BUYERS TO DO LIST

FINANCING

• Calculate your GDS and TDS ratios to determine how much you can afford.
• Speak with a Bank or a mobile Mortgage specialist and get pre-approval in writing.
• Confirm necessary documentation relevant for pre-approval. The different documents required for employed vs. self-employed.
• Know the difference between Deposit and Down Payment and Insured and Non Insured Mortgages.
• Are you eligible for any tax credits? HBP (Home Buyer's Plan), Home Buyer's Amount on Income Tax Line 31270 speak to accountant), GST/HST rebate (check qualifications).
• Review documents outlining monthly payment, mortgage payment, the interest rate and duration, mortgage insurance (if applicable), home insurance estimates, property taxes, condo fees (if applicable), property maintenance costs etc.
• Appraisal - usually there is an appraisal fee approximately $300 plus an administrative fee. Bank may require an up to date survey. When you inquire about rates and privileges ask about costs to arrange a mortgage as costs vary per institution.

LAND TRANSFER TAX

• The Ontario Land Transfer Tax and the Toronto Land Transfer tax are payable at the time that your Deed Transfer of Land is registered on closing. First time buyers could be eligible for a rebate ask your lawyer for specific requirements.
• To view total Land Transfer Tax Payable see attached table.

SURVEY AND TITLE INSURANCE

• If there is no survey an existing one may be found at www.landsurveyrecords.com for a minimal fee. If an old survey is not acceptable by the mortgage company, a new one will cost approximately $700 to $1,300. Address this with the mortgage company, they may waive the requirement for an up to date survey. Fees for larger and recreational properties will vary and could exceed average prices.
• Title Insurance is another option to discuss with your financial institution and lawyer. The cost of Title Insurance varies on the purchase price and type of property but the average cost in Ontario is approximately $250.

HOME INSPECTION

• Individual home inspections are informative and educational and can cost anywhere between $300-$700 depending on the size and type of property paid for by the Buyer.
• Some homeowners provide their own home inspection for prospective Buyers. Consider all aspects using the inspection. Buyers can also contact the Inspector to book a run through at the Buyer's own expense.

LEGAL FEES

• Legal fees cost approximately $l,000-$l,200. Look for a lawyer who specializes in real estate. HST applicable on all services.

DISBURSEMENTS

• Expenses vary and may be as much as $500 on your behalf:
  A)Search to ensure a clear title to the property.
  B) Search for any work orders.
  C) Search for any tax, water or hydro arrears.
  D) Execution - ensure no judgements against previous owners.
• Document Registration on Title - there is usually a fee for each document on title such as a Deed/Transfer of Land and Mortgage.
• Statement of Adjustments - This document which sets out the balance due to the Seller on closing which may have certain amounts in addition to the purchase price as the Seller pre-paid or overpaid for water, taxes, fuel oil, tenancies (if any). Utilities on meters are read on the day of closing and paid by the Seller directly to the utility company. If a new home is purchased additional fees may include a warranty fee or installation of meters etc.
• Note: If property currently has an oil tank and Buyer has plans to replace or convert to gas immediately after closing Buyer should inform agents and lawyers in writing that the Seller should NOT provide a full oil tank on closing.

MOVING COSTS

• Costs vary depending on size of property, distance, number of movers, method are you packing yourself or have company pack for you.

ADDITIONAL COSTS

Utility companies will charge set up fees for phone, hydro, oil, gas, cable.