What Are Closing Costs?
If you’re planning on buying or selling a home in Ontario, Canada, it’s essential to understand the concept of closing costs.
Closing costs are the various fees and expenses associated with finalizing a real estate transaction.
This blog post will look closer at closing costs and what you can expect to pay when buying or selling a home in Ontario.
Land Transfer Tax
The land transfer tax is a fee that is charged by the Ontario government when ownership of a property is transferred from one person to another. This tax is based on the property’s purchase price and can be a significant expense for buyers. In Ontario, first-time homebuyers may be eligible for a rebate of up to $4,000 to help offset the cost of this tax.
Legal Fees
When you buy or sell a home in Ontario, you’ll need to hire a real estate lawyer to handle the legal aspects of the transaction. The cost of legal fees can vary depending on the complexity of the transaction.
Title Insurance
Title insurance is a type of insurance that protects buyers and lenders from any issues that may arise with the title of the property. The cost of title insurance varies depending on the property’s purchase price, but it’s typically a few hundred dollars.
Home Inspection
Before buying a home, it’s important to have a professional home inspection done to identify any potential issues with the property. The cost of a home inspection can range from a few hundred dollars to over a thousand dollars, depending on the size and complexity of the home.
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Mortgage Fees
If you’re taking out a mortgage to buy a home, some fees may be associated with the mortgage, such as an appraisal fee, a loan application fee, and a mortgage broker fee. These fees can add up to a few thousand dollars.
Moving Costs
Finally, don’t forget to consider moving costs when buying or selling a home. The cost of moving can vary widely depending on the distance you’re moving, the number of belongings , and whether you hire a professional moving company or do it you
In conclusion, closing costs can increase quickly when buying or selling a home in Ontario. By understanding the various fees and expenses associated with a real estate transaction, you can better prepare for the costs and avoid surprises. Work with a knowledgeable real estate agent and a trusted real estate lawyer to ensure you know all the costs associated with your transaction.
Elevate Real Estate Group (Brittany Wurfel, Jeremy Odland, Victoria Rowe, & Stewart Blair)
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