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
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*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.