Closing Costs

Closing is the point at which the ownership and usually possession of the property is transferred from the seller to you.

Closing costs are a list of charges that your lawyer will presents to you. Many people are surprised by this since these are additional costs over and above the price of the your cottage or home.

Below is a list of possible closing costs that you may encounter.

  • Land transfer tax (Tax payable to anyone who purchases property in Ontario)

  • Possible home appraisal fee from your financial lender

  • Title Insurance (Protects you from title errors or omissions in public registry, errors in surveys etc.)

  • Legal Fees (Title search, new deed, preparing and registering the mortgage etc.)

  • Property tax, utility, heating, oil etc. adjustments ( Seller had already paid these in advance and wants to be credited)

  • HST on real estate commissions (Seller Pays)

I recommend that you talk to your lawyer and get an estimate for these costs.

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