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Home Closing Costs
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If you considering buying or selling a condo, townhouse or home, you should be aware of the Closing Costs involved in the transaction.

The Real Estate Closing Costs in BC are:

  • Lawyer or Notary fees and expenses: range between $800 and $1,200
  • Home Inspection Fee: between $250 and $450
  • Bank Appraisal: $250, could be paid by CMHC or Genworth (mortgage insurers)
  • Property Transfer Tax: 1% on the first $200,000 + 2% on the balance
  • Mortgage Insurance Premium: a percentage calculated on the amount borrowed
  • Survey or Title Insurance: Title Insurance is cheaper, costing about $250
  • Mortgage Application Fee: charged by the bank, usually $250 and sometimes waived
  • The cost to transfer or install services and utilities
Keep in mind that you also need the downpayment, minimum of 5% of the purchase price.

You will be responsible for paying a percentage of the year's Property Tax and if buying a condo or townhouse or a strata titled home a percentage of the strata fee.

When selling your property you will have a Real Estate Fee, which is the commission paid to both Buyer and Seller Real Estate Agents.

 
 
I would love the opportunity to discuss creating a strategy to achieve your real estate goals whether that be selling your current home or helping you choose one of the many available homes for sale.

Priscilla Amaral - Real Estate Agent - 604-313-7946
Macdonald Realty ltd. 17 - 2662 Austin Avenue Coquitlam, BC, Canada V3K 6C4
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