Typical Closing Costs
A home inspector inspects property for defects and provides a written report, approximately $400.
Used to determine the current market value of the property, approximately $220.
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.
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.
Property Transfer Tax:
Depending on certain qualifications, you may need to pay this tax. See Property Transfer Tax in Brief.
This only affects the purchase of a New construction home.Learn more about GST and Purchases of New Construction Residential Property.
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.
Depending on the complexity of your transaction, legal fees can range from approximately $700 to $1000.
The cost of moving your household contents to the new home and hooking up the telephone, cable, internet, etc.