Closing costs when buying a home in Orleans

Over the past few weeks I've come accross quite a few first time homebuyers who are thinking of buying a home in Orleans. For many of them, the whole process seems a little overwhelming and stressful. One of the areas I feel gets pushed aside are the buyers closing costs. Below you'll have a review of the most common costs associated with buying a home in Orleans.

Once you have found your new home there are 2 up front costs to keep in mind:
- Deposit $1,000-$10,000 (varies depending on home and circumstances)
- Inspection $400-$500 (varies; residential or country home?)

Once you have completed your purchase, your total closing costs are approx. 2.2% of your purchase price (ie: $200,000 x 2.2% = approx $4,400) which include the following:
- Legal/Lawyer fees
- Land transfer taxes (First time homebuyers enjoy an exemption of $2,000)
- Adjustments
- Disbursements
- CMHC Insurance (if applicable)

The above costs are approximate and are for the purchase of a Residential home connected to city sewer/water. If you are purchasing a condominium there will be an additional cost of $100 to order a Status Certificate (which is paid for by your lawyer in reimbursed through your closing costs). If you are purchasing a country property that has a well and septic system there will be an additional up front costs for the Septic Inspection which is approx. $500.

For a more in depth look at closing costs when buying a home in Orleans visit CMHC website - How much will it really cost? You can also visit www.christianelafleur.com or call me anytime directly 613-859-0809.