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RE: closing costs

montana007 — Thu, 17 Jul 2008 13:10:20 GMT

[quote][b]Jenn2008 (7/17/2008)[/b][hr][quote][b]montana007 (7/17/2008)[/b][hr]We had NO closing costs. My Aunt is a notary so we just paid her $100 for her admin assist. time, then because we were first time buyers there was no other costs, no tax etc.

The house is in DH name, we didn't put me on it, so we can use the first time buyers again, when we buy our next home.......... 4 Years till we buy it (that is when its being sold) the count down is on......[/quote]

Are you from Ontario? Because if you are there is a spot on the form to fill out asking if your spouse have perviously owned a home since you were married if so I'm pretty sure you cannot get the refund or al least not the entire amount. If you had no other cost you were lucky many people have to pay back things that the previous owners had already paid in advance taxes, oil (if its an oil furnace) etc.[/quote]

No I live in BC, and the property taxes for the house were put onto the mortgage and we don't pay that, but all in all it was $100.00 in closing costs! Good Deal I think!:D

RE: closing costs

Jenn2008 — Thu, 17 Jul 2008 10:37:00 GMT

[quote][b]montana007 (7/17/2008)[/b][hr]We had NO closing costs. My Aunt is a notary so we just paid her $100 for her admin assist. time, then because we were first time buyers there was no other costs, no tax etc.

RE: closing costs

montana007 — Thu, 17 Jul 2008 10:17:52 GMT

We had NO closing costs. My Aunt is a notary so we just paid her $100 for her admin assist. time, then because we were first time buyers there was no other costs, no tax etc.

RE: closing costs

silvarazz — Thu, 17 Jul 2008 08:17:06 GMT

[quote][b]chulie (7/17/2008)[/b][hr][quote][b]Jenn2008 (7/16/2008)[/b][hr][quote][b]chulie (7/16/2008)[/b][hr][quote][b]missdish (7/11/2008)[/b][hr][quote][b]peach125 (7/10/2008)[/b][hr][quote][b]Spiderbabe (7/10/2008)[/b][hr]Actually..i believe first time home buyers do indeed pay a land transfer tax...the "land tranfer" they are referring to is transferring the name from the previous owners to yours...or...something like that....yes the goverment is offering rebates but couples should expect to pay this up front and THEN get it back after you apply for it...so..as a cost...yes...expect it(but then you get it back)...in my prevous post i put the website where you can see how much yours is going to be![/quote]

This is correct. You have to pay it and then you send in the paper work to get it back so yes you are putting the money initially. At first I didn't like that but now when our cheque arrives it will be like a bonus cheque for us.[/quote]

I agree!!! hahaha.....question though...i thought i read something about you have to be married or living common law....so...since i wont be living with fh before we buy the house and we dont get married till novmeber...does this mean we cant apply for it until november?[/quote]

I don't think you have to be married or common law, you just BOTH have to be first time buyers.

I wish you didn't have to put the money out and apply to get it back...only because I could really use the extra 2 grand for the wedding right now :S

RE: closing costs

chulie — Thu, 17 Jul 2008 07:55:52 GMT

[quote][b]Jenn2008 (7/16/2008)[/b][hr][quote][b]chulie (7/16/2008)[/b][hr][quote][b]missdish (7/11/2008)[/b][hr][quote][b]peach125 (7/10/2008)[/b][hr][quote][b]Spiderbabe (7/10/2008)[/b][hr]Actually..i believe first time home buyers do indeed pay a land transfer tax...the "land tranfer" they are referring to is transferring the name from the previous owners to yours...or...something like that....yes the goverment is offering rebates but couples should expect to pay this up front and THEN get it back after you apply for it...so..as a cost...yes...expect it(but then you get it back)...in my prevous post i put the website where you can see how much yours is going to be![/quote]

RE: closing costs

Jenn2008 — Wed, 16 Jul 2008 19:30:03 GMT

[quote][b]chulie (7/16/2008)[/b][hr][quote][b]missdish (7/11/2008)[/b][hr][quote][b]peach125 (7/10/2008)[/b][hr][quote][b]Spiderbabe (7/10/2008)[/b][hr]Actually..i believe first time home buyers do indeed pay a land transfer tax...the "land tranfer" they are referring to is transferring the name from the previous owners to yours...or...something like that....yes the goverment is offering rebates but couples should expect to pay this up front and THEN get it back after you apply for it...so..as a cost...yes...expect it(but then you get it back)...in my prevous post i put the website where you can see how much yours is going to be![/quote]

RE: closing costs

chulie — Wed, 16 Jul 2008 12:57:25 GMT

[quote][b]missdish (7/11/2008)[/b][hr][quote][b]peach125 (7/10/2008)[/b][hr][quote][b]Spiderbabe (7/10/2008)[/b][hr]For a first time home buyer, they are now exempt from having to pay this.[/quote]

Exempt to pay what? my understanding is that first timers are exempt for at least a portion of land transfer tax on a resale and GST on a new build, is that what you are referring to?

However, other closing costs still apply: utility hook ups, title registrations, mortgage registration, legal fees, plus anything named in your agreement of purchase and sale.[/quote]

First time homebuyers do not pay land transfer tax[/quote]

Actually..i believe first time home buyers do indeed pay a land transfer tax...the "land tranfer" they are referring to is transferring the name from the previous owners to yours...or...something like that....yes the goverment is offering rebates but couples should expect to pay this up front and THEN get it back after you apply for it...so..as a cost...yes...expect it(but then you get it back)...in my prevous post i put the website where you can see how much yours is going to be!

RE: closing costs

2007bride — Fri, 11 Jul 2008 13:51:52 GMT

If you buy new, you will still have to pay for you utility charges, lawyers, and any appraisal fees that your mortgage company may charge to you (as well as whatever cmhc charges if you are putting less than 20% down).

Last month the gov finally passed the land transfer tax rebate for first time buyers of resale homes as well. This allows a credit of up to $2000 on the land transfer tax.

RE: closing costs

missdish — Fri, 11 Jul 2008 07:15:53 GMT

[quote][b]peach125 (7/10/2008)[/b][hr][quote][b]Spiderbabe (7/10/2008)[/b][hr]For a first time home buyer, they are now exempt from having to pay this.[/quote]

Exempt to pay what? my understanding is that first timers are exempt for at least a portion of land transfer tax on a resale and GST on a new build, is that what you are referring to?

However, other closing costs still apply: utility hook ups, title registrations, mortgage registration, legal fees, plus anything named in your agreement of purchase and sale.[/quote]

First time homebuyers do not pay land transfer tax

RE: closing costs

peach125 — Thu, 10 Jul 2008 16:02:01 GMT

[quote][b]Spiderbabe (7/10/2008)[/b][hr]For a first time home buyer, they are now exempt from having to pay this.[/quote]

Exempt to pay what? my understanding is that first timers are exempt for at least a portion of land transfer tax on a resale and GST on a new build, is that what you are referring to?

However, other closing costs still apply: utility hook ups, title registrations, mortgage registration, legal fees, plus anything named in your agreement of purchase and sale.

RE: closing costs

Spiderbabe — Thu, 10 Jul 2008 15:18:11 GMT

For a first time home buyer, they are now exempt from having to pay this.

RE: closing costs

shawnap — Wed, 09 Jul 2008 08:42:03 GMT

for some reason I always pictured closing costs to be WAY higher then that

RE: closing costs

flyboysgrl — Sun, 06 Jul 2008 00:08:03 GMT

Save 1-2% of the purchase price just to be safe. Ours worked out to less than 1% but you just never know.....

RE: closing costs

missdish — Fri, 04 Jul 2008 07:36:16 GMT

I was wondering about this too.

We were told that mainly its land transfer tax, lawyer, house inspection cost, and the prop tax

RE: closing costs

beaniebaby — Thu, 03 Jul 2008 14:41:29 GMT

We paid about 2% of the purchase price

RE: closing costs

chulie — Thu, 03 Jul 2008 14:21:20 GMT

We just bought our first home and will be closing on the 12th of august...What the PP said is correct...they said anywhere between 1 and 2 percent of your home costs...so..for us...we estimate this:

Lawyer: $1000(more likely 7 or 8 hundred because we have no home we sold)

Tax on the mortgage: $400(if you do not put down 10% you have to pay the PST on the CMHC tax)

land transfer tax: $2,750(you can calculate your land transfer tax by going on www.macnaughtonlaw.com/landtax.htm )

Also put aside some money in case the people who you are buying from have paid their property tax until the end of the year...if they have...and you wont know until you close...you have to pay them back for the rest...

I THINK thats it????????

RE: closing costs

octbride09 — Thu, 03 Jul 2008 10:41:43 GMT

We just bought and sold in the last month and we are in southern ontario. Our legal fees were about 1200 for both houses and land transfer were about 2200. I think - FH has the break down but if I'm recalling right that is what we are paying - our new place is not a new build.

RE: closing costs

peach125 — Thu, 03 Jul 2008 09:36:01 GMT

They say to put away 1-2% of the purchase price for your closing costs.

If you go through our agreement of purchase and sale, you will note certain costs that are due on closing, for example, ours includes $400 for the ashphalt driveway, $400 to register the mortgage, etc.

Your legal fees will be dictated also by where you are located.

closing costs

shawnap — Thu, 03 Jul 2008 09:33:15 GMT

what kinda closing costs can you expect ?

lawyers ?

taxes ?

ect ....