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The following article was published in our article directory on February 11, 2011.
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Know about Closing Costs to Close the Deal on Your Dream Home

Article Category: Real Estate

Author Name: Paul Stephens

Homes for sale in Canada - particularly in Toronto - can be expensive. It doesn't matter whether what type of housing it is that you're interested in - bungalows, lofts, condos - you're bound to shell out a considerable amount of money in order to acquire a piece of property. Hence, the business of buying a house in this area should not be taken lightly. In fact, you should take time to understand what transpires in any property-buying venture.

One of the most important things you should know about is closing costs. If you don't know a thing about real estate, you're probably not aware that aside from the downpayment that you have to give the seller - which is roughly 5% of the appraised value of the property you would like to purchase - there are other expenses that need to be covered before ownership can be passed on to you. Typically, the closing costs that come with buying a home anywhere in Canada are the following: (1) Canada Mortgage and Housing Corporation (CMHC) insurance fee; (2) fire insurance; (3) legal fees; and, (4) land transfer tax. These four will be briefly discussed in the succeeding paragraphs.

CMHC Insurance - This is also known as Genworth Financial Canada insurance. It is important to note, however, that the closing cost relative to this is the fee that will be charged to you should you apply for high-ratio mortgage. Your housing loan will be considered as such if it constitutes more than 80% of the value of the home you are interested in buying.

Fire Insurance - Anyone who purchases a new home is required by law to have fire insurance for it. You should check with your lender about two things: one, if you will be required to submit proof that the property has undergone home inspection; and two, if the type of housing you are interested in acquiring will be insured or not.

Legal Fees - Purchasing a home is a big deal that involves a lot of money. As such, it is imperative that you take on the services of a lawyer as you go through the whole process of acquiring the property you are eyeing - from discussing costs to mortgaging. Naturally, you will be shouldering his or her fees.

Land Transfer Tax - Wherever you decide to purchase property, you will be required by the government to pay land transfer taxes. The amount that you will be charged is a percentage of the appraised value of the home you are purchasing, and it varies from one province to another.

Obviously, the process of owning a home is tedious and complicated. There are a lot of things to remember and steps to be taken to ensure that you get the best deal possible. Fortunately, you do not have to take on the challenge of acquiring your dream home alone - you can always solicit the help of a real estate agent or a realtor. If you don't know one, the best thing you can do to find a trustworthy and credible agent is to search for someone affiliated with a tried-and-tested real estate company such as Remax. Once you find the perfect agent, you'll see that owning your dream home is not that confusing as it looks.

Keywords: Toronto, real estate, condos, lofts, remax, realtor, agent, homes, sale, Canada

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