Imagine that you have just found the house of your dreams. It’s a little gem, exactly what you’ve always envisioned for yourself and your family. But before signing the papers and getting the keys, there are a few essential steps to take.

First of all, you surely want to know that the property is in good condition and doesn’t need major repairs immediately, so you will have to have a professional property inspection done. Set aside $1,500to $2,000 for a professional building inspection. Then, when you sign at the notary’s office, you must hand over a certified cheque for the down payment (a minimum of 5% of the price of the house.

Other additional outlays to be made at the notary’s office:

• The 9% tax on the insurance premium (CMHC, Sagen, Canada canada guaranty.)
• Adjustment payments of property taxes (municipal and school taxes).
• The notary’s fee.
• Other adjustment payments such as the cost of filling the heating oil tank

Lastly, you will receive a bill from the municipality for the land transfer tax (usually known as the “taxe de bienvenue” in Quebec) 1 to 3 months after signing at the notary. Below is an example of the financial outlay on the purchase of a $200,000 property with a 5% down payment, i.e. $10,000:

Inspection	$1,500
Down payment	$20,000
CMHC premium, a 9% tax on 4% de $190 000	$1,368
Notarial fees	$2,000
Property tax adjustment payments (1/2 of $4000)	$2,250
Land transfer tax (taxe de bienvenue)	$4,233

Total:                                                                                                                    $31,511