This is your power realtor Cherine Anderson with another Power Tip for today.
Here are 6 fees that are included in your closing cost.
This is 4% of purchase price. But it’s shared equally between the purchaser and the vendor. So as the purchaser you’ll only pay 2%
Now your registration fee is 0.5% of the purchase price. However, this is also shared equally between the vendor and the purchaser. So you’ll only pay 0.25%
There are two parts to this
This is part of your due diligence. You want to ensure that if you are buying a property, let’s say its advertised at $10 Million Dollars, that its actually worth $10 Million Dollars, cause it’s could be worth more ( or less)
If you decide to take out a mortgage, your lender will require both a valuation and surveyor’s report. And, if the property is over 40 years old, you may be asked to provide a Structural Engineer’s report.
And then there are your letters of utilities and possession which also attract a fee.