When buying a home there are expenes in addition to the puchase price that you need to factor into your budget.

1. Lawyer's fees. Shop around. Prices may vary. GST is payable on these fees.

2. Land Transfer Tax. This is a government of Ontario Tax which is payable at the time your Deed/Transfer of Land is registered. It is calculated as follows:
   
   • $5 per $1,000 up to $55,000
   • $10 per $1,000 up to $250,000
   • $15 per $1,000 up to $400,000
   • $20 per $1,000 over $400,000

3. Disbursements/expenses made on your behalf include searches such as:
   • to ensure a clear title to the property
   • work orders
   • tax, water and hydro arrears
   • executions (no judgements against previous owners)
   The costs vary and may be as much as $300

4. There is a fee for each document registered on title, i.e Deed/Transfer of Land and Mortgages - $50 for each document

5. The Statement of Adjustments i.e. the document which sets out the balance due to the vendor on closing day may have certain amounts in addition to the purchase price on the vendor's side of the ledger for overpayments such as water, taxes, tenancies (if any). Those utilities on a meter are not adjusted as the meters are read on the day of closing and paid by the vendor directly to the utility company.

   If you are buying a new home in a subdivision there may be more adjustments, i.e. HUDAC warranty fee or installation of meters. Read your Agreement of Purchase and Sale carefully in the regard. It is upsetting and frustrating if you have to find extra money at the last minute.

6. If there is no survey or an old one which the mortgage company won't accept, it may cost $700 or more for a new one. Address this with the mortgage company. The survey may be waived.

For more information
Email Susan Dainty Broker of Record
Mincon Network Reatly Systems Inc., Brokerage
or phone 705-738-1709 1-800-434-5157.