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Buyers Guide & Tips

Fill out the form to receive the Home Buying Guide from Ryan Fernandes or scroll down to read selected excerpts and tips.

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Excerpts from the guide

Scroll up and fill out the form to receive the Home Buying Guide from Ryan Fernandes or read selected excerpts below.

PAGE 16

Buyers should be equally represented

As a buyer, you have the same rights as sellers to hire professionals who'll look out for you and represent your interests. To do so sign a Buyer Representation Agreement with the Sales Representative of your choice.

PAGE 34

Moving Checklist

First things first: Book the movers! Afterward, don't forget to update your address for Canada Post, Service Ontario, your insurance provider and others!

Source: The Signature Home Buying Experience. Written by Royal LePage Signature.

Possible Costs

Scroll up and fill out the form to receive the Home Buying Guide from Ryan Fernandes. The purchase price of your home is only one of the costs you'll encounter. Below are other possible costs you need to consider.

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Mortgage loan insurance

If you are putting less than 20 per cent of the house value down, you're going to need mortgage loan

insurance. Depending on the lender, the premium can be added to mortgage payments.

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Appraisal fee

Lenders typically loan a percentage of the home's purchase price or the market appraisal of the property.

Cost depends on the size and complexity of the assignment.

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Land survey

The lender may ask for a current survey or certificate of location before signing off on the loan. There can be

a substantial cost for having a new survey done on the property.

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Deposit

A deposit normally goes with the formal offer to purchase.

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Insurance

The lender will require proof of property insurance for the replacement value of the house and its contents

from the day you take ownership.

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Title insurance

Provides coverage in case of problems with the property title among other things. The cost is relatively low,

usually a few hundred dollars.

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Application fee

Some lenders will pass on the cost to process your application. These fees vary and some lenders will waive them entirely if you have other accounts with them.

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Mortgage broker's fee

If you use a mortgage broker, a fee may be charged to arrange a mortgage on your behalf.

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Home inspection fee

An inspection protects the buyer by revealing any problems in the property that you'd want to know before you move in.

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Legal fees

You can save some of the legal fees usually charged by the lender if your lawyer draws up the mortgage. You'll also pay for disbursements which are the costs involved in drawing up the title deed, conducting a title search, and preparing and registering the mortgage.

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Land Transfer Tax

First time home buyers qualify for a maximum $2,000 (LTT on a $227,500 home) provincial rebate and a maximum $3,725 (LTT on a $400,000 home) City of Toronto rebate.

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Goods and Services Tax (GST)

Resale (used) homes are exempt from GST but it does apply to newly constructed homes and may qualify for a partial rebate depending on the sales price and if the home is going to be your primary place of residence.

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Goods and Services Tax (GST) rebate

For new homes costing $350,000 or less, you will receive a GST rebate of 36% of the GST paid to a maximum of $8,750. The rebate for new homes costing between $350,000 and $450,000 declines to zero on a proportional basis. GST also applies to most of the services provided in completing the real estate transaction.

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Other costs

These include moving costs, fees charged by utilities for service hook-ups, property tax and other adjustments (an adjustment takes place when the seller has already paid for something in advance and wants to be credited for the unused portion on the date the house becomes yours), and ongoing maintenance (condo fees, etc.), and utility costs.