SUBMIT: money.jpgThe items listed below is an overview of what to expect when closing your purchase. These expenses are approximations only – they may vary and change frequently. Your RE/MAX Absolute Realty Inc.  real estate agent can help you further define more precise numbers.

        

House inspection – $450 and up. Due at the time of the inspection.

Septic Inspection (where applicable) $500 and up, due at the time of inspection

Legal fees (including disbursements) – Legal fees can be anywhere from $1000-$4000 depending on the lawyer and the extent of the services provided. (Contact your lawyer to get a quote prior to closing) These fees are payable on the closing date.

      

 

Land Transfer Tax – Below is the Ontario Land Transfer Tax Table. These Land Transfer Taxes are due at closing and payable to your lawyer.   

 Ontario
Land Transfer Tax
Up to $55,000 X 0.5% of total property value
From $55,000 to $250,000 X 1% of total property value
From $250,000 to $400,000 X 1.5% of total property value
From $400,000 up X 2% of total property value
The City of Toronto levies an additional LTT on Toronto real estate in addition to the provincial rate

Various registration fees (including deed /mortgage and governmental) – Several hundred dollars and up. Due at closing.

Interest adjustment – Varies with mortgage amount and terms. Due at closing.

Property tax/pre-paid utilities adjustments – Varies widely, but often under $1,000. Due at closing.

Property/fire insurance – Expect to pay $300 to $700 for most properties, but it varies according to coverage level, region and property type Contact your insurance company to insure you get the proper insurance coverage, prior to closing.SUBMIT: change.jpg

Title insurance –  Completed through your lawyer and is recommended. Get a quote from the lawyer upon meeting with them.

Status certificate (for condos only) – Around $100. This is paid to the condo corp during the conditional period, in the offer.

This can be paid through the lawyer or upfront.