Back in 1989, when I bought a house (a duplex with a tenant), I had the services of real estate agent who was a friend.
We didn't have enough down payment, so we asked for, and got, a balance of sale (2nd mortgage from the seller). That meant that the seller got to choose the notary.
We made an offer contingent on getting a mortgage and on an inspection. We gave a $1,000 certified cheque with the offer. The offer was good for three days. The seller counter offered and we accepted.
Then we got the house inspected and walked around with the inspector. ~$300
We had to get a surveyor to survey the land and write a certificate of localisation. Can't remember how much, a few hundred dollars.
The bank wanted their appraiser to appraise the house ~$200. He only looked at the outside, so no appointment was necessary. He appraised it at "the selling price or more".
We got approved for the mortgage (they hadn't wanted to do the pre-approved mortgage, but I think that is more common now).
We got insurance. It is required by the bank, but we would have gotten it anyways.
A date was decided for the transfer of ownership.
We got together with the notary and our real estate agent and the seller and her real estate agent. There were all kinds of adjustments for property taxes already paid, rent already collected, and probably some other stuff. Money was paid. Papers were signed, we got the keys. The notary handled getting the mortgage money from the bank.
After we had been there for a while, we got a tax bill for transfer of ownership, commonly known in Quebec as the "Welcome Tax". I think it is about 1% of the value of the house.
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Date: 2007-09-04 10:59 pm (UTC)We didn't have enough down payment, so we asked for, and got, a balance of sale (2nd mortgage from the seller). That meant that the seller got to choose the notary.
We made an offer contingent on getting a mortgage and on an inspection. We gave a $1,000 certified cheque with the offer. The offer was good for three days. The seller counter offered and we accepted.
Then we got the house inspected and walked around with the inspector. ~$300
We had to get a surveyor to survey the land and write a certificate of localisation. Can't remember how much, a few hundred dollars.
The bank wanted their appraiser to appraise the house ~$200. He only looked at the outside, so no appointment was necessary. He appraised it at "the selling price or more".
We got approved for the mortgage (they hadn't wanted to do the pre-approved mortgage, but I think that is more common now).
We got insurance. It is required by the bank, but we would have gotten it anyways.
A date was decided for the transfer of ownership.
We got together with the notary and our real estate agent and the seller and her real estate agent. There were all kinds of adjustments for property taxes already paid, rent already collected, and probably some other stuff. Money was paid. Papers were signed, we got the keys. The notary handled getting the mortgage money from the bank.
After we had been there for a while, we got a tax bill for transfer of ownership, commonly known in Quebec as the "Welcome Tax". I think it is about 1% of the value of the house.