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Don't forget closing costs when buying a home Despite the low, low cost of buying a home and carrying a mortgage these days, you should keep in mnd "closing costs" in addition to your down payment for that dream home. These varous charges can add up, and for the most part they are ail legally required pay- ments in buying a property. Here is a list of most of your major "closing costs." - Legal fees: Since a lawycr ik an essential parttof ytsur horne-buying team, the work pro- vidcd îtuvtls lces.c'Most legal sics ns. c ahing the titie rît the prîsper tdrantîgîsig t property survey if necessary and handling other disbursements as required. e Mortgage insurance and application tee: For any high ratio mortgage, which is any mortgage in which 75 or more per cent of the house's purchase pnice îs covered by mort- gage, the lender requires mortgage insurance. - Mortgage broker's tee: A mortgage= - broker will charge a fee to set up a mortgage for you. In some cases the fee may bc includ- ed with the legal fes ifyour lawyer arranges the mortgage, or included in the lender's fees R Y LL P G . if you deal directly with a len der such as a R Y L L P G bank. *Job Loss Mortgage Insurance: * 0 Ibis job loss insurance plan will take care of your mortgage payments for up to 12 months if you should lose your job. Your Realtor has ELLEN aIl the details. e Property insurance: This insurance BOER covers the replacement value of your home Sales Rap and its contents. Most mortgage lenders will 8 88 0 require proof that you have this insurance 8 88 0 before processing a mortgage. a Home Inspection: A professional home inspector knows what to look or and can confirmn or add to the information you've gleaned from the Realtor or your inspection. Basic inspections on înost houses are usually in the $150 to $200 range. *Land transfer tax: Anyone buying property in Ontario must pay a land transfer tax. It usually runls between 0.5 to two per cent of the home's purchase price, depending on that price. e GST: GST is payable to some degree on the purchase price of ail new homes, although partial rebates are available on the $174900. Attractive well mnaintained 3 bed- purchase of most homes. A resale residential roomn semni in good location. Caîl Ellen Boer. home is usually exempt from GST. Various other closing fees, however, do involve pay- ment of GST. e Extra charges: You may also be required to pay the cost of such things as heating oil in the tank, or other cosis incurred by the seller, but included with the house, Sales Representative prior to the closing day. '4dg4« *Hook-ups: There may be hook-up 7 0cu .4a charges required for appliances and services s such as telephone, TV cable, hydro and other utilities. e Moving costs: Don't forget the basic costs involved in moving from your old place mbt your new home, particularly if you use a professional moving company. A realtor can explain further details on closing costs. iust remember to add them to your financial plan when saving to buy a home. This article is provided by local Realtors A 3 bdrm home wth brîght spacîous and the Ontario Real Estate Association pdtsaioeFrsl (ORE) fr te beefi ofconsmer inthe painted window sills & ledges & freshened (ORE) fr te beefi ofconsmer inthe entrance. Gas t place, 2nd 3 pc bathpu real estate market. huge fenced yard A real sweet heart. The Canadien Champion, Tuesday, April 7,1998 - RE3 Better Main Street nomes:. Realty - Realtor Ilà A ý&and Gardens- 1 167,11ain Stieel Fa,ýl, Afillon This open concept rased ranch style home offers over 2,000 sq. ft. on main level, plus a full walkout Iower level, drywalled & ready for your f in- è i ishing touches (Ideal for in law suite). SWestemn exposure offers bnight sunny Irooms year round. Within 10 mins to 41exit & GO station.Set on 2 treed acres. YOUULDE IMPUSIED...I- - Wtth ie01 thiS 3 bedrose home. IfRTFMIYAI cornes compiete wth Living, Dinnq, Ktchen, RA A IYA F Famity Room, Den, 3 Washrooms & Central 3 bedroom Townitouse. 2 piece ensuite, tnidge, Air. l'ours for oniy $169900. To view cati BilI stove. tienced back y$ard. Ecelent tenants Curri at 878-4944. wouid ike o stay $23,900. Please cati COUNTIY Homs NIEDED i have qualffied purchasers for a home in the coantry, preferahita the campeiviiie or Naso. area. They are ookieg fer a niceiy appoieted, weii maietained home wih 3+ hedroomo, 2 PERFCT LOCATION O ID a&Um mE FAIM1 batho, on ap to 10 acres wth lotso f Teîd gaden backing Onto priatiehones, Osesrkvin- rOfferg 4 hedroomos and 2 bathis, wtt trees aed privacy. If yoa are coesidering issed ti n e cm, itchen eaik-oa o pasioew kicher, ail directions. 83 acre conne farne a oeiitegin the $300.000 to $330.000 tastetaite decotated, ait cota. & maey mose uaraes - an w it hydro and watet. Askin g range, pleae cati Colite Stewart. mut te See!'Pise cati Wayne cassn oavee Make yoo dam corne true Please cal www.n*>w-aIU-cm chmis@efw-aU.c t1 Audrey. E~ LiTN w USETIO CheokoUS!hhI .cag 876-0-107 w 1