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The common closing costs for Buyer's are:

1.) Lawyer Fees and Adjustments (registering the mortgage, paying transfer fees, property tax adjustments, title insurance etc.)

See "TITLE INSURANCE" on the main menu under the "BUYER" tab.

Approximately $1500.00 (not including land transfer tax - see # 3)

2.) The remaining balance of your mortgage downpayment is due to your Lawyer, prior to the Bank releasing the funds at closing.

3.) Ontario Land Transfer Tax is only charged on the home you are purchasing.  It is based on the purchase price and is collected by your lawyer. 

See "LAND TRANSFER TAX CALCULATOR" on the main menu under the "BUYER" tab to calculate your purchase price and location.

Beware that properties purchased in Toronto have additional land transfer tax on top of the Ontario land transfer tax.

This information is just for reference and by no means be considered Legal advice.  Please confirm closing costs with your Lawyer.

 

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.


Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.


RE/MAX Chay Realty Inc., Brokerage, Independently Owned and Operated
152 Bayfield St.
Barrie ON  L4M-3B5
(705) 722-7100