Legal Fees: Lawyers' fees vary. It is an issue for each buyer to raise at the time he/she engages the lawyer to close the deal.

Land Transfer Tax: This is the sales tax charged by the provincial government. The formula used to assess the tax is as follows:
0.5% of the first $55,000.00 of the purchase price,
1.0% of the next $195,000.00 of the purchase price,
1.5% of the next $150,000.00 of the purchase price, and
2.0% of the balance of the purchase price (for residential properties).

Miller Tax will apply to sales made after December 31st 2007. 0.5% for the first $55,000, 1% between $55,000 and $400,000 and 2% over $400,000 First time home buyers will receive a rebate of up to $3725. This means that a first time buyer tax is 2% on the amount over $400,000.

Property Inspection Report: Before you buy a property, it is wise to have it inspected by a qualified professional property inspector. The inspector will provide you with a written report. Such inspections cost $250.00 or more, depending upon the inspector and the size of the property.

Mortgage Financing Fees: Many mortgage companies charge appraisal and processing fees. These fees can be several hundred dollars. If you are borrowing more than 75% of the property's value ( "high ratio financing"), there will be mortgage insurance premiums added to face amount of the mortgage, including the 8% P.S.T.

Discharge Penalties: If the buyer is discharging a mortgage on the property he/she is selling, there may be early discharge penalties amounting to three months interest on the mortgage to be discharged. Other penalties may be imposed depending upon the terms of the contract. The mortgage company may be prepared to waive all or part of the early discharge penalty if the buyer agrees to mortgage the new property with the same mortgage company.

Survey: You may want a new survey, or your mortgage company may require one in order to advance the mortgage funds. Surveys start at about $900.00. The price goes up depending upon the size and configuration of the property.