Buying A Home

• Purchasing a home involves one-time costs and monthly expenses.
• The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
• In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed below:

Typical One-Time Expenses

EXPENSE		PAID
Mortgage Application and Appraisal Fee		At time of application
Appraisal Fee		At inspection
Property Inspection (optional)		Closing
Legal Fees		Closing
Legal Disbursements		Closing
Deed and/or mortgage registration		Closing
Property Survey (sometimes provided by seller)		Closing
Land Transfer, Deed Tax or Property Purchase Tax		Closing
Mortgage Interest Adjustment and Take Over Fee (if applicable)		Closing
Adjustments for Fuel, Taxes, etc.		Closing
Mortgage Insurance (and application fee if applicable)		Closing
Home and Property Insurance		Closing and on-going
Connection charges for utilities such as gas, water and electricity		Date of move
Moving Expenses		Date of move

• Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.