Buying 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 EXPENSE PAID Mortgage Application and Appraisal Fee At time of application Property Inspection (optional) At inspection Legal Fees Closing Legal Disbursements Closing 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 Price 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. Deposit 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. Terms 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. Conditions 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.