Once your offer is successfully negotiated, there are expenses to foresee before the sale is final: the building inspection, that can cost anywhere between $500 to $800 plus applicable taxes. The deposit with the offer which is cashed AFTER the Promise to Purchase is accepted, and kept in a trust account by the real estate agency represented by the listing broker. It will be deducted from the final price at the time of the signature at the notary’s office.
At the notary’s office, there will be more expenses to meet, namely: (based on the annual taxes for the time that you occupy the house before the end of the statement period).
Municipal tax adjustments (Jan.-Dec.)
School tax adjustments (June-July)
Mortgage Insurance (if down payment is less than 20%) which is added to your mortgage
Tax on Insurance Premium (9%) (payable at the notary’s office)
Utility adjustment(oil), if any
Notary fees ($1300 to $1600)
Opening an account (to keep funds until they are released by the notary $100 approx.)
Fire insurance premium (as of occupancy date)
Utility hook-ups (if you need this service)
Land transfer tax (Welcome tax)