Before the purchase: When you see a property you like and placed an offer, the next steps would be to get mortgage approval and an inspection done.
The bank will hire an appraiser to check the value of the property
Most lenders will pay for the appraisal, some will charge the clients. Normally around $300-$500 per appraisal
Land Survey $500-$2000
Some lender will require a land survey done for the property
A land survey outlines the boundaries of the property
If the current owner has one, lenders might accept it (depending on when it was done)
Depending on the size of the home, inspection cost can range from $300-$1000
Decided to buy: Once you have decided this is the property you want to buy, you will have to pay a deposit, normally 5% of the purchase price. The deposit is held by your REALTORS brokerage in trust and transferred to the lawyers for completion. This deposit will form a part of your down payment.
Closing costs: Lawyer/Notary Fees $1000-$1500 depending on
if you have a mortgage
amount of documents they have to order
if you use a notary or lawyer
When you ask a notary or lawyer about cost, make sure you ask what it includes. Most people will quote you a price including title registration and insurance.
if you have a mortgage, most lender will require you to buy home insurance. Depending on what you insure, the cost varies. The min requirement is to have fire insurance if you have a mortgage.
For strata, strata have their own insurance, but it's recommended that you still buy insurance as the strata insurance doesn't cover everything, ie content (your belongings).
Property Transfer Tax 1% on the first $200,000 + 2% up to $2 million + 3% up to 3 million and if residential 5% on the balance over $3 million. First time home buyers may have this exempted! Click here for more info.
Property Tax Adjustment On your contract, there is a date called "adjustment date" This is the day that you start paying taxes for the property. However, tax is already paid for by the current owner for the year, so the lawyer will make the adjustments for the new owner to pay starting from the "adjustment date" and the current owners will get credited that amount.