Closing Costs

Home Inspection

A home inspection performed by a qualified home inspector is between $250- $500
Lawyer Fees
Approximately $800- $900. Here you can have an idea about what could be your closing costs.
Land Transfer Tax (Residential)
If the purchase price is less than $250,000, the cost is 1% of purchase price less $275
If the purchase price is $250 000- $400,000, the cost is 1.5% of the purchase price, less $1, 525
If the purchase price is over $400,000, the cost is 2% of the purchase price, less $3, 525
There is a Land Transfer Tax Refund Program for First-Time Homebuyers which includes purchasing resale homes. The maximum refund would be $2,000.
Resale homes would be effective for agreements of purchase and sale entered into after December 13, 2007. Ask Banu for more information.
City of Toronto
0.5% of the amount of the purchase price up to and including $55,000, plus
1% of the amount of purchase price between $55,000 and 400,000, plus
2% of the amount of the purchase price above $400,000
First time buyers for both new and resale homes will receive a rebate of up to $3,725 (this equals 100% rebate on homes purchased for up to $400,000)
Ask Banu if you qualify as a “first time buyer”.
Search of Title
Budget approximately $150
Title Insurance
Budgets anywhere between $150- $350 (including what it covers). This insurance is highly recommended. I have an article explaining it further. Please request it if necessary.
An “adjustment” needs to be made at the time of closing for payments the seller has made in advance for services that will extend past closing. For example, if the seller has paid property taxes until July 30th but the closing on May 30th, an adjustment needs to be made and the buyer will have to reimburse the seller for his/her unused portion. Property taxes and utility bills are the most common adjustments but other adjustments may pop up so make sure you ask your Lawyer for a detailed statement of adjustments.
Some approximate costs:
Tax Certificate: $50
Building Clearance and Zoning: $70- $250
Water Certificate: $30                                                                                
Hydro Certificate: $10 Hydro Work Orders: $30
Gas Company Certificate: $15
Registration of Deed and Mortgage: $60/document or $120
There IS no G.S.T./H.S.T. applied to a resale home purchase for the house, condominium, cottage, apartment, or non-commercial farm.
G.S.T./H.S.T. does however apply to other services such as the Realtor’s fee (usually paid by the seller), appraisal fee, referral fee (if any), survey fee (if needed) and legal assistance.
Survey (If Required)
Lenders need a copy of the survey to know what you are buying and to ensure there are no problems like encroachments or easements on the property.
Generally, the previous owners will pass their survey on to you; in addition title insurance can help if they do not have a survey. However, in the case you need a survey done it will cost approximately $600- $1,500 for a standard residential lot.
General Maintenance
Make sure to budget for the ongoing maintenance fee and utility costs of the property including heat, hydro, repairs, renovations, snow removal, landscaping and any other costs the property might require.
Please note that these are approximate costs and are subject to change. Please speak to your lawyer to verify specific costs that relate to your closing.