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The Issue of Closing Costs
In addition to your downpayment,
which must be at least equal to 5% of the purchase price of the home you
wish to buy, you must also ensure that you have enough money available
to pay the closing costs. These costs, which may represent between 1.5%
and 4% of the selling price of your property, include the following:
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taxes:
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tax adjustment (municipal and school taxes)
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transfer taxes
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and other expenses:
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home
insurance
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moving costs
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repairs and renovations
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cost of connection to public services (telephone, cable, electricity,
etc.)
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furnishings, appliances, paint, tools, various accessories.
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How can the closing costs on the purchase of a
residence be assessed?
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For any easy-to-remember “rule of thumb,”
estimate between 1.5% and 4% of the selling price of the residence.
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