Expenses and Documentation

The costs, beyond the purchase price and down payment of a new home, might include:

  • Administration fees of the mortgage
  • Site survey
  • Home inspection
  • City/municipality property taxes due
  • Local utilities due (water and sewer)
  • Property Transfer Tax
  • Legal fees
  • GST on new homes
  • Household insurance policy

The key documents and processes for the purchase of a home or condo typically cover the following areas, and will vary depending on various details of the transaction:

  • Mortgage documents – related to borrowing and securing funding from a lender
  • Title search – ensuring the property is owned by the “seller” and unencumbered
  • Insurance documents
  • Strata documents and forms (for strata properties) – determine any special assessments, fines, penalties or fees outstanding; confirm strata fees, preparation of necessary forms
  • Arrange and secure deposits and transfer funds to lender and /or purchaser
  • Property transfer and confirmation
Questions?

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