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Quick Tips for the First-Time Home Buyer

Financing – Questions about Mortgage Options? Contact my Law Office for assistance in choosing the right options. The big five banks provide competitive rates along with Credit Unions. Mortgage Brokers can provide access to an array of Lenders. Private Mortgages are also an option for individuals who have a hard time qualifying.

Fire Insurance – Home Owners Insurance or Condo Insurance is vital. Lenders require a policy of fire insurance and must be noted on the policy as a loss payee on the Binder or Policy. This policy must be obtained prior to closing.

​Property Transfer Tax – Property Transfer tax is calculated according to the purchase price. See the Property Transfer Tax Calculator to determine your Property Transfer Tax that is payable on closing. First-Time Home Buyers are eligible for a rebate which is applied on closing.

​Title Insurance – There are several Title Insurance companies that operate within Canada. All offer competitive rates and advantages. See the below information for more details on what title insurance is.

Adjustments at Closing – On closing adjustments will be made to variable items such as Property Tax, Utilities, Fuel Oil, Propane. These are adjusted as of the adjustment date.

Domenic Maio

Barrister and Solicitor

Lawyer practicing in the areas of Family Law, Wills, and Corporate.

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