Home Buying Expenses/ Closing Cost
Your mortgage isn't the only expense when buying a home.There are also closing costs that include appraisal fees, Lawyer's fees, insurance and more.
Generally speaking your combined closing costs represents between 3% to 4% of the purchase price.
Home/Condo Buying Expenses |
Closing Cost |
| Mortgage application fee |
At time of application |
| Property appraisal fee |
Closing |
| Property tax hold back |
Closing |
| Home inspection |
Upon offer acceptance |
| Legal fees and disbursements |
Closing |
| Title insurance |
Closing |
| Deed and/or mortgage registration |
Closing |
| Property Survey (sometimes provided by seller) |
Closing |
| Land transfer tax |
Closing |
| Mortgage interest adjustment/ Mortgage assumption fees (if applicable) |
Closing |
| Adjustments for utilities, property tax, condo fees etc. |
Closing |
| Home Closing Insurance (optional) |
Closing |
| Home insurance |
On going |
| Connection charges for utilities |
Date of move |
| Moving expenses |
Date of move |
Land transfer Tax
Land Transfer Tax Calculation
The land transfer tax payable is calculated at a progressive rate on the value of the consideration (purchase price) paid for the home. Use the
following rates to calculate the amount of land transfer tax applicable to your purchase:
. 0.5% on the amount of the value of the consideration up to $55,000
. 1.0% on the amount of the value of the consideration from $55,000 to $250,000
. 1.5% on the amount of the value of the consideration from $250,000 to $400,000
. 2.0% on the amount of the value of the consideration over $400,000
On-going costs:
Monthly costs incurred with home ownership are property taxes, mortgage payments, condo fees (for condos), utility costs, maintenance and home insurance.
Home team can answer all your questions concerning home buying expenses/closing costs. |