Typical Closing Costs
Home Inspection:
A home inspector inspects property for defects and provides a written report, approximately $400.
Property Appraisal:
Used to determine the current market value of the property, approximately $220.
Home Insurance:
Provides protection for your home in the case of theft, fire, water damage, earthquake, etc. Proof of insurance is usually required prior to, or at closing.
GST:
New Homes only- See GST and Purchases of New Constuction Residential Property.
Property Transfer Tax:
See Property Transfer Tax in Brief.
Adjustment:
The previous owner of the property may have paid for Property Taxes, heat, and other expenses past the period of time they will be occupying the property. They may also be leaving liabilities such as outstanding taxes that will have to be paid prior to the new owners taking possession. The lawyer or notary will prepare a statement of adjustments that accounts for these factors ensuring that the party utilizing them pays the cost. This is part of the property conveyance process conducted by the lawyer or notary.
Survey:
An accurate survey of the property is required by most lenders. This can usually be obtained from the Seller's Realtor. If it is unavailable, you may need to cover the fee of $200 to $350. Title insurance can often be purchased instead of a survey. The cost is in the $150 to $250 range.
Legal Fees:
Depending on the complexity of your transaction, legal fees can range from approximately $700 to $1000.
Moving Costs: