to avoid potential conflicts of interest should they be making many calls to various Realtors (typically listing sales representatives representing the Seller) or if shopping New Home sites (representatives are not necessarily Realtors – thereby having no accountability to the Buyer through The Real Estate Council of Ontario (RECO) or Real Estate and Business Brokers Act(REBBA).
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