When you buy a home, you will be asked for a deposit and a down payment. A deposit will be required either at the time of making the offer or upon acceptance of the offer. The deposit is an act of good faith and goes towards the purchase price of the home. A Down payment is usually between 5 and 25% of the total price of the property. You might also have a number of other fees and expenses to pay.
Some of the most common expenses are listed below. These expenses may vary, depending on your area:
|
Expense
|
Paid
|
| Mortgage application and appraisal fee |
At time of application |
| House inspection (optional) |
At time of application |
| Legal fees |
Closing |
| Legal disbursements |
Closing |
| Deed and/or mortgage registration |
Closing |
| Property survey (sometimes provided by the seller) |
Closing |
| Land Transfer Taxes by province |
Closing |
| Property tax adjustments |
Closing |
| Fuel adjustments |
Closing |
| Mortgage insurance |
Closing |
| Title insurance |
Closing |