SETTING THE PACE IN EXCELLENCE... SINCE 2007
Closing Costs and Process
"For the Buyers"
| ITEM | DESCRIPTION | Approx Cost |
Down Payment | Money needed as part of mortgage policy and qualifcations. | VARIES MIN 5% |
Mortgage Insurance | Typically if you put less then 20% down payment, mortgage | VARIES |
| Property Appraisal | This depends on individual lender policy. Some lenders cover cost | $300-500 |
| Indirect Lender Fees | Lenders may charge buyers small fees. Typically built into your mortgage. | VARIES |
| Title Insurance |
| $250-350 |
| Land Transfer Tax | Buyer has to pay upon purchase of a property. In Ontario, | VARIES |
| Lawyers Fees | The lawyer in charge of legally closing your real estate transaction; | $350-700+ |
| Title Registration |
| $100 |
| Miscellaneous Legals | Lawyers 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 is responsible for these on PER DAY up to and EXCLUDING the day of closing. Day of closing is responsibility of the buyer. | VARIES |
| 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. | VARIES BETWEEN |
| 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. | $300-500 |
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 | VARIES |
*It is always recommended to verify true applicable costs with the lawyer, mortgage lender, insurance, inspectors, etc...as 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.
PRINTABLE WORKSHEETS
1. Sellers Closing Cost Worksheet:
2. Buyers Closing Cost Worksheet:
