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working with a buyer
A professional real estate broker works with people wanting to buy a property by providing advice and services to help them to find a property that fits their needs and completing the steps of the transaction, such as:
- Provide information as to the advantages and disadvantages of the choices available to you.
- Helping buyers locate all properties in their desired area in their price range and meeting their criteria
- Coordinating and helping buyers to visit and view properties
- Disclose material facts known about the properties being shown
- When a decision is made to attempt a purchase, helping the buyer craft their initial offer and purchase agreement
- Working with the buyer on their behalf in negotiations with the seller through their agent/broker
- Once a purchase contract is executed, coordinating the transaction process on the buyer side
- Delivering and explaining documents in the transaction process
- Coordinating inspections, reports and repair negotiations
- Assisting buyers through to closing and taking possession
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cost related to the buying a property
Closing Cost as buyer
As a guideline on Average Closing Costs in Ontario range between 1.5% to 4% of the Purchase Price, for instance closing cost for a property purchase price at $500,000/- would range between $7,500/- to $20,000/-.
Closing costs are generally referred to as Land Transfer Tax, Legal Fees, Expenses, and Costs that would need to be paid at the time of home purchase in additional and on top of down payment. Closing costs when buying a house or a Condo varies from City to City and Province to Province in Canada. It is crucially important to budget for closing costs when buying a property because it is an additional expense on top of moving expenses.
When you buy land or an interest in land in Ontario, you pay Ontario’s land transfer tax. When you acquire land or a beneficial interest in land, you pay land transfer tax to the province when the transaction closes. Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land.
A lawyer or notary will charge a fee for their professional services involved in drafting the title deed, preparing the mortgage, and conducting the various searches. The disbursements, on the other hand, are out-of-pocket expenses incurred, such as registrations, searches, supplies, etc., plus HST.
All mortgage lenders will require a certificate of fire insurance to be in place from the time you take possession of the home. The amount required is generally at least the amount of the mortgage or the replacement cost of the home. This cost can vary on the property size and extras being insured, as well as the insurance company and the municipality. The cost can vary anywhere from $250-$600 plus HST for most properties.
The appraisal provides the lenders with a professional opinion of the market value of the property. This cost is normally the borrower’s responsibility and it ranges as low as $100 for a drive-by appraisal to as much as $200 for a full appraisal, and the average being $175, plus HST. Occasionally, the costs could be slightly higher for larger, custom-built homes, or homes in remote parts.
A professional inspection of the home, top to bottom, is for the benefit of the buyer, therefore, that’s who absorbs the cost. A typical home inspection can cost anywhere from $350-$450 plus HST, but our opinion is that they are well worth the investment. New home buyers may not worry about it, but a definite must for buyers purchasing properties older than 5 years. When hiring a home inspector, make sure the inspector has liability insurance, just in case a mistake is made.
Today, most lenders require title insurance to protect against losses in the event of a property ownership dispute. This is purchased through your lawyer/notary and costs $100 – $300.
On a high-ratio insured mortgage (mortgages above 75% of the purchase price), the mortgage insurer (CMHC or GE Capital) charges a fee of $165-$185 for applying and processing the file, as well as appraising the property. On new homes, this fee drops to $75. HST is in addition to this fee.
An estimate should be made for closing adjustments for bills that the seller has prepaid such as property taxes, utility bills, and other charges. Any bills after the closing date are the purchaser’s responsibility. Your lawyer/notary will let you know what they are exactly once the various searches have been completed.
On the purchase of a newly constructed home, HST is payable, but make sure you know who pays this, you or the builder. Therefore, on the offer, the purchase price will say “Plus HST” or “HST Included”, and who gets the HST new home rebate. A lot of builders have included this cost into the purchase price so that the buyer does not have to come up with that at closing. (As well, this tax is also charged on all professional fees).