Preparing for Closing Costs
There are other costs aside from the purchase price, that you need to consider.
Closing Costs may include things like:
- Appraisal fee (if applicable)
- Home inspection fee
- Legal Fee
- Prepaid property taxes and/or utility bills adjustment
- Title Insurance / Title Registration
Note: Alberta does not collect a land transfer tax. However, there is a title registration fee charged based on the value of the property being transferred and a mortgage registration fee on any outstanding mortgage (loan). The registration fee is $50, plus $1 for every $5,000 of the property value and if there is a mortgage, another $50, plus $1 for every $5,000 of the mortgage amount, is due. Alberta or it's municipalities do not offer a rebate for first-time home buyers.