Estimated Closing Costs in Central Vancouver Island

Legal or Notary Public Fees:   (rates vary)                                       $   400.00

Disbursements:

Plan of Survey   ( if required and not available from Seller)              $    300.00

Title Insurance  ( if necessary and can replace Survey)                          120.00

Zoning Report   ( if necessary)                                                                  100.00

Tax Certificate  ( if necessary)                                                                    30.00

Hydro Report    ( if necessary)                                                                    16.00

Register Title                                                                                               70.00

Register Mortgage                                                                                       70.00

Execution Certificate                                                                                    11.00 (per name)

Title Search                                                                                                    50.00 ( estimate)

Miscellaneous - photocopies, postage, courier, telephone, GST              200.00

Land Transfer Tax

This tax is payable to the BC Government Minister of Finance upon closing

and is included in the Statement of Adjustments for the purchase.

The current rates are as follows:

                        On the first $200,000 of the Purchase Price                            1%

                        On amount over $200,000                                                      2%

                        For example, on a house costing $275,000, the Property

                        Purchase tax is  $3500.00

This tax may be waived under certain circumstances, which can be explained

by your lawyer/notary.

Other Fees

If your down payment is less than 25% of the purchase price of the home, the Mortgage will

Require insurance from an Insurer such as CMHC (Canada Mortgage & Housing Corporation)

or G E Capital Mortgage Insurance.  The premiums, added to the mortgage, range from .5% to 3.4%.

Adjustments

In addition to the above costs, you may be required to have cash on hand to

repay the Seller for Prepayments they have made on the property for such

items as property taxes, condo fees or water/sewer, utility costs.                            $ 500.00 (estimate)

Interest Adjustment

This is the interest owed to the Lender from the time the Lender advances

The mortgage funds to the lawyer or notary to the date your mortgage

Starts. The interest is calculated at the rate of interest on the mortgage.                  $ 300.00 (estimate)

Insurance

Your will need to arrange for Fire Insurance before you come into

possession of the property. Your lawyer or notary must confirm it

is in place.                                                                                                                 $ 350.00 (estimate)

The above figures are estimates only. Disbursements vary with the type of transaction and the complexities involved.  Not all disbursements are applicable to every transaction and all costs are subject to change without notice.

Submitted by:            Ronald W. Dyck

                                   Mortgage Consultant

                                   JC Emerson Financial Corporation

                                   Tel: 250-248-9996 

                                               Fax: 250-248-9907

                                   Email:   emerson@nanaimo.ark.com

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