CLOSING COSTS Many variables can affect your closing costs. Adjustments will be made at closing in regards to property taxes that have been prepaid such as utilities, taxes, fuel oil tanks and other fees the seller (or buyer) may need adjustments for. These adjustments will be made by your lawyer usually on the closing day (date of completion as outlined in your Agreement of Purchase and Sale). *Single-family and duplex residences only. Land Transfer Tax could be eligible rebates on new homes. Land Transfer Tax As a general guideline, closing costs are usually 1.5%-2.5% of your purchase price. Common Closing Expenses: (all figures are approximate) -Appraisal Fee, $175-$350 -Fire Insurance, $250-$600 -GST payable 5% (new home purchases and other fees/services) -Home Inspection Fee, $300-$400 -Land Survey $600-$900 -Legal Costs & Disbursements, $1200 and up -PST (8% of CMHC fees in high ratio mortgage) -Mortgage application and processing fee, $75-$185 (Usually for high ratio mortgages, CMHC insured) -New Home Warranty, $600 -Title Insurance $225
Posted on: Fri, 19 Sep 2014 18:48:33 +0000
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