Estimated Closing Costs

Estimated Closing Costs

Even though buyers do not pay the agent’s commission, they still have some costs associated with a purchase. These include legal fees, disbursements, title insurance, HST on CMHC premium (if required less than 20% down), Land Transfer Tax, Municipal Land Transfer Tax (Toronto only, Durham only pay Provincial), and moving costs. Please ask me for a more accurate list based on the price of home we are looking for.

LAWYER (Roughly $2000, THIS INCLUDES REGISTERING A MORTGAGE AND HST INCL)

NOTE: Lawyer fees differ from lawyer to lawyer, below are the fees provided by Aitchison Law Office
 

Legal Fees and disbursements

ESTIMATED LEGAL FEES & DISBURSEMENTS

Purchase –    Legal Fee - $795.00 + HST (includes 1 mortgage)

                        $595.00+ HST no mortgage

Title Insurance                                  $432.00

Register Deed & Mtg.                       $142.60                      TOTAL $2,037.39

Teranet                                              $  87.00

Agents fee                                          $135.00

Telephone, postage, etc.                   $  60.00

Certified cheques                              $  52.50

Courier                                               $  45.00         

Conveyancer Charges                       $  20.00

Holdback/File Maintenance             $100.00         

HST                                                     $168.29  - (HST on $795.00 included)

                                                            $1,242.39 

 

Land Transfer Tax

FIRST TIME BUYERS EXEMPT UP TO $2000!

Most provinces charge a land transfer tax payable by the purchaser. The amount varies depending on the province. Land transfer tax is based on the purchase price. First time home buyers purchasing a new home may be entitled to a refund, $2,000 in Ontario. 

LAND TRANSFER TAX - CALCULATE AMOUNT HERE: http://brent.foley.homeseek.com/ontario-land-transfer-tax-calculator

HST ON MORTGAGE INSURANCE

If putting less than 20% down you will owe a CMHC insurance premium on your mortgage. Only the HST will be due on closing, the premium itself can be built into your mortgage payments. 

HST ON MORTGAGE INSURANCE - CALCULATE YUOR AMOUNT HERE:  http://brent.foley.homeseek.com/mortgage-insurance-calculator

MOVING COSTS

Call for a quote, here are some recommended moving companies:

Checkers Movers                   905-925-7719         

Mackie Group Movers          905-728-2400          http://www.mackiegroup.com/

AMJ Campbell                        1-888-265-6683      http://www.amjcampbell.com/     

 

The Foley Group

  • Head Office 319 College Avenue
    Oshawa, ON, L1J 3S2
  • Phone 905-240-7300
  • Fax 905-571-5437
  • Contact Us  

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 6/24/2017 6:02:09 AM