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Purchase Expenses
In addition to the actual purchase price of your home, there are other expenses to be paid. Your representative will show you which of the following will apply to your home.
Mortgage Application Fee
Usually $150 to $200 (waved by most financial institutions)
Deposit
At the time of offer should be approximately 5% of the price offered
Balance of Purchase Price
The amount of money required equaling the difference between the mortgage and the deposit. Usually required at least a week before possession.
Legal Fees
To be paid to the lawyer on closing day (possession)
Legal Disbursement
Part of the legal fees
Mortgage Interest & Adjustment
Explained in Mortgage Info
Municipal Tax Adjustment
Explained in Mortgage Info
C.M.H.C. Mortgage Insurance
Explained in Mortgage Info
Mortgage Life Insurance
Explained in Mortgage Info
Home and Property Insurance
Arranged by your insurance company
Utilities
Power, gas, water, phone, cable TV, mail delivery. Some of the above charge a hook-up fee.
Moving Costs
Arranged by your moving company