There will be some costs that you may need to consider when you are purchasing, refinancing or building. Canquest would like you understand all of the additional costs in your mortgage financing.
Lawyer/Notary Fees
First Canadian Title Fee
On any Switch or transfer or Refinancing most lenders use First Canadian Title. The cost on a Switch/Transfer is covered by the lender who is taking over your mortgage at the time of renewal. For any Refinancing the cost of First Canadian Title is lower than a lawyer fee. First Canadian Title (FCT) is hired by the lender's lawyer to come to your place and sign up the documentation. FCT insures all the documentation is signed and Documentation required is in place. FCT will work will get instructions to fund the mortgage from the lender.
Whether you bought your home last year, last decade or in the last century, it's never too late to protect yourself from losses resulting from previously unknown issues and threats to your ownership. For example, a problem could come to light regarding the previous owner's placement of the deck or garage? Could title fraud undermine your right of ownership? The relief that comes of knowing your ownership is protected is priceless - and such protection is available at a low cost from FCT.
For a one-time low cost premium, Homeowner Policy covers you for losses arising from zoning issues, encroachments, and many other title related matters. It will cover you for issues that occurred in the past, such as problems related to renovations completed without a permit by previous owners. It will also protect you against title fraud that may threaten your title in the future. The amount of coverage is usually equal to the purchase price of the home. Most lenders put on the FCT Homeowner policy on your purchase, and refinance.
Realtor Fees
A realtor has the ability to search thousands of potential listings and save you time and money. They can help find the right properties for you to consider. Real estate fees are standardized and all fees are paid by the seller of a property. You should expect to pay 7% of the first $100,000 and the 3 ½% of the remaining balance of a sold property.
