Determine what you can Afford
- Purchasing a home involves one-time costs and monthly expenses.
- The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
- To get some mortgage numbers, visit Raymond's Mortgage Calculator above!
- In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed in the following table:
Typical One-Time Expenses
|Mortgage Application and Appraisal Fee||At time of application
|Property Inspection (optional)||At inspection
|Property Survey (sometimes provided by seller)||Closing
|Land Transfer, Deed tax or Property Purchase tax||Closing
|Mortgage Interest Adjustment and take Over Fee (if applicable)||Closing
|Adjustments for Fuel, taxes, etc.||Closing
|Mortgage Insurance (and application fee if applicable)||Closing
|Home and Property Insurance||Closing and On-going
|Moving Expenses||Date of move
The Major Elements of an Offer
Depending on local market conditions, your opinion of value and market information provided
by your Royal LePage Real Estate Professional, the price you offer may be different from the
seller's asking price.
The deposit shows your good faith and will be applied against the purchase of the home when the sale closes.
Your Royal LePage Real Estate Professional can advise you on an appropriate amount.
Includes the total price offered and the financing details. You may arrange your own financing or ask
to assume the seller's mortgage, especially if it has an attractive interest rate.
These might include "subject to home inspection", "subject to you obtaining financing" or "subject to you selling your property."
- Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window
coverings or mirrors.
- Closing or Possession Date
Generally, the day the title of the property is legally transferred and the transaction of funds
finalized unless otherwise specified (except in Manitoba and Quebec). Note: In B.C. the
Possession Date is legally 1 to 3 days after the closing.