COSTS TO BE AWARE OF It’s imperative to know and understand the costs to be aware of when buying a home as they can add up quickly (on top of your purchase price). Don’t worry! To ensure you are informed and prepared, we’ve broken down the common costs in detail for you here:
DEPOSIT AND DOWN PAYMENT Deposits in the Greater Toronto Area are typically 5% of the purchase price. This amount needs to be accessible in a bank account and ready to be paid within 24 hours of your offer acceptance. Deposits form part of your total down payment and are contributed towards your balance owing on the purchase price on closing.
CLOSING COSTS
Other Fees
Closing costs are typically 1-2% of your final purchase price. These are additional funds that you will need to have accessible for your closing (they are not included in your mortgage):
1. Home Inspections
2. Appraisal fees
3. Mortgage Insurance
• Legal (lawyer) fees
• Land transfer tax
Always consult your Mortgage Broker/Lender and your North Group Team Partner to estimate your closing costs and fees.
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