Close now pay later. Why not close a home transaction today and pay later; up to six months later?”Legal fees, title insurance premiums, land transfer tax, applicable registration costs and program fees” can all be deferred for a small administration fee. Please review the Smart Close Program offered by RE/MAX Realty Brokerage’s for more details. According to a the LawPro website: “Real estate lawyers may now offer their clients access to deferred closing costs and extended home warranty programs, thus reflecting a movement towards one-stop shopping for the consumer.”
But what if the condominium corporation takes the same attitude? It could decide it will wait to make major improvements, such as; building a recreation centre or extra guest suites and defer these costs to one year or more after the building has been built. This could result in an unforeseen increase in maintenance fees that a new condominium owner will need to shepherd, in addition to undetermined property taxes for their suites. Depending on the local infrastructure and the size of a new condominium, property taxes will vary and not be immediately set or determined by the municipality. For more information on these and other must know details on buying a new condo, new home-buyers in Ontario should visit the Province of Ontario’s informative Consumer Protection Website for Newly-Built Condos.
According to a popular Real Property website YourMortgageOptions.ca: “You should budget for insurance on your new home. Insurance costs can include default mortgage insurance, homeowners insurance, mortgage life insurance and title insurance.” Money should be set aside for incidental expenses such as legal fees and disbursements, land transfer tax, mortgage insurance, title insurance, property tax and prepaid utility adjustments, property appraisal, home inspection, interest adjustments for mortgage payments.
To be sure that you will be able to complete your purchase with the least amount of surprises and be prepared for any issues that may arise you will need to rely on a team of professionals. Almost like a draft for a sports team, you will need to carefully evaluate the unique skills of Real Property experts, and select the most qualified specialists to ensure your deal closes with you as the winner!
Team of experts to assemble:
- Real Estate Agent
- Home Inspector
- Financial Planner (insurance options for mortgage, life insurance, investments, retirement plans)
- Mortgage Agent / Broker (financing matters for mortgage and pre-purchase loans, including closing costs)
- Title Searcher
- Personal Assistant
- Renovation Specialist / Contractor
- Furniture company
- Landscaping and snow removal company