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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
EXPENSEPAID
Mortgage Application and Appraisal FeeAt time of application
Property Inspection (optional)At inspection
Legal FeesClosing
Legal DisbursementsClosing
Property Survey (sometimes provided by seller)Closing
Land Transfer, Deed tax or Property Purchase taxClosing
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 InsuranceClosing and On-going
Moving ExpensesDate 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.