Buyers expenses

when buying a property

  • Inspection by a building expert
  • Mortgage arrangements with banking institution
    • Conventional loan (25 % cash)
    • Loan insured by CHMC (Canada Mortgage and Housing Corporation)
    • (less than 25 % in cash)

when signing the deed of sate

  • Notary’s fee
  • Municipal Tax redistribution and refunds
    • prorated from the occupancy date to December 31.
  • School Tax redistribution and refunds
    • prorated from the occupancy date to June 30.
  • Heating oil tank
    • If the property is heated by oil, the seller is required to have the tank filled on the day of the signing of the deed of sale and he must submit the invoice to the notary for full reimbursement by the buyer.
  • Electricity (Hydro•Quebec) and gas (Gaz Metropolitain) meters
    • The buyer and the seller must notify Hydro•Quebec and Gaz Metropolitain of the date the property is scheduled to change hands in order to have the meters read on that date and the correct charges allocated to the seller and the buyer at the date of occupancy of the property.
  • Other services
    • Ex.: Alarm, telephone, cable, Internet, etc.
  • Homeowner insurance
    • The buyer has to present proof of homeowner insurance coverage for an amount equivalent or superior to the mortgage on the property.

after signing the deed of sate

  • Change of ownership or Welcome Tax
    • The municipality in which you are moving will send you a tax bill within four (4) to 6 (six) months following the signing of the deed of sale. This amount will be based on the sales price and calculated as follows:
    • 0.5% on the first $50,000
    • 1.0% on any amount between 50,001 and $250,000
    • 1.5% on any amount between $250,001 and $500,000
    • 2.0% on any amount exceeding $500,001*
    • * Montreal area only (OACIQ)
  • Moving expenses
  • Mail re-routing expense