EXPENSE CHECKLIST WHEN BUYING A NEW PROPERTY | Espace Loft | Real Estate Team | eXp Quebec


Here is a checklist created to make your life easier to make sure you don’t forget anything when buying your property.

  • Your banking institution may request an assessment of the property and charge you the related fees, that is about $ 400.
  • Property taxes; You will have to pay the municipal and school taxes of the property you buy, and repay the portion previously paid by the seller for the time following the transaction.
  • The transfer tax (the welcome tax); You will receive the account in the months following the deed of sale and the amount is based on the higher of the municipal assessment or the selling price. Your real estate broker can help you calculate the amount to expect.
  • Building inspection done by a professional, ranging from $ 400 to $ 600.
  • Home insurance, you will have to insure the building, but also your property.
  • Mortgage insurance; if you put less than 20% cash, your loan will have to be insured by CMHC. This amount will be added to your mortgage and paid back monthly from your mortgage payments.
  • The moving; calculate about $ 100 an hour for a truck and three men.
  • Notary fees; you will have to pay to the notary the costs related to the notarial deed and the mortgage deed and these expenses can vary between 600 and 1500 $.
  • The connection and / or transfer fees for some of your services, such as telephone, cable, internet.
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