Amanda Maxwell
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HST: Some things you might like to know!

Updated Wednesday, February 24, 2010  ::  Views (1024)

As of July 1st, all real estate transactions will be subject to HST, which is 13%. Many people are wondering how this will affect them, and the purchase and/or sale of their resale home. Here is a brief list of items you will see HST added to. Please note that this is not a complete list, just a list of many standard items that will apply to your real estate transaction:

1. Legal Fees

2. Commissions

3. Chattles (including Appliances)

4. High ratio insurance premiums

5. Fire insurance premiums

6. Home inspection fees

7. Moving Costs

8. Appraisal fees

9. Surveys

10. Title Insurance

It is estimated that between the buyer and the seller, this will tack on an additional $1,500 to a standard transaction. This is something to be aware of if you are thinking of buying or selling this spring

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