Real Estate Buyers Agents .ca
Real Estate Closing Costs
Before you start looking for a home, you should be aware of the real estate closing costs involved and be able to have most of these funds available before you even start the search. Besides the minimum 5% down payment, which the mortgage company requires, you will need to have the following amounts at hand.
| Lawyer's fees and expenses: |
normally $900 to $1100 |
| Land Transfer Tax: |
varies, but on a $100,000 home, costs about $750 |
| Home Inspection: |
$275-$350 not mandatory, but an excellent idea |
| Bank Appraisal Fee: |
$250, but the bank may waive it |
| Mortgage Application Fee: |
$250, Banks can sometimes waive this |
| Mortgage Insurance Premium: |
ranges from 0.5% to 3.75% of the mortgage amount |
| Survey: |
$600 - $800 if necessary |
| Estoppel Certificate: |
$50, but only applies to condos |
| Service and Utility connection: |
depends on the company |
This summary of closing costs for real estate are meant to provide an assist to you but should not be relied upon. For a closer examination of costs it is best to contact your real estate agent or lawyer.
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