Closing Costs in Ontario

Closing Costs Ontario Buying a Property-min

Closing Costs in Ontario when buying a Property

Closing costs are generally referred to as Fees, Expenses, and Costs that would need to be paid at the time of home purchase in additional and on top of a purchase price. Closing costs when buying a house or a Condo varies from City to City and Province to Province in Canada. It is crucially important to budget for closing costs when buying a property because it is an additional expense on top of moving expenses. An estimate of closing costs would range between 2.5% to 4% of the purchase price but this is not always accurate. The mandatory closing are which apply in every home buying transactions are
Real Estate Lawyer Fees including Disbursements$900+ Tax
Land Transfer Tax (Property Value)2% Max
Title Insurance $1 to $1000 so property worth $500,000$500
Registration of Transfer$75.63
Registration of Mortgage$75.63

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Closing Costs in Ontario when Selling a Property

Closing costs when selling a house in ontario are merely limited to your realtor commission, lawyers fees, and mortgage payout charges. Although the list of Closing costs is short the most significant cost for the sale of a property is Realtor’s commission. One must keep in mind that 3% is usually charged if your realtor brings a client, if another realtor is involved for the purchaser then the commission may go up to 5% of the property value. The Lawyer is Fees and disbursements are not as high as realtor’s commission but do add up to the total amount. At Shaikh Law, a Real Estate Lawyer would charge his fees plus disbursements in a total of $810+ Tax which would include one payout of your mortgage.If your mortgage is not ready for renewal then you may end up paying for breaking the term of the mortgage, depending on the Financial institutions and terms of your mortgage you may end up paying a minimum of 3 months of interest or a maximum of a few thousand. It would be best if you reach out to your financial institution to inquire what charges would apply if you were to break your mortgage prior to completion of the term of your mortgage.
Real Estate Agent’s Commission3% + Tax
Real Estate Lawyers Fees inclusive of Disbursements$810 + Tax
Mortgage Prepayment Charges (Estimate)3 months interest (Common)
Closing Costs Ontario Sale

Optional Closing Costs in Ontario when Buying

Home Inspection Fees: $500 to $800 Optional costs but strongly recommended to have it done. It is usually placed as a condition to the Offer to purchase.

Appraisal Fees: $300 to $500 some lenders would prefer to appraise the home before granting the loan. (optional).

Condo Certificate/ Estoppel Certificate: $100 to $200. If you are buying a Condo then your lawyer would need to review the Condo or strata certificate to confirm that the condo is free from any claims, liens or charges.

CMHC Fees: If you down payment is less then 20% then you would be paid for default insurance.

Loan up to 85%1.80% Fees
Loan up to 90%2.40% Fees
Loan up to 95%3.60% Fees
Loan 90.01 to 95% Non-Traditional

3.85% Fees

Non – Traditional: 5% down for less than $500,000 and 10% down for more than $500,000.

Credit Score: 650 Recommended

Debit to service ratio: between 42 to 44%

Only one mortgage.

Real Estate Lawyer Fees

We have a Transparent Real Estate Lawyer Fees structure inclusive of all Lawyer’s Disbursement in accordance with the Law Society Rules 4.2-2.1. No Hidden Fees or Charges.

Interim Closing

Real Estate Lawyer Brampton

Legal Fees

$450 + HST

Sale & Refinance

Real Estate Lawyer Brampton

Legal Fees

$810 + HST

Purchase & Title Transfer

Real Estate Lawyer Brampton

Legal Fees

$900 + HST

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