Jodi & Bruno Caldarelli THE KEY TO MOVING YOU IN THE RIGHT DIRECTION

CLOSING COSTS


 

 

Closing Costs
On this page:
Typical closing costs for purchasing and selling a home including
Legal Costs, disbursements, and Land Transfer Tax 
AND information on the new TORONTO 
Land Transfer Tax
.

 

 


Buying   or   Selling  a home is one of the most important and probably the largest investment that you will
ever make. 



Purchasing  a home: The process of purchasing your home starts by hiring experienced, reliable and knowledgeable agents that will help to select the home that most meets your needs as well as your
budget.
Jodi and Bruno are not satisfied until our client’s are. Understanding the CLOSING costs
will help make this process easier.



You also need to hire a Real Estate
Lawyer that will review with you:

 

·   The Agreement of Purchase and Sale and conditions

·   The survey (if applicable)

·   Easements or right-of-ways

·   Searches that will be done to ensure there are no encumbrances against the property such as
mortgages, liens etc.

·   Registering the new title to your name

·   Registering any mortgages to your name

·   Title Insurance -which is an insurance policy used to provide protection for the purchaser and
lender against losses or damages suffered as a result of title problems or fraud. Title Insurance
Fees vary depending on the type of property and the purchase price.
(See below for detailed
price breakdown)

·   Land Transfer Tax -On the purchase of residential property in Ontario.

 

Typical closing costs when purchasing a home consists of: Land Transfer Tax, Your Lawyer's
Fees, and Disbursements, and The Cost for Title Insurance.

 

 

Land transfer tax is calculated on the purchase price based on the following sliding scale.

 

On the first $55,000 of purchase price, the tax is: 0.5%
Plus 1.0% on any amount exceeding $55,000 up to and including $250,000
Plus 1.5% on any amount exceeding $250,000 up to and including $400,000
Plus 2.0% on any amount over $400,000

Or  you can use the following formula:

 

Purchase Price

Calculation of LTT

0 - 55,000

.005 x Amount

55,001 - 250,000

(.01 x Amount) minus 275

250,001 - 400,000

(.015 x Amount) minus 1,525

400,000 +

(.02 x Amount) minus 3,525

PLUS IF YOU ARE PURCHASING IN TORONTO,  a second land transfer tax, on top of the
provincial land transfer tax, at the following rates:

Residential:
0.5% of the amount of the purchase price up to and including $55,000, plus
1% of the amount of the purchase price between $55,000 and $400,000, plus
2% of the amount of the purchase price above $400,000

An easy-to-use residential Land Transfer Calculator is available below:
Just click on the calculator

 

Land Transfer Calculator:


Below you will find approximate Lawyer fees for purchasing a home. A typical Lawyer's fee consists of the Lawyer's base fee PLUS Disbursement Costs.

House Purchase: One mortgage   Lawyer Fees:       $650-$800  (under $500,000.00)                       
Disbursements:
Title Search:         $ 120
Lien Search:              28
Registration:            140
Title Insurance:         270 (See chart below for approx Title insurance costs)
Closing costs:          162
Office cost:                30
Total Disbursements:  $750 (approximately)       
PLUS LAND TRANSFER TAX
                   
House Purchase NO MORTGAGE   Lawyer Fees:       $600-$650  (under $500,000.00)                       
Disbursements:
Title Search:        $120
Lien Search:            28
Registration:            70
Title Insurance:       262 (See chart below for approx Title insurance costs)
Closing costs:        112
Office cost:              50
Total Disbursements:  $642 (approximately)       
PLUS LAND TRANSFER TAX
 
CONDO Purchase One mortgage    Fees:    $650-$800 (under $500,000.00)                       
Disbursements:
Title Search:         $80
Lien Search:          28
Registration:         140
Title Insurance:     163 (See chart below for approx Title insurance costs)
Closing costs:       162
Office cost:             50
Total Disbursements:   $623 (approximately)       
PLUS LAND TRANSFER TAX
                   
CONDO Purchase NO MORTGAGE  Fees:    $600-$650  (under $500,000.00)                       
Title Search:         $80
Lien Search:           28
Registration:           70
Title Insurance:      163 (See chart below for approx Title insurance costs)
Closing costs:       112
Office cost:             50
Total Disbursements:     $503 (approximately)       
PLUS LAND TRANSFER TAX
 
These costs are estimates only.  Title search disbursements may be higher where
the title searches are more involved.  Title insurance costs will be higher where the
purchase price exceeds $500,000.00.
 
 
TITLE INSURANCE COSTS:
 
New Home (with One mortgage)
Under $200,000.00                   =$216.00
between $200-$500,000.00        =$268.92
over $500,000.00                      =to the above figure add an additional $1.00 per every $1,000.00
 
Re-Sale Home (with One mortgage)
Under $200,000.00                   =$270.00
between $200-$500,000.00       =$322..92
over $500,000.00                      =to the above figure add an additional $1.00 per every $1,000.00
 
Condominiums (new or re-sale)
Under $200,000.00                   =$162.00
between $200-$500,000.00        =$193.32
over $500,000.00                      =to the above figure add an additional $1.00 per every $1,000.00
 
Fees charged may be higher where there are unanticipated situations, such as
when your lawyer receive the mortgage instructions the day of or the day before
the closing, or where the closing has to be postponed due to the fault of the purchaser.
 
 

 

Selling a home:

The process of selling your home starts by hiring experienced, reliable and knowledgeable agents
that will help to sell your home for maximum market value. Your Lawyer will review with you:

  • The Agreement of Purchase and Sale and conditions
  • Discharging any mortgages, lines of credit and loans
  • Contact the Purchaser’s Lawyer to coordinate the sale
  • Arranging to get keys for transfer to new Buyers

Below you will find approximate Lawyer fees for SELLING   home. A typical
Lawyer's fee consists of the Lawyer's base fee PLUS Disbursement Costs.

 

 

Typical Lawyer fees to sell range around $600-$700+ GST

Other Standard Disbursements costs are:
Mortgage Discharge:                                $ 125
Law Society Surcharge Levi:                          50
Document Prep and Electronic Registration:   90
Misc Charges for photo copies, etc:               30

Total Selling Disbursement Costs:             $295+ GST

To go to our Proffessional Services Page to view: Lawyers, Home Inspectors, Mortgage Lenders, and more
CLICK HERE

 


If you have any questions on closing costs please give us a call or e-mail us

Jodi:  jodisellshomes@rogers.com or Bruno: bcal@rogers.com

 

 


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