There are a number of expenses that are related to finalizing and closing the purchase of a new home. Most of these additional expenses are paid immediately before the actual closing day through a real estate lawyer’s office.

It is not possible to estimate exactly what closing costs will be because no two transactions are identical. Other factors, such as adjustments will also impact the final closing costs. However, we can provide some general guidelines.

房地产律师将能够提供关于关闭特定购买所涉及的费用的估计。在大多数情况下,由于调整,在实际结束前几天,确切的金额将无法使用,但律师可以提供估计。

Below is an outline of a typical estimate. Please note that some costs vary based on your purchase price, notably Title Insurance and Land Transfer Tax. The estimates below are based on a $500,000 purchase price.

Legal fees (include mortgage) $ 825.00
HST on legal fee, title search, tax Certificate, disbursements 500.00
Title Insurance 300.00
Register deed & mortgage 145.00
Land Transfer Tax (not Toronto) $6,475.00
TOTAL 8245美元

请注意,此示例不包括任何调整。调整是卖方已支付的费用,其付款涵盖房屋关闭后的时间段。物业税和公寓维护费用是典型的调整。这些将按日常提供按照日常按照适用的贷记或借记到卖方或买方。此外,请注意,此示例不包括任何“第一次购买者”折扣或多伦多应付的额外土地转移税。

Most lenders will require that buyers show proof that they have 1.5% of the purchase price available for closing costs. In reality, 1.75%-2% is a better estimate when calculating closing costs. Because Land Transfer Tax is the largest portion of closing costs and is totally dependent on the purchase price, as the price increases, closing costs will increase dramatically. A sales representative will help you plan accordingly.

There are also expenses related to the purchase of a home that are paid to professionals other than the lawyer. They include:

Home Inspection

  • starting at approximately $400
  • paid to the inspector during the conditional period of the transaction which is typically the week after you actually negotiate the purchase.

The cost of the inspection varies dependent on several factors including square footage, age of home, etc.

例如,如果it is an older home, the cost may be higher, because there are more complex issues to examine such as wiring and insulation.

Very often homes in rural or estate subdivisions do not have municipal water and sewage, so additional inspections must be initiated on the septic system and well. All of these issues will impact the cost of the inspection.

However, a sales representative will be able to give you an accurate estimate of the cost of the home inspection and any ancillary inspections once you have made a decision regarding the home you wish to purchase.

Property Insurance

This is totally dependent on the home, the insurer, and coverages. Age of the home, square footage and age of the systems (such as roof and furnace) will also impact the cost. This should be arranged immediately after your purchase.

In some cases, where the sales representative believes there is something in the home that may be an insurance “red flag” such as knob and tube wiring, the offer may be conditional on securing satisfactory insurance coverage. In that instance, insurance coverage should be arranged during the conditional period.

Moving Expenses

Again, this is totally dependent on how you choose to move: rent a truck, hire movers, etc.

Contact an Avenue Realty Inc., Brokerage Realtorto learn how we can help.

Vaughan Luxury Homes for Sale presented by Avenue Realty Inc. Brokerage in Richmond Hill


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