Expenses for a property purchase
Inspection / repair, pyrite test and others
A wise decision in the process of buying an already existing home. A detailed report will inform you if the house requires repairs in a short or long term.
In some cases your financial institution will want to know the real value of the property you want to buy. A chartered appraiser will do this assessment and provide a report on the actual value of the property in the current market.
Fees and notary fees
The preparation, signing and registration of various legal documents related to the purchase of your property require the expertise of a notary. Fees are at your expense.
Certificate of location
Document showing the current state of the property which must be prepared by a land surveyor. In the majority of the cases, this one is paid by the seller, certain exceptions could apply for exemple the foreclosed properties.
Incidental expenses and account adjustment
You must pay them at the conclusion of the sale at the notary. These include property and school taxes, certain heating fuel, etc. The notary is responsible for making the pro-rated calculations based on the adjustment date stipulated in the offer to purchase.
If you do not have a down payment of at least 20% for the purchase of your home, you will need to purchase mortgage insurance such as CMHC premium or others. You will be able to pay it in one installment or add it to your mortgage amount to amortize the payment.
Transfer taxes or "welcome tax"
When you take possession of your property, you must pay a transfer tax, a sales tax corresponding to a certain percentage of the purchase price of your property.
Only in the case of a divided or undivided co-ownership.
Sales tax for new homes
Quebec sales tax applicable
Truck Rental, Mover, Storage Service...
Connection fees to various public services
Telephone, cable, electricity, gas, etc...