Closing Costs – Residential Purchase
The closing costs for a standard purchase transaction, with no complications, are based on the following three iems:
1. Legal Fees & Disbursements
Approximately $998.00
2. Land Transfer Tax
Most purchasers must pay Land Transfer Tax to the Province of Ontario on registration of their deed. The rate of tax is based on the purchase price (some exceptions apply).
The Land Transfer tax calculation is as follows:
Under $250,000.00: Purchase Price x 1% less $275.00
Over $250,000.00: Purchase Price x 1.5% less $1,535.00
Over $250,000.00: Purchase Price x 2% less $3,525.00
Example:
| Purchase Price of Home |
Land Transfer Tax |
| $260,000.00 |
$405,000.00 |
| $2,375.00 |
$4,575.00 |
3. Title Insurance
$278.00 average premium
Registration
The Province of Ontario requires a fee for registering Transfer/Deed and Mortgages. We have included in our Purchase Quote the cost of one Transfer/Deed and one Mortgage.
Additional Mortgages will have a registration cost of $70.50 each plus applicable fees.
Other Services
Wills & Power of Attorney ~ $200.00 (per person)
Family Law ~ $250.00 (per hour)
Purchases
House Purchases * ~ $998.00
Teranet Transaction Fee ~ $15.00
Sales
House Sale * ~ $649.00
Teranet Transaction Fee ~ $15.00
Any Additional mortgage/Line of Credit each ~ $70.50
Refinance
Refinancing ~ $299.00
(Plus Disbursements)
Title Insurance
Average premium for homes purchased for under $500,000.00 ~ $278.00
Casual atmosphere, friendly, knowledgeable staff
Practicing primarily in Residential Real Estate
Flexible for closing on short notice
We are equipped with Electronic Registration
Wills and Estates, Incorporations and Family Law Services are also available
* Normal Disbursements and GST included
