Deposit: Due upon the acceptance of your purchase offer, a deposit is essentially a gesture of good faith between the buyer and the seller. A minimum deposit is usually around 5-10% of the purchase price. This is something your Realtor will help you with.
Appraisal: An appraisal may be required to determine the market value of the property you are buying. If you are putting more than 20% down the appraisal is at your cost and they generally start at $350 and go up depending on the appraisal company, the size of the property and its location. For example, properties over 1800 square feet have a higher cost as well as acreages depending on the amount of land and where they are located.
Legal costs and disbursements: A lawyer or notary is vital to any home deal. They are drafting the title deed, preparing the mortgage documents, mediating with the seller's attorney, and transferring the land title and much more. Approximate cost is around $900 plus taxes in Saskatoon, Saskatchewan.
Taxes: GST is payable only on new build homes but is often absorbed by the builder. Be sure to clarify who is handling this. If the mortgage is insured in Saskatchewan, the PST is also applied to the insurance portion when paying less than 20% down payment.
Land Transfer Tax: Buying a home is Saskatoon or anywhere in Saskatchewan there is a land transfer fee of $170 plus a 0.03% land transfer tax based on the purchase price and payable by the purchaser.
And don't forget your moving, mail transfer and utility setup costs!
I can help you manage your closing costs! I will
explain each of these costs to you in greater detail to help you manage
your financial obligations.
My mortgage broker office is in Saskatoon but in today's world we do most everything electronically so I can help find you a mortgage no matter where you are in Saskatchewan.