Costs of Buying
Outside of the purchase price, what other costs are there?
If you are applying for financing from a lending institution, they need to know what the funds are going towards. They will request for an appraiser to evaluate the property, just to make sure that it is worth what you are offering to pay! This cost is typically the buyer’s responsibility.
Appraisal Fees
When you fund a mortgage,
the bank may request for your legal representation to include certain upfront costs in your statement of adjustments, such as insurance.
Mortgage Costs
It is up to you to choose between a notary or a lawyer. Either one will be able to facilitate the purchase of your home. The final cost may vary depending on your choice of legal representation and also the necessary disbursement fees.
Legal Fees
Strata fees, property tax,
utility bills, and other miscellaneous charges will be calculated by your notary or lawyer prior to closing the sale. Depending on whether or not the seller has paid the bill already, you will either receive a credit from the seller or be responsible for reimbursing them with your portion of the cost. This monetary difference will be reflected on your statement of adjustments when you sign the closing documents with your chosen legal representation.
Adjustments
Preparing for a move can involve various small costs, some of which can include: moving boxes, packing tape, bubble wrap, and furniture wrap. Large items may require disassembly or even the help of specific professionals - think grand piano! Hiring professional movers can make the transition process much smoother, as they are experienced with being efficient and have tools to safely lift heavier items. Many moving companies are also covered by insurance in case of any damage to your property.
Moving Fees
Each situation is unique,
but other common costs could include: strata move in/out fees, purchasing extra fobs and keys, home insurance, or set up costs for utilities (eg. hydro and electricity, gas, internet, cable, phone lines).
