Edmonton Alberta real estate

  

  

Estimated Closing Costs In The Edmonton Area



Common Legal Fee
(eg. $120,000 purchase with $90,000 mortgage)
        $500.00
 
Common Disbursements
Tax Certificate         25.00
Register Land at Land Titles Office
($35 +$1 per $1000 of selling price)
          155.00
Register Mortgage at Land Titles Office
($15 +$1 per $1000 of mortgage)
        105.00
Title Search, etc.           45.00
Miscellaneous           50.00
G.S.T.             $60.00
 
          Subtotal $940.00
Other Fees - If your down payment is less than 25% of the purchase
price of the home, the mortgage will require insurance from CMHC.
This will result in an additional out-of-pocket expense of ................. $75
                   
There is also an insurance premium which is usually added to the
mortgage. This premium ranges from .5% of the mortgage value to
2.5% depending on the size of down payment.
 
Property Tax Adjustment - In addition to the above costs, you may
be required to have cash on hand to repay the vendors for taxes they
have paid in advance (depending on poss. date and how the vendors
paid their taxes). Your lender may also request that you pre-pay a few
months taxes as well. A good rule of thumb is to have enough money
on hand to pay seven months of taxes. e.g. $120,000 home   $700
 
Insurance - You will have to arrange for fire insurance a few days before possession. The annual rate of a basic policy is approximately.............      
$250
 
Suggested cash on hand - a minimum of ... Total $2000

*These figures are an estimate only. They are subject to change and it is recommended that you consult your lawyer for confirmation of your total costs.

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