Closing Costs

If you are buying a property, be aware of the following costs:

  1. Legal Fees. + HST and disbursements.
  2. Disbursements. Includes obtaining Tax Certificate, Zoning reports, Engineering report, Sheriff’s Certificate, Title Insurance, Registry Office searches, registering deed, registering mortgage, couriers, postage, long distance calls, etc.
  3. Land Transfer Tax. Calculation of LTT for Buyers:

Purchase Price

Calculation of LTT

0-$55,000

.005 x Amount

$55,001-$250,000

(.01 x Amount) – $275

$250,000-

(.015 x Amount)-$1,525
  1. Survey. If a recent survey is unavailable, a new one will cost you about $800-$1000. Fees for larger properties could exceed average prices.
  2. Adjustments. This could mean costs of pre-payment of taxes, hydro, gas, fuel, etc.
  3. Home Inspection. If you choose to have one (recommended), it will cost you approximately $350 - $400 + H.S.T.
  4. Arranging the Mortgage. You will have to pay an appraisal fee of about $220, unless you are transferring a present mortgage to a new property.

 

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Each office Independently owned and operated
Royal LePage Triland Realty, Real Estate Brokerage
491 Talbot Street
St Thomas ON  N5P-1C3
(519) 633-0600
Real Estate License # 4751216
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