Buying Real Estate: Why so much? |

There are plenty of expenses when you buy a home. Fees, commissions and charges quickly add up. For some, the extra costs may not be revealed until it is too late; the purchaser is already committed and must pay the fees or lose their deposit.

The largest expense is Land Transfer Tax. The best way to know this amount is to use an online calculator, and there are several if you use Google to find one. The next most obvious cost is the Lawyer. The fees they charge you will be for investigating title to the property you wish to buy, and for time spent reviewing the survey and drafting the appropriate paperwork to protect your interests.

Less obvious charges can arise in the form of adjustments. The Purchase Price will be adjusted to reimburse the seller for any prepaid property taxes, or in the case of a condo, common expenses. Fees are also charged for providing Condominium documents and estoppel certificates. Prepaid utilties can increase the price of your property, as can service charges for moving or establishing new accounts with the utility companies, for phone and for cable or satellite providers. You also have to put some Property insurance in place, and your premiums will start right away. Inspections, appraisals and surveys can also each cost over $150. Find out if you need these services, and confirm the cost of them ahead of time.

Adjustments can also arise in the funding of your mortgage. Interest adjustments are made to ensure that your monthly payments start fresh as principle and interest. Mortgage loan insurance premium and application fees can apply to high ratio mortgages, meaning that you will not be using all of the money you are borrowing toward the cost of the house itself. Some mortgages, though not many, will require you to pay any mortgage broker fees directly, as opposed to the lender paying a commission.

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Finally, there are moving costs; Trucks, movers, beverages and pizza for your friends and family. With all of these expenses, it?s a wonder anyone ever buys a house.

With all of these costs, your home is a big investment, and an expensive one. Your lawyer is a key player in protecting that investment, and your rights.

Source: http://www.wjpc.ca/?p=541

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