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Buying A Home - The Process

1. Financial Pre-Approval

Get pre-approval from your bank or our mortgage broker to decide your price range.

2. Review standard closing costs:

a). Land Transfer Tax: (Click here for Land Transfer Tax Calculator).

- Provincial Land Transfer Tax:

0.5%     on the first $55,000
1.0%    on the portion between $55,000 ~$250,000
1.5%    on balance over $250,000

If the land falls under definition of single-family and duplex residences, additional tax of 0.5% applies to consideration over $400,000

- Toronto Land Transfer Tax:

0.5%     on the first $55,000
1.0%    on the portion between $55,000 ~$400,000
2.0%    on balance over $400,000

b). Legal fees:
Legal fees range widely depending on the complexity of the deal. (Please contact your Real Estate lawyer for details.)

c). Home Inspections:
General home inspection fee typically ranges from $300~$600.

d).Home Insurance.

e). Prepaid Taxes and/or Utility Bills. You need to reimburse the vendor on a prorated basis if some taxes and or utility bills have been prepaid beyond the closing date.

f). Title related costs:
Survey  (+/- $800) or Title insurance (+/-$300)

Click here to see the explanation for Title Insurance.

g). Moving costs.

h). Mortgage Costs:

- Provincial Sales Taxes (8%) on CMHC premium (only applicable when your down payment is less than 25%)
- Some lenders also charge you appraisal or application fee.

3). Establish  the list of needs (must have features) and the list of wants (nice to have features).

4). Home showing

5). Making an Offer - Key components to the elements of an offer:

a) Price:
I will present sales statistics for you to make the most informed pricing decision.

b). Deposit:  
Your deposit shows good faith and will be applied against the purchase of the home when the sale closes.  Typically +/- 5% of offer price.

c). Terms:
Includes the total price offered and the financing details. You arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.

d). Conditions
These might include "subject to home inspection", "subject to you obtaining financing", or "subject to you selling your property".

e). Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors. These items would remain in the house.

f). Irrevocable date:
The date and time before which the offer cannot be withdrawn.

g). Closing or Possession Date
Generally, the day the title of the property is legally transferred and the transaction of funds finalized.

h). Title search date: date allowed for title search. usually 2 weeks before closing.  

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