12 Most Common Hidden Real Estate Cost

By
Real Estate Agent with Royal Lepage Credit Valley Real Estate Brokerage

1. Mortgage Agent/Brokers Fees: Be sure to ask, as some may or may not charge a fee.

2. Mortgage Penalties: When paying out a mortgage before the mortgage term expires, be sure to contact your bank. Ask detailed questions e.g. will fees apply, if so, how much?

3. Down Payment: Typically 5% of purchase price (Zero Down/Cash Back may be available, but special terms or conditions may apply.)  If you would like more information on this program, simply send us an WM@Royallepage.ca to get the information sent to you.

4. Closing Cost: 2-3% of purchase price

5. Deposit: Could either be with an offer or within 24hours of offer acceptance. Deposit typically could be $5,000 - $10,000. Sometimes special conditions or terms exist, e.g. the sellers may stipulate minimum $10,000, $15,000 or $20,000 deposit only! Be sure to get this information ahead of time from your Real Estate Expert.

6. Appraisal Fee: approx $350 - $500

7. Home Inspection Fee: approx $350 - $500

8. Status Certificate Fee: approx $100 - $200

9. Legal Fees: Varies, be sure to get at least 3 different quotes

10. Property Insurance: Varies, be sure to get at least 3 different quotes

11.   Title Insurance: Varies, be sure to get at least 3 different quotes

12.   Moving Expenses: Varies, be sure to get at least 3 different quotes

Happy condo hunting & good luck in your search!

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Sales Representative
Royal Lepage Credit Valley Real Estate Brokerage
Direct: 416-268-9344
Office: 905-793-5000
                                                   www.ViewHomes24Hours.ca                                            

 

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         Wandanna Melliphant - Specializes In Helping Mississauga First Time Buyers (Royal Lepage Credit Valley Real Estate Brokerage): Real Estate Agent in Toronto, ON

              

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Comments 8 New Comment

Anonymous
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Rainmaker
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J. A. Michail
Real Property Management of Sarasota & M
Real Property Management of Sarasota & Manatee

An interesting blog post that I enjoyed reading! Thank you for sharing it!

July 21, 2011 11:37 AM
Rainmaker
283,833
Wandanna Melliphant
A Name Real Estate Investors Trust and Recommend
Royal Lepage Credit Valley Real Estate Brokerage

Hi Adrian,
Thanks for stopping by.
Apart of our job is prepare buyers and disclose the cost involved. To surprise a buyer could be equivalent to chasing them away.
Have a wonderful day!

July 21, 2011 01:48 PM
Rainmaker
283,833
Wandanna Melliphant
A Name Real Estate Investors Trust and Recommend
Royal Lepage Credit Valley Real Estate Brokerage

Hi John,
Thanks for stopping by.
I'm glad you enjoyed reading this post.
Have a wonderful day!

July 21, 2011 01:50 PM
Rainer
74,948
Barbara "Barb" Bodnar, Licensed Associate RE Broker
Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage

Wandanna

a good checklist for buyers

July 22, 2011 06:40 AM
Rainmaker
283,833
Wandanna Melliphant
A Name Real Estate Investors Trust and Recommend
Royal Lepage Credit Valley Real Estate Brokerage

Hi Barbara,
Thanks for stopping by.
Keeping our clients updated and well informed is essential.
Have a fabulous weekend!

July 22, 2011 11:19 PM
Anonymous
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Rainmaker
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Wandanna Melliphant

A Name Real Estate Investors Trust and Recommend
Find Out The Value Of Your Home FREE Online Now!
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Additional Information

Author Bio: Wandanna Melliphant has a passion for helping clients become financially strong using various type of Real Estate Investment strategies. Wandanna specializes in helping clients increase their yearly income from $30,000 per year to over $100,000 per year.

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