A Discussion on Mortgage & Legal Costs:
Your Financial Obligations:
- MORTGAGE PRE-APPROVAL
- DOWN PAYMENT WITH OFFER. If your offer is accepted, your deposit cheque will be cashed within 24 hours. It will sit in the Listing Broker’s Trust account and applied to your Closing Costs at the closing date.
- HOME INSPECTION (OR OTHER) FEE. A Home Inspection typically runs between $300 and $1,000 and lasts 3 hours. This MUST be paid at the time of inspection. Other Inspections to consider (as recommended by your Real Estate Agent and dependent on the property purchased) are Electrical, Pool, Termite, Chimney, Soil and Water.
- LEGAL FEES. These include the Land Transfer Tax and any Mortgage Related Fees.
- MOVING COSTS. You can DIY it, or I can recommend some Moving Companies.
- UTILITY SET-UP OR TRANSFER FEES. Cable, Hydro, Water etc.
- MONTHLY MORTGAGE PAYMENTS!!!
- HOME IMPROVEMENTS. If you’re planning any, don’t forget to budget for them. (And remember the landscaping!)