What is Closing Costs?

 

What Additional Costs will you need to pay?

Don't forget and be prepared for the Closing Costs.

While your downpayment and mortgage will cover the purchase price of your home, it's wise to consider the other expenses involved in buying a home. You will pay some costs at the beginning of your home buying process and when your home purchase is finalized, at closing.

 

Closing costs range from 1.5% to 4% of selling price.

Click on links below to learn more about closing costs that'll apply to your purchase.

 

Before Closing:

  • Deposit (typically 5% of the purchase price, paid within 24-hrs once your offer was accepted)
  • Property Appraisal (typically paid by the lender)
  • Home Inspection (at the time of home inspection, $400-$700 paid to Home Inspection Company of your choice)

 

On Closing:

  • Balance of the Purchase Price (the purchase price less your initial deposit)
  • Down Payment
  • Legal Fees (the amount varies depending on purchase price - from $1,500)
  • Title Insurance (typically it's included in legal fees)
  • Mortgage Broker Commission (if applicable, and typically is paid by the lender)
  • Property Survey (if required; when buying a house - from $1,000 and up)
  • Ontario Land Transfer Tax (varies depending on purchase price)
  • Toronto Land Transfer Tax (varies depending on purchase price)
  • Property Tax Adjustment (reimbursement to Seller of property taxes they paid beyond the closing date)
  • HST (typically onlu applicable on new construction condos and houses)
  • Tarion Warranty Fees (warranty on new construction condos and houses only, not resale)
  • Provincial Sales Tax
  • Statement of Adjustments for Propery Tax/Utilities/Condo Fees/Etc.
  • CMHC Insurance Premium (insurance premium charged if you have less then 20% down payment)

 

After Closing:

  • Moving Expenses
  • Utility Connection Charges
  • Redecorating/Renovating Costs
  • Immediate Repair and Maintenance Costs

 

 

 

 

GET IN TOUCH

 

Please enter the numbers found on the right.

NATASHA McCOLL - Condominium.Ca

Sutton Group Realty Systems Brokerage

Independently owned and operated

2186 Bloor Street West, Toronto ON, M6S 1N3

Direct: 647-222-2222

Office: 416-762-4200

info@condominium.ca

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