| |
| Our Legal Fee |
|
$325.00 |
| |
| Disbursements |
| Plan of
Survey (if required & not available) |
$600.00 (estimate) |
| Title Insurance (if
necessary) |
|
|
|
250.00 |
| Zoning Report (if
necessary) |
|
|
|
50.00 |
| Bylaw/Sub Division
Admin Report (if necessary) |
50.00 |
|
|
| Tax Certificate (if
necessary) |
|
|
|
30.00 |
| Guelph Hydro Report
(if necessary) |
|
|
|
16.00 |
| Register Deed (as of
March 1, 2000) |
|
|
|
75.00 |
| Register Mortgage (as
of March 1, 2000) |
|
|
|
75.00 |
| Execution
Certificate |
|
|
|
11.00 (per name) |
| Title Search |
|
|
|
100.00 (estimate) |
| Miscellaneous (photocopies/Faxes/postage/courier/ |
350.00 (estimate) |
| Long Distance/Law
Clerk/GST) |
| |
| Land Transfer
Tax (Paid to Minister of Finance -
on closing) |
| The regular rate of
Land Transfer Tax on the Purchase price is as follows: |
| (a) Amounts up to
and including $55,000.00 |
|
|
|
0.5 % |
| (b) Amounts
exceeding $55,000.00, up to and including $250,000.00 |
1.0 % |
| (c) Amounts above $250,000.00 |
|
|
|
1.5 % |
| (d) Where the
property contains at least one and not more than two |
| Single Family
residences, the Land Transfer Tax will be 2.0 % on the |
| portion of the
consideration that is above $400,000.00 |
|
2.0 % |
| |
| For Example: A $100,000.00
home would be $725.00 |
| |
| Other Fees |
| |
| CMHC |
| If your Down
Payments is less than 25 % of the Purchase Price of the
home, |
| the Mortgage will
require insurance from CMHC. The premium is usually |
| added to the
Mortgage. The premium ranges from .5 % of the Mortgage |
| value to 3.75 %
depending on the size of Down Payment. There is also |
| Provincial Sales
Tax of 8 % on the premium which is an up-front cost and |
| can not be added to
the Mortgage. |
|
|
|
|
|
| |
| ADJUSTMENTS |
| In addition to the
above costs, you may be required to have Cash-on-Hand |
| to repay the
Vendors for advances they may have made in connection
with |
| the property, which
you will benefit from; such as pre-payments of taxes, |
| Condo fees et cetera.
|
|
|
|
|
|
$500.00 (estimate) |
| |
| |
| INTEREST ADJUSTMENT |
| |
| Depending on the
date chosen by the Lender as the interest adjustment (the
|
| date the Mortgage
starts) you may be required to pay interest to the Lender
|
| from the date the
money is required and the interest adjustment date. The |
| maximum amount
would be one month's interest at the rate of interest
charged |
| in the Mortgage. |
|
|
|
|
|
|
$300.00 (estimate) |
| |
| INSURANCE |
| |
| You will have to
arrange for Fire Insurance before possession |
| |
| The above
figures are an estimate only. Disbursement Costs vary
depending on the particulars of the transaction. Not all
of these disbursements are applicable on every Purchase
and are subject to change. It is recommended that you
consult our office for further assistance. |
| |
| |
| Submitted by: |
Marcus
A. Lennox LL.B,M.B.A., Lennox
& Dempsey
Barristers and Solicitors
(519) 433-5233
(519) 433-5281 (FAX)
|
