Here are some costs, you want to know about before you do your deal. This table gives you a quick idea on what you should count on:
Moving Costs - Vendor's Costs
Legal Fees: range from 1/2% to 1% of the sale price of the property plus disbursements. A Real Estate lawyer will provide you with details.
Real Estate Commission: + 7% GST on commission.
Discharge of Mortgage: May be a penalty of three months' interest, the interest differential between an old and new mortgage or a combination of the above. Check with your lending institution.
Moving Costs - Purchaser's Costs
Legal Fees: Range from 1/2% to 1% of the sale price of the property plus disbursements. A Real Estate lawyer will provide you with details.
Disbursements: Include City Tax Certificate, City Zoning Reports, City Engineering Report, Sheriff's Certificate, Registry Office searches, deed registration, mortgage registration, copies, postage, long distance calls, etc. Land Transfer Tax*:
- If under $55,000 multiply by $5 per $1000 (e.g. $40,000 x $5 per $1000 = $200)
- From $55,000 to $250,000, multiply by $10 per $1000 then subtract $275 (e.g. $200,000 x $10 per $1000 = $2000 - $275 = $1725)
- From $250,000 to $400,000, multiply by $15 per $1000 then subtract $1525 (e.g. $400,000 x $15 per $1000 = $6000 - $1525 = $4475)
- Over $400,000, multiply by $20 per $1000 then subtract $3525 (e.g. $500,000 x $20 per $1000 = $10,000 - $3525 = $6475)
*Special taxes apply to non-residents.