Tips For New Home Buyers

It’s closing day on your new home, now what?

Buying a home is one of life’s milestone moments. Once you have chosen your new home and are in the process of buying, you should know that there are other costs over and above the cost of your home that you should be prepared for. A REALTOR® can walk you through:

LAND TRANSFER TAX:
The land transfer tax is a one-time tax levied by your province when you purchase a property. The tax is based on a percentage of the purchase price of the property, and varies from province
to province and from municipality to municipality. It can range from 0% to 1.5%.

ASSOCIATED LEGAL COSTS:
Legal costs cover your lawyer’s fees such as reviewing the terms of the of er; conducting a title search on the property; registering a new title; and obtaining relevant documents, such as surveys and evidence of liens on the property

TITLE INSURANCE:
Purchasers may obtain title insurance policies which provides protection against survey problems, e.g. boundaries, encroachments and undisclosed rights of way; as well as protection against building by-law and zoning infractions and more.

WHAT OTHER COSTS CAN YOU EXPECT?
Service charges from utility companies for hook-ups on electricity, gas, internet and telephone services, appraisal fees, moving costs , storage costs if you must leave your current residence before you are able to move into your new home, furniture and appliances.

More information on how your REALTOR® can be found on
www.TrustedGuide.ca

The Nova Scotia Association of REALTORS® represents more than 1,500 brokers,
salespeople and a liate members throughout the province.

 

Our Editorial Staff

Our Editorial Staff

New Homes & Renovations is a consumer publication dedicated to the home building, renovating and decorating industries of Nova Scotia, Canada. With homeowners and consumers in mind, the publication features articles, tips and stories on local projects and businesses