{"id":1442,"date":"2019-08-01T18:15:09","date_gmt":"2019-08-01T18:15:09","guid":{"rendered":"https:\/\/areslaw.ca\/parry-sound\/?p=1442"},"modified":"2019-08-01T18:17:16","modified_gmt":"2019-08-01T18:17:16","slug":"closing-costs","status":"publish","type":"post","link":"https:\/\/areslaw.ca\/parry-sound\/closing-costs\/","title":{"rendered":"Purchasing Property? Don&#8217;t Forget About Closing Costs."},"content":{"rendered":"\n<p>Closing time on your home or cottage purchase is always an\nexciting time. If all goes as planned, all that\u2019s left to do on closing day is\nsign your documents, hand over your cheque or transfer the funds, get those new\nkeys and start your big move. However, many people can get tripped up in the\nclosing costs if they haven\u2019t previously budgeted for them, and that can put a\ndamper on any new home celebrations. <\/p>\n\n\n\n<p>We\u2019ve outlined the key real estate closing costs you should\nknow about beyond your down-payment, so you can avoid any last-minute surprises\nand enjoy your new home purchase: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Taxes &#8211; Land\nTransfer Tax &amp; GST\/HST<\/strong><\/li><\/ul>\n\n\n\n<p>All property purchases involve land transfer taxes, even if\nit\u2019s a condo, cottage, cabin, or vacant lot. This tax goes to the provincial\ngovernment (covering health care costs, education, highways, emergency services\nand so on). The amount you pay is based on the fair market value of the land,\nnot necessarily what you paid for the property. For example, a home or cottage\nworth $700,000 in Huntsville will have an additional cost of $10,475 in land\ntransfer taxes. The good news is that first-time home buyers may be eligible\nfor a refund for all or part of the land transfer tax they must pay, up to a\nmaximum of $4000. Your Realtor or your real estate lawyer should walk you\nthrough those costs at the time of purchase so that you can plan accordingly. <\/p>\n\n\n\n<p>If you have purchased a newly constructed home, condo or\ncottage, you may be subject to paying GST or HST. Be sure to ask your Realtor\nor real estate law team if you qualify for any rebates. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Inspection\nFees <\/strong><\/li><\/ul>\n\n\n\n<p>A home inspection is always recommended, unless you are\nbuying a new build that has a full warranty. A home inspection is valuable in\ndetermining the overall condition of the home and what work, if any, is needed.\nWhile the costs of a home inspection may vary, you can count on paying $300 &#8211;\n$500 on average. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Insurance\n<\/strong><\/li><\/ul>\n\n\n\n<p>There are a few different types of insurance required for\nany home purchase. For example, if you have less than 20% saved towards your\ndown payment, it\u2019s mandatory in Canada to pay for mortgage insurance (typically\nthrough <a href=\"https:\/\/www.cmhc-schl.gc.ca\/en\/buying\/mortgage-loan-insurance-for-consumers\">CMCH<\/a>),\nwhich protects you and your lender in case of a default on a mortgage. &nbsp;<\/p>\n\n\n\n<p>Title\ninsurance, although optional, is a recommended expense you may wish to\nconsider, as it provides the purchaser with protection against property liens\nor any other issues that may be related to any previous owners and outstanding\ndebts related to your new purchase. <\/p>\n\n\n\n<p>Finally, your home will need property\/content insurance to\ncover any theft, fire, floods, accidents, injuries and so on. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Reimbursements\non pre-paid bills<\/strong><\/li><\/ul>\n\n\n\n<p>It\u2019s not uncommon for homeowners to pay in advance for their\nmunicipal property taxes, condo fees, or utility bills such as hydro or natural\ngas. As a result, the amounts that have been pre-paid that happen to cover the\ntime period after the closing date will have to be reimbursed by the new\nowners. It\u2019s not fair that the previous owners should have to pay for taxes and\nservices on a home they no longer own. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Legal fees\n<\/strong><\/li><\/ul>\n\n\n\n<p>If you\u2019ve worked with a real estate lawyer in the past, you\nknow the value of their expert services. A good real estate law team helps safeguard\nyou and your investment and will have your best interests in mind. Not only do\nthey do their research, inspect every document, and give sound advice, they\nhelp protect you from costly, unexpected surprises. <\/p>\n\n\n\n<p>Here at Ares Law, we specialize in real estate law and we understand all the ins and outs of real estate transactions, including the added expenses, like closing costs, that can potentially trip you up. Our legal team has the experience and dedication you need! If you are buying or selling a home or cottage in the Parry Sound or Muskoka region, call the Ares Law team today at (705) 746\u20136444 to set up an appointment and let\u2019s get started. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Closing time on your home or cottage purchase is always an exciting time. If all goes as planned, all that\u2019s left to do on closing day is sign your documents, hand over your cheque or transfer the funds, get those new keys and start your&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[132,126,106,52,58,33],"class_list":["post-1442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-closing-costs","tag-home-purchase","tag-parry-sound","tag-real-estate","tag-real-estate-law","tag-real-estate-lawyer"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Purchasing Property? 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