There are always additional costs to the buyer of a property, beyond the negotiated purchase price, to meet the legal requirements of the transaction and ensure the property is properly transferred and registered in the new owner's name. In particular circumstances there may be additional costs, but the following list shows the customary costs applicable to the purchase of a home.
1. Property Purchase Tax
– 1% on the first $200,000, 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and. 3% on the portion of the fair market value greater than $2,000,000.
2. Government Sales Tax (GST)
– 0% on resale. GST of 5% is applicable to newly constructed homes. A portion of the tax rebated in some circumstances (This rebate is only available for principle residences.) Check of current regulations governing rebates
3. Legal fees
– For the conveyance and disbursements for the title search, registration etc.
- Adjusted costs - prorated costs of the property taxes, water that current owner has already paid
- Average cost is $1500-$2000 (depending on home price)
- If a mortgage is required, an addition fee of $300-$400
- Appraisal (if required by the lender) approximately $250
- Survey Certificate (if required by lender) approximately $250
– Depending on the home and the amount of coverage for the contents; this amount with vary. Insurance is required by the mortgage lender.
– Usually 5% - 10% of the purchase price: required with the offer. The deposit is held in trust by my Real Estate Brokerage and applies as part payment for the home on the completion of the sale
6. Home Inspection
– Recommended in most cases; approximately $500 - $700 depending on the size of the house
7. Oil Tank Surface Scan
– depending on the type and age of the property and depeding on the type of oil tank scan it may be recommended. Approximately $100 - $600
8. Home Price
– The balance of negotiated purchase price, less the mortgage amount and deposit (and including all Adjusted Costs) must be paid in trust to the conveyance lawyer usually a day or two before the closing date.
9. Moving Costs
- $80 - $100 per hour for a van and movers. Book ahead!
10. Move in/out fee
– Some stratas buildings charge a move in/out fee for use of the elevator and extra security while you are moving in the building. Between $100- $200