The purchase of your new home involves other costs that a REALTOR® can make sure you are aware of.

Application/ Mortgage Broker Fee - A fee is sometimes charged if income and credit issues come up.

Land Survey Fee - A plot plan is important to see if there are any encroachments such as a neighbours shed on your land.

Insurance - If you are applying for a high ratio mortgage, a loan of more than 80% of the purchase price, lenders protection in the form of a mortgage insurance fee.  Make sure there is fire and extended coverage to protect the home.

Legal Fees - for setting up mortgage, conducting a title search, drawing up title.

Property Tranfer Tax - This is calculated on the fair market value - 1% on $200,000 and 2% on the remainder.  First time home buyers exempt with certain conditions, including value of home less than $425,000

HST - You pay the tax on new homes.  You are eligible for a rebate of the provincial protion(71.43% of HST).  up to $26,250 on $525,000 and  a flat rebate of $26,250 on anything over $525,000

Arran McLellan