Home Hunter
Paul Charles - Phone: (705) 722-7100 - Email Me

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.

 

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