I assume you already bought house, can you please list fees that new buyer should expect when closing?
Rough idea on closing costs for a new build home?
- Last Updated:
- Aug 18th, 2015 9:46 am
Tags:
- SCORE
- echo_jey
- Deal Addict
- Dec 8, 2009
- 1136 posts
- 634 upvotes
- Dsidhu
- Member
- Nov 14, 2013
- 498 posts
- 160 upvotes
- Brampton, Ontario
Depending on the builder you can make them put in paper the cap and you sign it so you won't see the "sudden extra" charges at closing. Your closing costs varies with locations, size of lot and type of house as well as builder (on what they add).echo_jey wrote: ↑I had no idea what the hell is this cap when I signed agreement and today checked the agreement and its $3500. Is it too much? I didn't know I have to hire lawyer for just buying new home. Will they usually charge cap amount at the closing ? I'm with Greenpark and closing on Nov 2016 in Brampton.
The caps is usually developmental charges, charges to beautify landscape etc. You should get a lawyer at least 6 weeks before you close. I had David Cohen (he is in Brampton) and he was super anal about everything.
- loksau
- Newbie
- Aug 27, 2006
- 98 posts
- 8 upvotes
echo_jey wrote: ↑I had no idea what the hell is this cap when I signed agreement and today checked the agreement and its $3500. Is it too much? I didn't know I have to hire lawyer for just buying new home. Will they usually charge cap amount at the closing ? I'm with Greenpark and closing on Nov 2016 in Brampton.
The extra development charge that you MIGHT have to pay is the diff between the year you sign the agreement and the current closing year's rate.
http://www.brampton.ca/EN/Business/plan ... Rates.aspx
- booblehead
- Deal Expert
- Jul 30, 2007
- 33234 posts
- 21163 upvotes
- Toronto
If the builder wants to charge you the DC & Levy on closing. It is usually the increment increase in the DC & Levy from the date you signed the agreement and the date of the building permit is applied. During this time span, you could be looking at about 6 months of open time slot.
- vkizzle
- Deal Expert
- Aug 22, 2011
- 41788 posts
- 30051 upvotes
- Center of Universe
New construction build (you probably want all new appliances); ranging from $5000-$10K.mmhassa2 wrote: ↑I know there are various online calculators but haven't really found one that will give closing costs specifically for a new build. Like builder's closing costs etc. Would love for some help in what to expect basically purchasing a new build home.
-Not 1st time home owners
-New build home in ajax for roughly around $550K including HST
-20% down
If anymore info is needed just reply to this post and I will update my post.
- echo_jey
- Deal Addict
- Dec 8, 2009
- 1136 posts
- 634 upvotes
Thanks for the info, so even if I didn't use lawyer now in the first stage not a big deal? how is his fee?
Dsidhu wrote: ↑Depending on the builder you can make them put in paper the cap and you sign it so you won't see the "sudden extra" charges at closing. Your closing costs varies with locations, size of lot and type of house as well as builder (on what they add).
The caps is usually developmental charges, charges to beautify landscape etc. You should get a lawyer at least 6 weeks before you close. I had David Cohen (he is in Brampton) and he was super anal about everything.
- echo_jey
- Deal Addict
- Dec 8, 2009
- 1136 posts
- 634 upvotes
Thanks, so I have to take screen shot of this and then I have to compare with 2016 rate (closing on Nov 2016)?? Is $3500 too much for cap ( sales agent told me he will put $3500 for cap and I agreed without much knowing what the hell it was)?loksau wrote: ↑The extra development charge that you MIGHT have to pay is the diff between the year you sign the agreement and the current closing year's rate.
http://www.brampton.ca/EN/Business/plan ... Rates.aspx
- echo_jey
- Deal Addict
- Dec 8, 2009
- 1136 posts
- 634 upvotes
Thanks, Who determine this cap amount ? builder? is this cap amount negotiable? then why we need lawyer to negotiate? what I agreed was $3500. is it too much?booblehead wrote: ↑If the builder wants to charge you the DC & Levy on closing. It is usually the increment increase in the DC & Levy from the date you signed the agreement and the date of the building permit is applied. During this time span, you could be looking at about 6 months of open time slot.
- booblehead
- Deal Expert
- Jul 30, 2007
- 33234 posts
- 21163 upvotes
- Toronto
Yup. You propose. Bthe builder agrees or disagree. Then you and builder can compromise or u can stay firm.
Cap it at $1750 + hst (incl tarion warranty enrolment)
Cap it at $1750 + hst (incl tarion warranty enrolment)
- echo_jey
- Deal Addict
- Dec 8, 2009
- 1136 posts
- 634 upvotes
I have already signed last month. still I can adjust the cap?booblehead wrote: ↑Yup. You propose. Bthe builder agrees or disagree. Then you and builder can compromise or u can stay firm.
Cap it at $1750 + hst (incl tarion warranty enrolment)
- Toukolou
- Deal Fanatic
- Dec 4, 2009
- 9333 posts
- 5628 upvotes
1.5-2% purchase price, to be on the safe side. Btw, this is a 4 year old thread.
"I'm a bit upset. I've been grab by the back without any alert and lubrification"
Lucky
Lucky
- booblehead
- Deal Expert
- Jul 30, 2007
- 33234 posts
- 21163 upvotes
- Toronto
- sonajatt
- Deal Addict
- Nov 6, 2009
- 1127 posts
- 217 upvotes
Can you advise about this lawyers fees?
Dsidhu wrote: ↑Depending on the builder you can make them put in paper the cap and you sign it so you won't see the "sudden extra" charges at closing. Your closing costs varies with locations, size of lot and type of house as well as builder (on what they add).
The caps is usually developmental charges, charges to beautify landscape etc. You should get a lawyer at least 6 weeks before you close. I had David Cohen (he is in Brampton) and he was super anal about everything.
- sonajatt
- Deal Addict
- Nov 6, 2009
- 1127 posts
- 217 upvotes
- booradleysmart
- Banned
- Jul 2, 2015
- 395 posts
- 66 upvotes
- Canada
- echo_jey
- Deal Addict
- Dec 8, 2009
- 1136 posts
- 634 upvotes
- booblehead
- Deal Expert
- Jul 30, 2007
- 33234 posts
- 21163 upvotes
- Toronto