Expected Fees

Expected Fees

Many clients, both past and present, are confused about what fees the “seller” pays, and what fees the “Buyer” pays. If you’re one of them, don’t feel bad—these fees differ wildly according to the local market and different lenders. Many of these fees can also be “negotiated” and sometimes eliminated (mortgage lenders are in a competitive business).

Below you will find a brief explanation of these costs, yet it may not include all items required specific to your property, or the area in which you have purchased. This is a guideline only–you’ll want to discuss them with a professional.

Costs can range from 1% to 6% of total purchase price, excluding down payment.

 

Buyer’s Fees

For example, a purchase price of $150,000 would yield:

Fee Amount
Inspection Fees – General/Structural $300 – $500
Additional Inspection Fees – Detailed
(roof, mould, asbestos, water damage, etc)
Varies
Mortgage Application and Appraisal
(may be waived by bank)
$200 – $400
Mortgage Insurance
(can be added to the mortgage)
$2000 +/-
Legal Fees & Disbursements
(due at time of closing)
$600 +
HST
(for new homes only)
Varies
Home and Content Insurance $450
Moving and/or Storage Expenses $500
Land Transfer tax $1225
Title insurance $200 – $400
Survey – New $500 – $700
Survey – Updated $250 – $400

 

Seller’s Fees

Costs can range from 1.5 to 5% of total sale price.

For example, a sale price of $250,000 would yield:

Fee Amount
Real Estate Commissions Negotiated
Tax Proration Varies
Unpaid Homeowners Fees Varies
Legal Fees & Disbursements
(due at time of closing)
$700 – $1000
Survey – New $500 – $700
Survey – Updated $250 – $400
Mortgage Interest Adjustments – if applicable
(due at time of closing)
$350
Home and Content Insurance $450
Moving and/or Storage Expenses $500