Google
WWW www.propertylimit.com
Buying & Selling Process
Mississauga
The process of purchasing a property in Ontario, Canada and approximate closing cost.
Odds are you have never bought real estate in Canada before, so the information below is an attempt to educate you on the purchase process in Canada. Closings tend to be very thorough, very fast, and quite easy.
Once you find the house or a property you wish to purchase, you can work with your agent to develop an offer. In the offer, you will specify how much you're willing to pay. State when the offer expires, and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are:
After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Therefore make sure you understand and agree with all of the terms of the offer before signing.
No matter what type of home or property you're buying, plan on some extra expenses. In some provinces, you may have to pay a land transfer tax (a sales tax on property). You may also have to pay:
Mortgages are normally calculated from the first of each month: if your closing date is the same as the beginning of your mortgage, there will be no adjustment. However, if your closing date is July and you move in on June 15, those last 15 days are the interest adjustment period. Your lender will expect you to cover the cost of the interest during that time.
You'll also have to reimburse the seller for the unused portion of any prepaid property taxes or utility bills. As well, you must also pay any legal fees, and, if applicable, any REALTOR fees. Be prepared to furnish proof to your lender that you have insured your new house as well.
Before the property can formally change hands, there are still a few things to do. On or before closing day, your lawyer and the seller's lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer's trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.
At this time, be sure to check with your lawyer that everything is as stated in the offer-to-purchase. Once you're satisfied and the keys to the front door are in your hands, there's nothing else to say ... except Welcome to Canada!

Here is an example of the typical fees you'll encounter during a real estate transaction in Canada :
You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. The seller's agent is bound by law to bring all offers to the seller's attention.
Google
Legal Fees        
Disbursement        
Title Insurance        
Property Tax                
Land Transfer Tax
Inspection fees
Appraisal fee (if any)



$600/-
$600/-
$350/-
Your share if paid in advance by Seller
Please click here for Calculation
$200/- to $400/- depending on the size
$200/- approx. depending on the size


Tell a friend about this website:
Buy Sell and Rent Real Estate in CANADA
Century21 Elite Estates Limited (Brokerage)
Live Road Pictures Ontario
Nadeem
Buying Process
Canadian Flag
Copyright © Nadeem Khan NOTE: All Real Estate AGENTS, Webmasters or web designers are warned that no unauthorized re-production of this website, it's page(s), contents, images, geometry, reports contained herein are strictly prohibited by any means, without the express and written consent of the author is permitted. Please read more about our Privacy Policy. This page is protected by
CENTURY 21 Elite Estates Ltd. • 405 Britannia Road East, #101, Mississauga, ON L4Z 3E6
.          Direct : (416)566 1102 • Phone (905)502  5800 • Fax (905)502 1800 • Email : NadeemRealty@Gmail.com        .
© 2006 Century 21 Real Estate Corporation. CENTURY 21® is a registered trademark licensed to Century 21 Real Estate Corporation. Equal Housing Opportunity. Each Office is Independently Owned and Operated.

Page copy protected against web site content infringement by Copyscape
Buying Process
Please Click here to view properties for RENT / SALE
Time in Toronto -