Costs related to the purchase of a property
BEFORE THE SIGNING OF THE DEED OF SALE
- Inspection of the property by a recognized building inspector
- Deposit on the offer to purchase
AT THE TIME OF SIGNING OF THE DEED OF SALE
Adjustment of taxes
- Municipal taxes
- School taxes
- Water tax (if applicable)
Filling up of oil tank
If the property has oil heating, the vendor must fill up the oil tank just prior to the signing of the deed of sale and remember to bring with him, at the notary, a copy of the bill. The buyer will reimburse the vendor the cost of a full tank of oil.
Electricity (Hydro-Quebec) and natural gas (where applicable)
The buyer and the vendor must both notify Hydro-Quebec and Gaz Metropolitain (where applicable) the date of ownership so that a meter reading be made on that same date so as to fairly appropriate costs.
It is imperative that you furnish upon the signing of the deed of sale, proof that you have obtained house insurance for an amount at least equal to the mortgage on the property.
TRANSFER TAX (COMMONLY KNOWN AS THE WELCOME TAX)
- Within 3 months following the signing of the deed of sale, you will receive the tax bill from the city.
- The calculation is as follows (based on the higher amount , namely the purchase price or the evaluation of the property.
- 0.5% on the first $50,000
- 1% from $50,001 to $250,000
- 1.5% on the balance in excess of $250,000