13 Oct Closing Costs – What to Expect When You’re Purchasing
Purchasing a new home is the biggest transaction your family will undertake. In addition to the ‘sticker price’ of your new home, there are closing costs to prepare for:
- Legal Fees – lawyersworkinggroup.com/Fee.pdf contains guidelines on legal fees. However, the structure is not mandatory and firms often offer discounted rates.
- Title Insurance – protects your investment and covers title risks. Policies start at $375.
- Title Searching – to obtain and review registered title and any liens against the property.
- Registration Fees – $142.60 to register the home in your name and register the mortgage.
- Office Disbursements – couriers, facsimiles, conveyancing, postage, copies, etc. (as applicable).
- Land Transfer Taxes – calculator (Rebates may apply to first time buyers).
- Adjustments – based on vendor’s proportionate share of any prepaid or unpaid items, such as realty taxes and condominium expenses. If buying from a new home builder, these can vary greatly (paving, tree planting, development charges, etc.).
The costs for the above may vary considerably depending on the circumstances of your transaction (price, property type, lender requirements, etc.). Feel free to contact us for an estimate.