Closing Costs In Ontario

Sale | Purchase | Refinance
Closing costs buying a house

Closing Costs When Buying a House in Ontario

As a guideline on Average Closing Costs in Ontario range between 1.5% to 4% of the Purchase Price, for instance closing cost for a property purchase price at $500,000/- would range between $7,500/-  to $20,000/-.

Closing costs are generally referred to as Land Transfer Tax, Legal Fees, Expenses, and Costs that would need to be paid at the time of home purchase in additional and on top of down payment.

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.

Minimum Closing Costs when buying a Home includes:

  1. Land Transfer Tax for Province of Ontario
  2. Municipal Land Transfer Tax (Applicable only if Property is located in Toronto)
  3. Real Estate Legal Fees, plus Lawyer’s disbursements
  4. Title Insurance
  5. Fire Insurance
  6. Registration of Transfer $78 & Mortgage $78
  7. Stewart Assyst Charge $28.30 (Applicable only if mortgage instructions are sent electronically to the lawyer)

Example of Closing Costs Breakdown

Closing Cost when buying a House in Ontario valued at $500,000/– located OUT of the City of Toronto & the purchaser is NOT a first time home buyer.

  • Land Transfer Tax $6,475
  • Legal Fees $999 (Shaikh Law Real Estate Lawyer Fees)
  • Title Insurance (Estimated) $500
  • Registration of Transfer $78
  • Registration of Mortgage $78
  • Stewart Assyst $28.309
  • HST (Tax) $117

Total Closing Cost $8,275.30 

Land Transfer Tax Calculator

Property Purchase Price
Type of Property
Where is the Property Located?
First Time Home Buyer
Land Transfer Tax Calculator Results are based on the information available on the Government of Ontario website. Shaikh Law Firm does not take any responsibility if the rate is changed by the Government of Ontario. Clients will be expected to Pay Land Transfer Tax as levied the Government of Ontario.
RESULTS
Ontario Land Transfer Tax
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Toronto Land Transfer Tax (Including Admin Fees $84.75)**
0
Less First time Home Buyer Rebate
0
Total Land Transfer Tax
0
  • * Fees subject to change without notice
  • ** Toronto Land Transfer Tax includes administration fee $84.75.

Optional Closing Costs When Buying a Property

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 or Default Insurance Cost: 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.

 

closing costs when selling a house in ontario

Closing Costs in Ontario when Selling a Property

Closing costs when selling a house in ontario are mostly limited to three items 

1.Realtor commission,

2.Real Estate Lawyers Fees,

3. Mortgage payout charges. 

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 Commission 3% + Tax
Real Estate Lawyers Fees inclusive of Disbursements $810 + Tax
Mortgage Prepayment Charges (Estimate) 3 months interest
Closing Cost Refiancnce

Closing Cost for Refinance

The Closing Cost to Refinance a property includes the cost of

1. Mortgage broker’s Commission if going through B-lender

2.  Real Estate Lawyer’s Fees 

3. Payouts such as existing mortgage, Credit Cards, Line of Credit. 

4. Title Insurance.

5. Law Society Levy.

6. Registeration of Refinance Charge

Closing Cost Calculator for Refinance

Refinance/ Mortgage/ Loan Amount
Type of Property
Are you Paying off a Mortgage?
How Many Payouts?
Shaikh Law Firm’s Real Estate Lawyer Fees Ontario offers Fixed Legal Fees and Upfront Closing Cost Calculator. No Hidden Charges and No Surprises on the date of Closing. Our Real Estate Lawyer Legal Fees includes Law Office Disbursements in accordance with the LSUC Rule 4.2-2.1. Please feel free to Contact us for Free Consultation.
Legal Fees *
0
Disbursements
0
Additional Payouts ($63 +HST each)
0
Title Insurance (Estimate Cost)
0
Law Society Transaction Levy
0
Government Registration Fee(s)
0
HST on Applicable Items
0
Total Cost
0
  • * Fees subject to change without notice and includes one payout for a mortgage/loan

What We Can Do For You?

Purchase

Sale

Refinance

Title Transfer

Independent Legal Advice

Interim Closing

Real Estate Lawyer Fees

No Hidden Charges

Our Real Estate Fees Structure is Transparent in accordance with the Law Society Rules 4.2-2.1

Real Estate Lawyer downtown Toronto

Real Estate Lawyer Fees for Purchase

Our Real Estate Lawyer Fees for Buying a  property is $900 + Tax for a Cash Purchase.  However, if purchasing with a Mortgage then Legal fees will be $999+ Tax. 

WHAT IS INCLUDED IN LEGAL FEES;

  • One Title Search;
  • Two Writ Searches;
  • Two Execution Searches;
  • Bank Charges, including Two Certification of Cheques;
  • Printing, Courier Charges;
  • Phone & Fax charges.
  • Software Charges;
  • File Opening Charges;
  • One Appointment/ Mobile Signing.
  • After Office Hours Appointment
  • Securing Title Insurance

WHAT IS  NOT INCLUDED IN LEGAL FEES;

  • Land Transfer Tax; (Charged As Per Invoice)
  • Title Insurance; (Charged As Per Invoice)
  • Registration Cost per Transfer or per Mortgage $78; (Charged As Per Invoice)
  • Stewart Assyst Charge $28.30 (Charged As Per Invoice)
  • Additional Title Searches (If required, Charged as per Invoice)

Real Estate Lawyer Fees for Sale

Our Real Estate Lawyer Fees for Selling a  property is $810 + Tax. 

WHAT IS INCLUDED IN LEGAL FEES;

  • One Mortgage Payout or Any other payout;
  • Bank Charges, including Two Certification of Cheques;
  • Printing, Courier Charges;
  • Phone & Fax charges.
  • Software Charges;
  • File Opening Charges;
  • One Appointment/ Mobile Signing.
  • After Office Hours Appointment
  • Securing Title Insurance

WHAT IS  NOT INCLUDED IN LEGAL FEES;

  • Law Society Levy $65
  • Per additional Payout $63 + Tax if required
Real Estate Lawyer Toronto Fees for Sale
Refinance Lawyer

Real Estate Lawyer Fees for Refinance

Our Real Estate Lawyer Fees for Refinancing a  property is $810 + Tax. 

WHAT IS INCLUDED IN LEGAL FEES;

  • One Mortgage Payout or Any other payout;
  • Bank Charges, including Two Certification of Cheques;
  • Printing, Courier Charges;
  • Phone & Fax charges.
  • Software Charges;
  • File Opening Charges;
  • One Appointment/ Mobile Signing.
  • After Office Hours Appointment
  • Securing Title Insurance

WHAT IS  NOT INCLUDED IN LEGAL FEES;

  • Law Society Levy $65
  • Per additional Payout $63 + Tax if required

Interim Closing (Condo Only)

Legal Fees for Interim Closing for Condos is $450 + Taxes inclusive of all Law Office Disbursements. 

Interim Closing
Assignment of Real Estate in Ontario

Assignment of Real Estate in Ontario

Our Lawyer’s Fees for Assignment is $450 + Tax inclusive of all Law Office Disbursements.

No Hidden Charges

Ijara Real Estate Lawyer Fees $450 + Tax

Our Ijarah Real Estate Lawyer can help you with your Islamic Mortgage Documentation. Shaikh Law Firm is on the approved panel of Ijara CDC. 

Our Fixed Legal Fees for Ijara Real Estate Documents $450+ Tax. inclusive of all Law Office Disbursements 

Ijarah Real Estate Lawyer Toronto-min
Real Estate Lawyer Fees for Title Transfer -min

Simple Title Transfer

Legal Fees for a Simple Title Transfer is $900 + Tax provided no mortgage is being ported.

However, Legal Fees for Title Transfer with mortgage transfer is $999 +Tax.

WHAT IS NOT INCLUDED IN LEGAL FEES?

Land Transfer Tax
Title Insurance (If required by the Lender)
Registration Fees $73

Disclaimer

Our Real Estate Lawyer, all-inclusive Flat Legal Fees is based on a Residential Transaction for a vacant single-family property on the date of closing and upon receipt of mortgage instructions a week before closing (if applicable)

Rush Fees

 Rush Fees of $450 would apply if documents or instructions are received less than a week before closing. If you are seeking to close a Commercial Real Estate Transaction, please visit our Corporate Lawyer Page.

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Services Included in Fees

REVIEW & PREPARATION OF DOCUMENTS
SUBMISSION OF DOCUMENTS
PAYMENT TO PARTIES
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Customers reviews

Mr. Nanavaty from Shaikh law firm work on my real estate purchase.I am very satisfied with his professionalism, cooperation and smooth transition of whole process. I’m very satisfied with the service and very reasonable fee.
I recommend to use their services. The customer service representative Caroline also provide required information very quickly.Thank you team of Shaikh Law firm for their excellent customer service.
Dan Ahir
I used Shaikh law Firm for two real estate transactions (purchase and sale).

Both Transactions were to close on the same day and the Firm handled them very well. I found Caroline to be very helpful and responsive at all times.

I enjoyed dealing with her and felt she treated my files with utmost care and diligence.
She kept me up to date at all times and was quick to respond to my inquiries. Ali is a good Solicitor as well.

He was thorough and explained everything about my two transactions. Both closings went smoothly and I am very happy with service and the cost. I will definitely go back to this Firm for any future transactions.

F. Salim
Excellent service. All questions answered quickly and nicely.

They walked me through the whole process. They handled everything and they were completely affordable.You can not beat their pricing or their service.

Thank you Shaikh Law Firm for keeping the purchase of our new home an exciting and stress free experience.
April Jay

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