1. Mortgage Agent/Brokers Fees: Be sure to ask, as some may or may not charge a fee.
2. Mortgage Penalties: When paying out a mortgage before the mortgage term expires, be sure to contact your bank. Ask detailed questions e.g. will fees apply, if so, how much?
3. Down Payment: Typically 5% of purchase price (Zero Down/Cash Back may be available, but special terms or conditions may apply.) If you would like more information on this program, simply send us an WM@Royallepage.ca to get the information sent to you.
4. Closing Cost: 2-3% of purchase price
5. Deposit: Could either be with an offer or within 24hours of offer acceptance. Deposit typically could be $5,000 - $10,000. Sometimes special conditions or terms exist, e.g. the sellers may stipulate minimum $10,000, $15,000 or $20,000 deposit only! Be sure to get this information ahead of time from your Real Estate Expert.
6. Appraisal Fee: approx $350 - $500
7. Home Inspection Fee: approx $350 - $500
8. Status Certificate Fee: approx $100 - $200
9. Legal Fees: Varies, be sure to get at least 3 different quotes
10. Property Insurance: Varies, be sure to get at least 3 different quotes
11. Title Insurance: Varies, be sure to get at least 3 different quotes
12. Moving Expenses: Varies, be sure to get at least 3 different quotes
Happy condo hunting & good luck in your search!
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