Considering purchasing a home, and not sure about all the costs associated with it?
Making sure you have a budget set out and know what you can afford is the first step to home ownership. If you are considering moving-up and moving from a stratified property to a detached home, there will be a BIG change.
Do you just pay the price you negotiate?
Is there any GST applied?
What is this Property Transfer Tax I’ve heard?’
If you are wondering what the closing costs are of buying a home, here is a list of items that you should budget for.
ACCEPTED OFFER/FIRM DEAL…WHAT DO I PAY?
You may choose to do an inspection before/after you put in your offer. Depending on the property, your real estate professional … MOI… will guide you.
A deposit will be due – this is normally 5% of the purchase price paid within 24 hours. These funds are normally held “in-trust” by the buyers agent until you have chosen a lawyer for closing.
Property Appraisal may have to be done depending on the property.
——-> $300-$500 (usually paid by the lender)
What You Need to Pay For On Closing
Between getting your accepted offer and closing, there will be a list of things you will have to consider.
Legal Fees are just a part of what you will need to pay. This could be $1000-$1500 depending on your transaction. You may need a property survey, or a home inspection.
You will have to come up with the balance of the funds upon closing. Your lawyer or notary will coordinate with the lender to make sure the funds are accessible.
For a full list of items check out the Real Estate Board of Greater Vancouver for a list of items.
Still unsure where to start? That’s where I can help. Get in touch to set up a consultation to see how we can help you achieve your real estate goals.
There is a lot to think about in a move.
Considering a move?
Let’s get you started
Helping Families Like Yours