Closing Costs

Write Down Your Notes by Federica Atechtnefott

If you are buying a property, be aware of the following costs:

1. Legal Fees. + GST and disbursements.
2. Disbursements. Includes obtaining City Tax Certificate, City Zoning reports, City Engineering report, Sheriff's Certificate, Title Insurance, Registry Office searches, registering deed, registering mortgage, couriers, postage, long distance calls, etc.
   
3. Land Transfer Tax. Calculation of LTT for Buyers:

   Purchase Price	Calculation of LTT
   0-$55,000	.005 x Amount
   $55,001-$250,000	(.01 x Amount) - $275
   $250,000-	(.015 x Amount)-$1,525

4. Survey. If a recent survey is unavailable, a new one will cost you about $800-$1000. Fees for larger properties could exceed average prices.
5. Adjustments. This could mean costs of pre-payment of taxes, hydro, gas, fuel, etc.
6. Home Inspection. If you choose to have one (recommended), it will cost you approximately $400 + G.S.T.
7. Arranging the Mortgage. You will have to pay an appraisal fee of about $220, unless you are transferring a present mortgage to a new property.