Closing Cost Estimate

Closing Costs and Process

"For the Buyers"


ITEM                       DESCRIPTION

Approx Cost

Down Payment 

Money needed as part of mortgage policy and qualifcations.


Mortgage Insurance
(CMHC or Genworth)

Typically if you put less then 20% down payment, mortgage 
insurance is needed.  Amount is blended in with your mortgage.

Property Appraisal

This depends on individual lender policy.  Some lenders cover cost
other do not. Best 
to speak to them prior to identify requirements.

Indirect Lender

Lenders may charge buyers small fees. Typically built into
your mortgage.

Title Insurance

Protects the buyer against many title related problems


Land Transfer Tax

Buyer has to pay upon purchase of a property. In Ontario, 
a first time buyer gets a break from this tax. 

Lawyers Fees

The lawyer in charge of legally closing your real estate transaction;
duties may vary depending on the type of transaction.

Standard Residential

Title Registration

Property Titles need to be registered with the land registry office
and municipal offices 

Miscellaneous LegalsLawyers will charges for photocopies, mailing, faxing and other.... VARIES
Legal Statement
of Adjustments

Depending on when your closing date occurred would stimulate
the need to adjust for 
property taxes, services or other items
related to the property.  Essentially the previous owner
responsible for these on PER DAY up to and EXCLUDING the
day of closing.  Day of 
closing is responsibility of the buyer.  
House Insurance
Typically lenders will demand proof of insurance before they
forward the funds or release on closing date.  It is a legal
requirement is some jurisdictions.
$100/mth Avg
Standard Residential
Federal/Provincial Tax
If you are buying a new home from and builder, vacant land or
commercial property then
traditionally these would qualify. New
home builders may put as term to have
an H.S.T rebate back to
the builder.  Either way, would be cost to the buyer.  Some tax

rebates may exist.


Home Inspection 
This is always recommended but may not be practical in some
cases.  Inspections are
designed to identify and educate on that
particular property.  In some cases items
may be found that seller
not aware of and warrants further discussion between parties.

Standard Residential

Condo Status Cert.

These are documents, if buying a condo, would be a recommended and needed condition outlining the financial status of any condo building.  Typically includes: rules and regulations declarations, bylaws, insurance information, various financial information, legal description etc. It may also outline any legal judgements against the condo corporation, the possibility of common fee increases, special assessments or insurance claims, all of which could effect the condo fees and its legal responsibility.  Buyers are buying the corporation as well NOT just the unit/condo.
$200 Paid by Seller
Moving Expenses
Some buyers need this service and varies from amount of items
to distance of move

*It is always recommended to verify true applicable costs with the lawyer, mortgage lender, insurance, inspectors, it pertains to your specific  purchase

"For Sellers"

This is much less involving and less expense on the selling end...essentially you would be responsible for:

1.  Lawyers Fees

2.  Miscellaneous Lawyers Fees

3.  Legal Statement of Adjustments

*Typically the seller(s) would be purchasing and new home at which the above would then be applicable aswell.


1.  Sellers Closing Cost Worksheet: 

2.  Buyers Closing Cost Worksheet: