[Toronto ON] Buying an assignment, how much fees should i expect?
Assignor originally purchased for $380k. We have agreed to purchase for $530k. Building is expected to complete in early 2020
I am a first time homebuyer, this would be my primary residence.
I want to know what kind of closing costs we would be paying on top of this.
From what I understand,
Builders fees - Maybe 10-15k?
Land transfer tax - Assuming 380k, this should be less than 4k, should be covered by first time buyer rebate?
HST rebate - Not too sure about this, sounds like we would be responsible for ~20-24k upfront, but would get this mostly rebated from the CRA? Estimating paying 2k after rebate?
So assuming we would pay 530k + 10-20k on closing fees? Does this sound right, am I missing anything important?
I've also read that getting mortgage for assignments can be difficult. My salary is around ~75k, i have been told by my bank they can probably give me a mortgage of ~300k (but this was for a resale unit). Is it possible that I won't be able to get a mortgage at all? What would be my options if this happens? If they don't think the property is worth 530k, would they offer a mortgage on say 75% of it? How does this work?
Just for some info, approximate resale units in the area are about $580-600k
Thanks!
I am a first time homebuyer, this would be my primary residence.
I want to know what kind of closing costs we would be paying on top of this.
From what I understand,
Builders fees - Maybe 10-15k?
Land transfer tax - Assuming 380k, this should be less than 4k, should be covered by first time buyer rebate?
HST rebate - Not too sure about this, sounds like we would be responsible for ~20-24k upfront, but would get this mostly rebated from the CRA? Estimating paying 2k after rebate?
So assuming we would pay 530k + 10-20k on closing fees? Does this sound right, am I missing anything important?
I've also read that getting mortgage for assignments can be difficult. My salary is around ~75k, i have been told by my bank they can probably give me a mortgage of ~300k (but this was for a resale unit). Is it possible that I won't be able to get a mortgage at all? What would be my options if this happens? If they don't think the property is worth 530k, would they offer a mortgage on say 75% of it? How does this work?
Just for some info, approximate resale units in the area are about $580-600k
Thanks!
Last edited by doctordiddy on May 2nd, 2019 8:46 pm, edited 3 times in total.