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It is important to be aware of what costs you will be responsible for when buying a home. You don’t want to find out something at the last minute that may mean you cannot follow through on your purchase. Here is a list of common costs a buyer encounters when purchasing a home;

1. Lawyer or Notary fees and expenses (searching the Title, investigating the Title, drafting documents, Land Title Registration fees)

2. Survey certificate (if required)

3. Costs of your mortgage, including an appraisal if needed, mortgage company’s legal fees, Land Registration fees, insurance fees, etc.

4. Adjustments (Interest, Property Taxes, Utility Payments, etc.)

5. Goods and Services Tax on a new home

6. Property Transfer Tax (1% on the first $200,000 and 2% on the balance)

7. House Inspection (approx. $325)

As every real estate transaction is unique, you should discuss your particular situation with your agent. Your Realtor is a valuable resource of reliable service professionals who can help you with the purchase of your home and who will make sure you have all the information you need to make an informed decision about the purchase of a home.