disbursements such as registering the deed etc.. The legal fees for a purchase of a $100,000 home would be about $600 for the lawyer and $200 for disbursements for a total of $800.
MORTGAGE APPLICATION FEES-There is sometimes a fee for applying for a mortgage and an appraisal of the property you want to purchase. These fees vary but count on $200 for an appraisal and $100 for an application fee. This is paid to the bank at time of mortgage application.
MOVING COSTS-There will be some cost to move to your new home. If you are moving a long distance, get a number of estimates before deciding on the moving company. Even a local move will cost you. Allow $500 for a move within the metro area. A longer move will require estimates.
BUILDING INSPECTION FEE-It is a must to have the property you are buying inspected by a professional inspector. They will check out the home for structural soundness. The cost for this service is about $350 plus GST but varies from inspector to inspector.
POWER, GAS AND TELEPHONE HOOK-UPS -Allow $150 for each utility to be reconnected at your new address.
TAX ADJUSTMENT-The owners of the home you are buying have paid yearly taxes t the municipality. You will be required, on closing, to reimburse them for the taxes they have prepaid for the year. For example if they had paid $2,000 for the whole year and you were closing June 30th you would be required to pay the owner half of the taxes prepaid or $1,000.
FIRE/HOMEOWNER’S INSURANCE-You will be required to have fire insurance on your home on the day of closing. The Mortgage Company requires the lawyer to have proof of this on closing. This can often be arranged in monthly or other installments. $400-$500
NEW APPLIANCES, DRAPERY, ETC.-You will need appliances for your new home as well as drapery and other necessary items. Allow enough for these items in your closing cost calculations.