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Purchase price: _____________
Deposit paid: ______________
Property Purchase Tax: (1% of first $200,000 + 2% on balance)
Tax Adjustment:*
(July to Dec)
CMHC fees:
Appraisal fee: ($250+)
Mortgage application fee:
Legal fees:**
Site Survey: ($300+)
STRATA:
certificate of insurance:
maintenance fee adjustment:
Total:____________
Payable:__________
Don't forget about phone, hydro hook-up fees and other moving costs!
You will also
need to prove to the mortgager that you have house insurance on you
new purchase.
* Taxes covering January to December are paid in the middle of the
year (July). If you
purchase a home in the first 6 months, before taxes are paid, the
you will receive from the
seller the amount owing from January 1 to the adjustment date on your
contract, calculated
on a per diem basis, because you will be responsible for the full
taxes. If you purchase after
the taxes are paid, the you will pay the seller back on a per diem
basis, for the taxes that
have been paid from the adjustment date in your contract til the 31st
December.
** Legal fees are about $800 to $1000 for conveyancing and lawyer's
disbursements. In
Abbotsford, there is a lot of competition in the legal field. You
will find that lawyers and
notary publics are comparable in cost.
Financial institutions can be very competitive, not only in rates,
but in extras include free
appraisals, free mortgage lawyers fees. They will give you these extras
if you pay the
posted rate, versus a better interest rate and fewer extras. This
is cashback on your
mortgage payments. Take the time to figure out the bottom line/long
term costs of all these
competiting packages.
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Richard was always available to us, answered all our
questions, friendly, and best of all, never pushy! We
felt no pressure.
- Brad & Brenda M. |
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