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Beware of Hidden Closing costs!

Everything you need to know about closing costs.

When you’re shopping for a home never assume that the price of a property or the simple down payment is what you’ll need to close, there are many other costs to consider.

Common Closing Costs:

  • Appraisal
  • Land Transfer Tax
  • Title Insurance
  • Legal Fees
  • Lender Fees
  • Brokerage Fees
  • Property Tax holdbacks by lender
  • PST on Default Insurance (CMHC)
  • HST on Purchased Price
  • Prepaid Property Tax and Utility Adjustments (You may need to reimburse the previous owner for prepaid costs such as property taxes, utilities, ect.,)
  • Property insurance
  • Septic Tank
  • Water Potability Test
  • Status Certificate Fee
  • Survey

How much you’ll pay?

Closing costs can vary significantly by the region, they can add 1% – 3% to the final price tag for your new home.  These closing costs are in the addition to any down payment amount you’ve agreed to pay.

Don’t forget to consider general expenses such as moving, upgrades, and home decorating costs as well.

Team Rick Sekhon prides itself in taking the time to sit down with you and run through all possible costs so there are NO LAST MINUTE SURPRISES.

Connect with Rick and team to find out how we can help you save with lower mortgage rates and closing costs today!


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