Summary of Buyer Closing Costs
If the seller should not provide you with an acceptable survey in the Agreement of Purchase and Sale, a new survey will cost approximately $800. Title insurance is a good alternative
- Land Transfer Tax
Payable on all purchases: see separate section
- Legal Fees
Legal fees may vary according to the lawyer. Make sure you ask what the fee includes. Approximately $750 and up plus disbursements.
There will be other costs which the lawyer will have to pay on your behalf, i.e. registration fees, photocopies, etc. Up to $500 will be less with title insurance
- Title Insurance (optional)
A title insurance policy can be purchased to insure oneself against any loss occasioned by a defect in title, an adverse claim or as an alternative to a survey. Cost is approximately $200. This will reduce the cost of closing disbursements substantially.
- Statement of Adjustments
Buyer and Seller are each responsible for their share of taxes, fuel and utilities.
- Home Insurance
Home insurance varies from one insurance company to another. Contact your broker for rates. Approximately $600-$700 can be paid annually on an average 3-bedroom, single-family home.
- Mortgage Application
Processing fee – Approximately $150. This is often waived.
- Mortgage Appraisal
Most residential re-sale homes are exempt from HST. However, most services involved with the transaction will be subject to HST, such as:
- Lawyer’s fees
- Processing fees
- Home Inspections
- Moving cost etc.
- Real Estate fee