Closing Costs to Consider
When buying property in Nova Scotia you have to figure in closing costs. These costs are over and above your downpayment and are due on closing.
Land Transfer Tax
In Nova Scotia land transfer tax varies by county. In Halifax the rate is 1.5% of the purchase price. e.g. purchase price of $200,000 x 1.5% = $3000
Lawyers Fees and Disbursements
Legal fees will vary depending on the lawyer. It is a good idea to shop around. The average cost is about $800-$1000. This is not including disbursements which could be anywhere from $200-$400. Disbursements include, courier fees, photo copying, title search, registration costs etc..
When buying a condo a home inspector will only inspect the unit and not the building. The typical cost for this is service is between $300-$400 + HST
The seller of the condo you are buying has paid property taxes to the municipality. The taxes are paid bi-annually in April and September and are paid ahead of time. You will be required on closing to reimburse the seller for the taxes they have prepaid. For example if the seller has paid $2000 for 6 months starting on April 1st and you were closing June 30th you would be required to pay the owner for July, August and September totaling$1,000.