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Closing Cost Explained

Here is a basic overview of the closing costs associated with buying a house. People sometimes forget to consider this when calculating their budget for the home purchase.

Below is an example of what your closing costs could look like.

This is an example for a house at $250,000:

                    Lawyer Fees

                          Cost anywhere between $600 - $1200                                                  $750                

                      Title Insurance

                           Usually at the $180 - $275 range                                                        $278


                      Land Transfer Tax                                                                                   $2,500

                          Purchase Price          %Purchase Price        Less

                          0-$55,000                         0.5%                    0

                          $55,001-$250,000             1.0%                   275

                          $250,001-$400,000           1.5%                  1525

                          $400,000 +                       2.0%                  3525


                      Adjustments                                                                              

      Such as: property tax, utilities, or Condo fees                                     $400


                      Inspection

                          Recommended. Costs usually around $300-$500                                    $350


                      Other Costs

Moving Cost


Appraisal Fee

    Usually between $100-$300                                                         $150


Land Survey (if required)


Utility Transfers/Installation


(Possible) Mortgage Fees

    E.g. Mortgage Discharge Fee


Mortgage Loan Insurance


HST


                    ___________________________________________________________________________

                      *A good rule of thumb is about 3-4% of the purchase price                   Total $4,428


If you are a fist time home buyer you can receive up to $2,000 back off the land transfer tax.