Fees to consider during the purchase and sale process

Here are the main fees that can be found during a real estate transaction. It is better to be prepared than to find yourself surprised at the notary! This list is neither exhaustive nor mandatory for all transactions. Each case is unique!

Before the purchase

1. Deposit in trust or non-refundable.
2. Pre-sale and/or pre-purchase inspection ($600-$1000)
3. Analysis specific to the location and the needs of the building (Pyrite, Asbestos, water quality, septic tank, well, etc).
4. Bank fees (penalty for early termination of a mortgage, evaluation fees)
5. Certificate of location ($1300-$1700)

At the notary

1. Notary fees for the deed of sale ($1000-$2000)
2. Title insurance ($1000-$1500)
3. Distribution of expenses (taxes, rent, condominium fees, service contract, fuel)
4. Real estate broker fee (3%-5% of the sale, plus taxes)
5. Taxes on the mortgage insurance premium if the down payment is less than 20%.

Welcome home

1. Moving expenses
2. Home insurance premium
3. Property transfer tax (Welcome tax)
4. Municipal and school taxes
5. Condominium fees
6. Maintenance and work costs (2% - 4% of the cost of the house is reasonable when buying a house)

Read original article on Realtor.ca (French only)