Moving Costs
For The Buyer
1. Legal Fees.Same as for seller, plus disbursements.
2. Disbursements. Includes obtaining City Tax Certificate, City Zoning Reports, City Engineering Report, Sheriff’s Certificate, Registry Office searches, registering deed, registering mortgage, copies, postage, long distance calls, title insurance, etc.
3. Land Transfer Tax.
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The formula for calculating ONTARIO is:
0.5% on the first $55,000
Plus 1% of the amount from $55,001 to $250,000
Plus 1.5% of the amount in excess of $250,001 to $400,000
Plus 2% of the amount in excess of $400,000
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The formula for calculating TORONTO is:
0.5% on the first $55,000
Plus 1% of the amount from $55,001 to $400,000
Plus 2% of the amount in excess of $400,000
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4. Survey. If no recent survey is available, a new one will cost about $700.00 - $1,500. Fees for larger and recreational properties will vary and could exceed average prices. Individual quotes are suggested.
5. Adjustments. This could be monies owing or owed for things such as pre-payment of taxes, hydro, gas, fuel oil, etc.
6. Home Inspection. If you elect to have one, it will cost a minimum of $400.00
7. Arranging the Mortgage. Usually an appraisal fee of about $200.00 plus an administration fee of about $200 - $300. A new survey may also be necessary.
8. The Move. See above
