How much will Legal Fees and Disbursements cost?
You can expect to incur a minimum of $500 (plus GST/HST) on legal fees, which account for the preparation and recording of official documents
Is there a warranty on my home?
There is a warranty only on new home construction. Tarion, formerly known as the Ontario New Home Warranty Program, was created by the Government of Ontario in 1976 to administer the Ontario New Home Warranties Plan Act. Its primary purpose is to protect consumers of new homes by ensuring that builders abide the provincial legislation. It is financed entirely by builder registration, renewal and home enrollment fees
What are closing costs?
Closing costs, ranging from 1.5 to 4%1 of selling price, are the legal and administrative costs you will need to pay when your house closes. In addition to closing costs, there are other expenses and/or events that may require a cash outlay before, on or after your house closes. We will outline these in detail to ensure these often unexpected costs do not sneak up on you. The following is a list of closing costs that are incurred by the home buyer Land Transfer Tax, Legal Fees & Disbursements, Title Insurance, and PST on CMHC insurance.
What is the MLS?
MLS stands for the Multiple Listing Service. The MLS is a service provided by local Real Estate Boards for Realtor-members. Ask your realtor if they are a member of your local Real Estate Board.
What is title insurance?
Title insurance protects both the purchaser and the lender if someone else claims a legal interest in your property. It can compensate you against pre-existing municipal work orders, frauds and forgeries which can affect the legal ownership of the property.
When do you get the keys to your home?
On the day of closing, assume that you will not get your keys until 5.00 p.m. However, we will make every possible effort to obtain your keys earlier. It is probably a good idea to arrange for your moving truck to come in the afternoon. This will avoid unnecessary charges by the moving company, as a result of any delays.