Increase In Transfer and Mortgage Fees at Closing
The new Budget has dramatically increased the fees for Transfers and Mortgages. Most notably, the variable fee of $1.00 per $5,000.00 in property value has increased to $6.00 per $5,000.00.
Under the old fee schedule, a $350,000 home would cost $120 for both the Transfer and Mortgage ($420 in total). Under the proposed new schedule, a $350,000 home will cost $495 for both the Transfer and Mortgage ($990 in total). The cost of ...searches and caveats have also increased by $5 each, so each transaction will likely see an additional $20 from those. When you are buying this adds another $1000 to your closing expenses on an average home. If you are thinking of buying it may be the incentive to do it now rather than later. Call me with more details.