Closing Costs & Other Expenses

There are closing costs associated with purchasing a home and it's important to be aware of these costs ahead of time.

Please review the costs below and reach out with any questions.


Lawyer

(necessary)



A real estate lawyer can be an invaluable asset in determining your closing costs and guiding you through the process before or at time of offer acceptance. Their responsibility is to ensure your rights are protected, you obtain a good title to the property and tasks include but aren't limited in preparing, reviewing and filing paperwork.



Home Inspection

(optional)



A home inspection is highly recommended as this is one of the biggest purchases in your life. A licensed home inspector will point out possible defects by visually examining the property's condition including it's systems. Hiring a home inspector could save you a lot of money, stress and time in the future.



Title Insurance

(optional)



Owners title insurance is an insurance policy, ordered by your lawyer to protect your title and home equity as long as you own the property, from any arising issues.

This cost is optional and up for negotiation.

In many instances mortgage lenders require the purchase of  a lender title insurance policy. The sole beneficiary in this case would be the lender.



Adjustment Costs

(necessary)



The adjustment statement, prepared by your lawyer before closing may list seller prepaid expenses like property taxes and utilities.

The credit, if applicable is given to the seller as an adjustment on closing.



Home Insurance

(optional)



Most mortgage lenders require home insurance before advancing the mortgage. Having home insurance might cover the costs in worst-case scenario situations like damage to your home or personal property along with liability claims.


Moving Expenses

(necessary)



You can choose to hire a professional moving company or rent a truck to do it yourself. The costs vary based on distance, total hours required and the number of movers.


 

Land Transfer Tax 

(necessary)



The Land Transfer Tax is one of the biggest expenses you will encounter when purchasing a home. If you have purchased land or any interest in land in Ontario, The Provincial Land Transfer Tax (PLTT) would apply.

In addition, if this land or any interest in land has been purchased in Toronto, you are required to pay the Municipal Land Transfer Tax (MLTT) as well.


Please make use of my Land Transfer Tax Calculator to get a better idea for this cost.