Closing and Fees

House by Images of Money
House by Images of Money

Closing is the end of the long and complex process of buying a house; it’s the final transfer of money and keys. That’s why you need to arrange everything so that you will have the necessary funds ready on closing day. The costs you have to plan for are:

  • Legal fees could cost $1,000 to $1,500  plus HST
  • Disbursements: city tax certificates, registry office searches, register deed, register mortgage, couriers, postage, photocopies could cost up to $500 plus HST
  • Land transfer taxes (click to calculate based on purchase price)
  • Title insurance costs between $200 - $400 plus HST
  • Survey – if a survey is not available one may cost up to $1,000 plus HST
  • Adjustments – prepayment of taxes, hydro, gas, fuel
  • Home inspection – can cost up to $500 plus HST
  • Arranging a mortgage – an appraisal fee could cost up to $200
  • CMHC mortgage insurance if you are not buying with at least 20% downpayment

You will meet with your solicitor just before closing to sign all the paperwork necessary to transfer title of the property to your name. At that time your solicitor will provide you with a statement of adjustments which will breakdown the costs involved in this transaction. You will provide your lawyer with instructions on how to transfer the funds to the parties involved. Your lawyer will also make arrangements with you to pick up the keys for your new home once the title has been transferred.

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