The following are estimates of costs involved in buying a property.   The total amount needed for closing costs is usually between 3% and 5% of a total purchase price, and are in addition to the down-payment.

1. Legal fees and disbursements, including Title Search. Mortgage Documentation, Registration of Deed or Title Insurance Policy.   Due at closing - approximate cost - $650 t0 $1200 with average $900.00

2. Mortgage Application fee and/ or Property Appraisal.  Due at application - approx. cost - $165 to $250

3. Mortgage Insurance (this is applicable if the loan is more than 75% of purchase price for single family homes) and is usually added to the loan. Due when mortgage funds are released - .50%-3.25% of mortgage amt. depending on down payment.

4. Mortgage Interest Adjustment Due at closing - the interest on your mortgage between closing day and 1st dayof the next month

5. a. Fuel Oil Adjustment - Due at closing - if applicable - approx. $700.00

    b. Propane adjustment - Due at closing - if applicable -approx. $350.00

    c. Tax adjustment - Due at closing - 6 months taxes max

    d. Condo Fees - Due at closing - 1-4 months

6. Survey/ Location Certificate - Done 2-3 weeks before clsoing - approx. $500.00  ( if needed)

7. Home Insurance - Before Closing - approx. $600- $750

8. Municipal Deed Transfer Tax - Due at Closing - 1.5% of Purchase Price in HRM

9. If rural property - water test, well test and septic test - If required and prices vary depending on type of water test you want and each area is different .

10. Property Inspection - Due 2-5 days after agreement - approx. $250-$500 - and can take up to 4 hours - depending on inspector.  

11. Miscellaneous - includes hook  up charges for power, phone, cable, water, moving costs, change locks, applicance connections.   If condo ownership, there may also be costs for reimbursing seller-reserve and contigency funds.

**The above costs relate to residential properties.   If the property is commercial, you could also expect adjustments for common area charges, leasehold improvements, occupany costs, leasing compensation or commissions payable to the leasing agent, relocation costs, ect.  These costs are estimates only for an average priced property and may vary significantly and are subject to change.**