Here are some common closing costs we recommend preparing for in advance.
Legal Fees i. Whether you’re buying or selling, you’ll need a lawyer to close the deal. Fees can vary, but on a straight-forward transaction we recommend anticipating $1,800-$2,300 in closing costs for a purchase and $1,200-$1,500 in closing costs for a sale.
Title Insurance This cost is sometimes included in your legal fees, but can cost another $300-$1,000. It can be much higher depending on the purchase price of the property.
Ontario Land Transfer Tax This tax is also dependent on the purchase price. Use our Land Transfer Tax Calculator to determine what you will owe. You can also visit the city website for more information.
Property Tax & Utility Adjustments Before closing, buyers must reimburse the sellers for property taxes and utilities they paid for which extend beyond your closing date. This is done by your lawyer on closing.
CHMC Insurance Premium If you put less than 20% down, you will have to pay an insurance premium. For more information on premiums, visit the CMHC website.
Work With Us
Let’s have coffee & discuss the closing costs for your next home.