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Occasionally, builders offer incentives that relate to closing costs. For instance, Sterling Homes covers legal fees and land title charges if you use their lawyers, bringing your closing costs in Edmonton down significantly. Other builders offer flexible financing options that can be a huge help – be sure to ask!
- Understanding Home Warranty
The New Home Warranty Program is a leader in home warranty...
- Understanding Home Warranty
Guide to help understand closing costs, what they are, and how to keep them as low as possible.
- Land Transfer Tax
- Down Payment
- CMHC Premiums
- Home Inspection
- Appraisal
- Closing Legal Fees
- Moving Costs
- Property Tax Adjustment
- New Home Warranty Fee
Alberta is the only province in Canada that does not have a land transfer tax. Land transfer tax is paid as a provincial tax, so it is not always the same, province by province. In B.C., for example, people buying a home over $200 000 and under $2 million will pay 2% of the property value — that means that if you buy a $500 000 house, you pay an ex...
At least 5% of the property and build cost. The first closing cost associated with buying a home is a down payment. In Canada, to secure a mortgage loan you will need to put down a down payment of at least 5%. Down payments are a necessary closing cost for any mortgage, whether it’s for a new custom home or you’re buying a previously built house. A...
Up to 4% of the purchase price. CMHC is the Canada Mortgage and Housing Corporation. CMHC provides mortgage insurance, and a one-time premium is paid in closing on the house. CHMC Premiums are calculated by the amount of a down payment you have. If you have a down payment of over 20%, you will likely not be required to pay CMHC premiums. If you hav...
$450 to $600 If you’re purchasing an older home, you’ll want to pay for a home inspection before making an offer. Not only is it incredibly beneficial for peace of mind, but you will get a true sense of the state of the home and may be able to negotiate a better price based on necessary home improvements. Some people choose to inspect news homes as...
$300 Appraisals are not always required, and sometimes they will be covered by the lender. You should still be prepared to cover this expense, though, in case it is deemed necessary by your insurance provider and your mortgage lender is not covering the service. Related: 7+ Surprising Tips I Wish I Knew As A First-Time Home Buyer
$1,500 – $1,800 In order to close on a house, you will need the help of a lawyer who is trained to close on large purchases. Your lawyer will look over all the paperwork associated with your mortgage, the bill of sale, and all the property information. They will explain everything to you and make sure you are well informed before you sign.
Moving costs are not cheap, but you can save or spend money depending on how you choose to move. If you plan to move everything yourself, you can rent a 26’ truck for 10 hours (large enough for a 3 or 4 bedroom home) for $40 plus $0.69 an hour, and then you’ll need to buy boxes, tape, etc. Professional movers can cost you from $80 to $100 an hour. ...
You may have to pay an adjustment fee for your property taxes when you move. This amount is dependent on where you live, when the seller pays their property taxes, and whether the seller pays their property taxes monthly or annually. If they pay monthly, you will need to take over the property taxes of your new home immediately.
If you are building a brand new home, one additional closing cost is a new home warranty fee. You will want a warranty on your new home, so this closing cost is usually attached to your estimate with your builder; however, you will want to ensure that you have a warranty and that you are prepared for the charge.
One-Time Costs of Buying a Home. There are a few other one-time closing costs that come with a new home, and they include the following: Appraisal Fees. A mortgage lender will want to be sure you have your home appraised. With this, you’re paying someone to estimate the worth of your home.
Closing Costs Calculator. Are you looking for a way to easily estimate your closing costs when purchasing a home in Edmonton? Well, you’re in luck! Our Closing Costs Calculator is here to give you an idea of the final expenses that come with buying a brand-new home.
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Guide to help understand closing costs, what they are, and how to keep them as low as possible.
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Jul 19, 2022 · Can I negotiate closing costs in Edmonton? Before you start looking for a home to buy in Alberta, you should: (1) Get pre-approved for a mortgage. (2) Understand the mortgage type and terms. (3) Have the down payment ready. (4) Estimate closing cost (A realtor can help you with this). (5) Be comfortable with the estimated mortgage payments.
