Buying a condo costs money. You will incur these costs when purchasing:
Deed Transfer Tax: 1.5% of purchase price (in HRM)
Legal Fees: $1,000 + HST (varies by lawyer)
Inspection: $350 + HST (varies by inspector)
Adjustments on Closing:
- Condo fees are paid on the first of each month. If you move into a condo in the middle of the month, you will have to repay the seller for the portion of the monthly condo fee they pre-paid.
- Property taxes are paid in advance twice a year, and cover the period from April 1 to September 30, and October 1 to March 31. You must repay the seller for the portion of the property tax they pre-paid.