RSS Submit

Purchaser's Closing Costs



In addition to the down payment, a purchaser will incur other costs to be paid on or before the closing date such as the following:


Lawyer Fees

Typically $850.00 to $1,200.00 depending on the circumstances. Home buyers who have obtained a mortgage approval of $150,000 or more are entitled to a voucher for the full amount of fees for lawyer’s services applicable to the purchase of a home. Hst on Lawyers Fees will range from $110.50- 156.00. For your voucher, click here.

LAWYER’S DISBURSEMENTS

(Incurred by lawyer as part of title investigation to be reimbursed by Buyer)



Property Tax Certificate

$20.00


Sales Tax Certificate

$20.00


Municipal Certificate

$10.00 - $25.00


Internet Land Registry Search Fee

$30.00


Misc File Related Expenses

$54.00




$134.00-149.00




Hst on Lawyers Disbursements


$17.42-19.37



Other Closing Costs



Land Transfer Tax Payable to Province of NB (.25% of property value) on $150,000 property


Province of NB fee:


for registration of Deed

for registration of Mortgage







$75.00

$75.00

$375.00








$150.00

Title Search (1) or (2):


(1) Title Abstractor Fee*

to research title registry (n/a if property under Land Titles)


(2) Prov. Of NB Fee for Certificate of Registered Ownership (applies only if property under Land Titles)




$250.00




$30.00

*Title Abstractor Fee varies according to time involved. Title Abstracting is not required if property is already under the new computer based Land Titles Registry System in which event a Certificate of Registered Ownership issued by the Province will indicate the status of title of the property.




Other Closing Costs (maybe incurred by the purchaser)


Building Location Survey (purchaser’s option where vendor provides a copy of a surveyor’s certificate suitable for mortgage company)

Allow $550.00

Home Inspection Fees (purchaser’s option)

Allow $450.001

Title Insurance Policy (purchaser’s option)

Allow $250.002

Land Titles First Registration

(Applicable if property not already under Land Titles)

$75.00

If Property encumbered by a Drainage Agreement, purchaser’s option to have surveyor confirm lot elevation requirements met

$450.00

Footnote:


1. Costs for Home Inspection Increased for Rural Properties requiring septic tank and well water inspections.

2. Where vendor fails to provide a copy of a surveyor’s certificate suitable for mortgage company, purchaser may elect to purchase a policy of title insurance in lieu of a surveyor’s certificate. Or a particularly prudent purchaser may obtain a title insurance policy in addition to a surveyor’s certificate. Thats it for closing costs.



Purchase Price Adjustments

Typically there are items that need to be adjusted as between the seller and the buyer to account for items that have been pre-paid by the seller for the benefit of the buyer such as:

Real Property Taxes - Purchaser to reimburse seller for pre-paid taxes calculated from the date of closing to the end of the tax year.

Municipal Levies - Purchaser to reimburse seller for pre-paid levy for municipal water and sewer service calculated from the date of closing to the end of the levy period.

Oil and/or Propane - Typically seller will fill fuel tanks at the date of closing and Purchaser will reimburse seller for full tank of fuel.

Condominium Fees - If property is a condominium unit, any pre-paid fees are reimbursed to seller.


Be more than a Customer. Be a client and let Buyers Agency Network Inc. assist you to buy your home. Contact Mark Today!