Home Buyer's Closing Costs

When buying a new home, there are expenses outside of your mortgage that you will need to include in your budget. To help you, we have created this closing cost checklist that you can use to keep track of your expenses.

 

Estimated Cost:

Your Actual Cost:

Closing Adjustments

There are a number of property expenses that the seller may have prepaid and will need to be reimbursed for by the buyer. They include:

  • Municipal property tax
  • Utilities such as heating, hydro and water
  • Condo maintenance fees, if applicable

 

Up to $1000 (varies by prepaid expenses)

 

   $   

Legal/Notary Fees and Disbursement

The lawyer (notary in Quebec) reviews Offer to Purchase, searches the title, draws up mortgage documents and looks after closing details.

 

Can vary between $1,300 and $2,500. If you move your mortgage to ING DIRECT, we will pay your legal/notary fees if the mortgage is assignable

 

   $   

Appraisal Fees

Appraisal of property is only required for conventional mortgages to confirm market value before finalizing your mortgage.

 

Between $150 and $500. If insured by CMHC or Genworth, there are no appraisal fees

 

   $   

Land Transfer Tax

Fee charged to the purchaser when a property changes ownership. This is generally the largest portion of closing costs on a resale home.

 

Can range from 0.5% to 2.0% of the value of the property (varies by province and municipality)

 

   $   

Interest Adjustment

You will need to pay any interest accrued between your closing date and your first scheduled mortgage payment. This has to be paid on the Interest Adjustment Date.

 

Between $100 and $1,000 (varies by closing date and selected payment frequency)

 

   $   

Title Insurance Fee

ING DIRECT accepts Title Insurance, in lieu of a survey. Title Insurance can protect against fraud, forgery, title defects, and survey problems.

 

Approximately $165 - $225 for title insurance

 

   $   

Home Inspection Fee

Recommended before finalizing offer to purchase because it may reveal areas where repairs are required.

 

Between $150 and $500

 

   $   

Property/Fire Insurance

Proof of insurance required by closing date and it must at least cover replacement value of home and contents.

 

Up to $800 annually

 

   $   

Estoppel Certificate

Required only if you are purchasing a condo. It outlines a condominium corporation's financial and legal state of affairs.

 

Up to $100

 

   $   

Your Total Costs:

   $   

* Prices/costs may vary by region and service provider.