CLOSING COSTS GUIDELINES

Mortgage Application Fee and/or Property Appraisal

Due at application, these costs vary. Talk to your financial adviser or lender and call an appraiser directly.

Legal fees and disbursements including Title Search, Mortgage Documentation and Registration of Deed

Due at closing, these costs should be discussed with your lawyer even before making an offer if possible.

Adjustments for fuel, betterment charges or property taxes

Due at closing, your lawyer will be able to advise you what is due on the closing day if these adjustments are applicable.

Survey or Location Certificate

This cost, if applicable, may be due 2-3 weeks before the closing date. Discuss this with your lawyer at the time of purchase.

Home Insurance

Call the various providers to price home insurance, which will take effect on the closing date. Confirmation the property is insurable has a condition date in your agreement.

Municipal Deed Transfer Tax

Due at closing, this fee is 1.5% of the total purchase price for Guysborough and Antigonish Counties. This is not a welcome surprise so keep it in mind.

Water Tests

Water bacteria tests, chemical tests and volume or flow tests, if applicable, are completed within a couple of weeks after the agreement. Costs associated are due at that time.

Property Inspection

Also completed within a couple of weeks of the agreement, the inspection cost is due at that time and can vary according to the inspector chosen.

Mortgage Insurance

Due when mortgage funds are released, this fee should be discussed with your financial institution or lender.

Miscellaneous

Buyers often overlook the many potential costs due at the time of closing such as moving costs, hook up charges for power, phone, cable etc. Will you change the locks on the property?