What are closing costs when you purchase a home?
The first one, the big one, is land transfer tax. You can find out how much that is by going to ratehub.ca, put in the price of the home, change the city from Toronto because they pay more than us.
The second one is legal fees and disbursements. That’s gonna be over a thousand dollars, hopefully under 2000. Your lawyer can tell you how much that is. And then adjustments. So if say the seller paid the property taxes to the end of the year, you’re gonna owe the difference.
The third one is title insurance. You may be required by your bank to get title insurance, and that can be as low as a hundred dollars, but it depends on the price of the home. So it may be a lot more. And then there’s HTS, but that’s not on every resale home. That’s for new homes and substantially renovated homes.
So don’t forget to put a chunk of money aside for closing costs. And if you have other real estate questions, contact us. Let’s talk.
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