Closing Costs are in addition to the purchase price and can include…

Due at time of offer, usually 5% of purchase price. Bank draft is best.
Canadian Mortgage & Housing Corp is required to insure all mortgages with less than 20% down payment. Rate is 0.6-3.85% of loan depending on down payment. This is added to the mortgage or paid on closing.
Land Transfer Tax
Ontario tax + Toronto tax. Check out Chestnut Park’s helpful calculator. Paid upon closing.
If required, can cost $1000-1500. Due at time of survey.
Home Inspection
If applicable costs $500 and up depending on property size. Payment due at time of inspection.
Legal Fees
Obtaining a real estate lawyer to complete your transaction costs approximately $1000 and is paid upon closing.
Home Insurance
You cannot close your property without this as your mortgagee must be notified of your policy. $500/year+. Due at closing and ongoing.
Paid to your lawyer for fees paid on your behalf (ie. title insurance, work order, etc.) for a maximum purchase price of $1M. Approximately $700-1000 paid upon closing.
Mortgage Processing Fee
Some banks require a processing fee, amount varies depending on bank. Due at time of application.

Additional miscellaneous charges can include but are not limited to gas connection charges, telephone/internet/cable connections, hydro connections and moving expenses which can vary depending on the supplier.

Irene Grech, Broker, MCNE
Chestnut Park Real Estate Limited, Brokerage
1300 Yonge Stree, Suite 100
Toronto, Ontario M4T 1X3
Office 416.925.9191
Cell 416-885-9207

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