Who pays for what

Seller’s Costs

– Payout all mortgages/secured lines of credit registered against the subject property
– Administrative fee(s) for preparing payout statement (if required)
– Prepayment penalty (if required)
– Interest accrued to the closing date
– Payout any judgements, liens, etc. against the seller/subject property
– Payout bridge loan, including accrued interest to the closing date
– Property Taxes due and owing as of the closing date
– Unpaid Common Expenses/Homeowner’s Association Fees
– Legal fees
– Lawyer fee
– LSUC Transaction Levy
– Miscellaneous costs, e.g. couriers, postage
– Real Estate Commission

Buyer’s Costs

– Deposit
– Down Payment
– Home Inspection
– Septic Inspection (if required)
– Well Inspection (if required)
– Water Potability Test (if required)
– Pool Inspection (if required)
– WETT Inspection (if required)
– Legal fees
– Lawyer fee
– Title search
– Execution searches (search for judgments against both the seller and buyer)
– Title Insurance
– Miscellaneous costs, e.g. couriers, postage
– Electronic-Registration fee to register Transfer (deed)
– Electronic-Registration fee to register Charge (mortgage)
– Status Certificate– if a condo
– Fee for preparation of Transfer (deed) – if new construction
– Fee for Tarion Enrollment – if new construction
– Land Transfer Tax
– Property Tax proration for taxes overpaid by the seller
– Common Expenses/ Homeowner’s Association Fees proration for amounts overpaid by the seller
– Fuel (oil/propane) proration
– All new loan charges
– Appraisal fee (if required)
– Commitment Fee
– Mortgage Insurance Premium (if you put less than a 20% Down Payment)
– PST on mortgage insurance premium
– Interest Adjustment (interest on loan from the closing date to the first payment date)
– Fire Insurance
– Change of ownership/Set-up fees charged by the City re: Property Tax account and Water &
Sewer Account