Costs you may incur during the home buying process:
- Home Inspection: A home inspection is strongly recommended and will usually be a condition in an offer. Your agent can assist you in choosing a home inspector. The cost will vary depending on the size, age, value and use of the property.
- Termite Inspection: You may wish to hire a termite inspector as well as a home inspector if you are buying in an area of the city where termites are known to be a problem.
- Appraisal Fees: When you apply for a mortgage, the lender will want to see an appraisal on the property to ensure that the price you are paying falls within the accepted range of value for that type of property and area of the city.
- Land Survey: When you make an offer on a freehold property (property that is not a condo), you will usually ask the vendor to provide a copy of the survey for the property. The purpose of this survey is to show the boundaries as well as the footprint of the building on the site. If there is no survey available, you may wish to hire a surveyor to prepare one at a cost.
- Title Insurance: This provides insurance against the future costs of remedying most problems with the title on your property. Feel free to consult your lawyer about the benefits of this service. This should be included as part of your closing costs.
- Land Transfer Tax: See the Land Transfer Tax calculator (http://www.torontorealestateboard.com/LTT_splash/ltt_calculator.htm) to see the cost based on property price.
- Closing Costs: Please consult your Realtor for details. This information is a crucial part of the transaction.