Closing Costs
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The closing costs in a standard Real Estate Purchasing transaction with no complications are based on the following three items |
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1. LEGAL FEES & DISBURSEMENTS |
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Approx. $900 – $1000 |
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2. LAND TRANSFER TAX* & REGISTRATION COSTS |
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Many purchasers are unaware of their obligations to pay Land Transfer Tax to the Province of Ontario on registration of their Deed. The rate of tax is based on the purchase price. The calculation is as under: |
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Under $250,000.00 >Land Transfer > |
Purchase Price ×1% Less $275.00 |
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Over $250,000.00 |
Purchase Price ×1.5% Less $1,525.00 |
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Over $400,000.00 |
Purchase Price ×2% Less $3,525.00 | |
| Example: | ||
| Purchase Price of Home | Land Transfer Tax | |
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$150,000.00 |
$1,225.00 | |
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$260,000.00 |
$2,375.00 | |
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$405,000.00 |
$4,575.00 | |
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REGISTRATION |
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Purchasers must also pay to the Province of Ontario a registration fee on each document registered on the title to the subject property being purchased |
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Register Deed |
Register Mortgage |
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$70.70 |
$70.70 | |
| 3. TITLE INSURANCE (optional) approx. $300.00 | ||
| Speak to your solicitor regarding benefits of title insurance. | ||
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* First time Home Buyers Exempt |
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