Prepaid property taxes and/or utility bills:
To reimburse the vendor for pre-paid costs such as property taxes, filling the oil tank, etc.
Your mortgage lender may require that the property be appraised at your expense. An appraisal is an estimate of the value of the home. The cost is usually between $250 and $350 and must be paid when you contract for those services.
Estoppel certificate fee (not applicable in Quebec):
This applies if you are buying a condominium or strata unit and could cost up to $100.
This is part of your down payment and must be paid when you make an offer to purchase. The cost varies depending on the area, but it may be up to 5% of the purchase price. If you wish to make a down payment of 5% and you give a deposit of 5%, then your down payment is considered to be made.
Home inspection fee:
Remember that this may be a condition of your offer to purchase. A home inspection is a report on the condition of the home and generally ranges around $500, depending on the complexities of the inspection.
Survey or certificate of location cost:
The mortgage lender may ask for an up-to-date survey or certificate of location prior to finalizing the mortgage loan. If the seller does not have one or does not agree to get one, you will have to pay for it yourself. It can cost in the $1,000 to $2,000 range.
Water quality inspection: if the home has a well, you will want to have the quality of the water tested to ensure that the water supply is adequate and the water is potable. You can negotiate these costs with the vendor and list them in your offer to purchase.
Legal fees and disbursements: must be paid upon closing and cost a minimum of $500. Your lawyer/notary will also bill you direct costs to check on the legal status of your property.
Your lender or lawyer/notary may suggest title insurance to cover loss caused by defects of title to the property. The one-time title fee, including search and examination, averages around $430 for a $100,000 home.