What are my closing costs?

One of the most common concerns for first-time home buyers is understanding the closing costs associated with purchasing a property. Closing costs typically include legal fees and disbursements, government registration fees, title insurance, and the Ontario Land Transfer Tax. It's important to have a clear understanding of these costs to budget effectively.

• Legal Fees & Disbursements: On average, legal fees range from $1000 to $1500.
• Government Registration Fees: These fees are required to register the transfer of ownership and mortgage on the property.
• Title Insurance: Title insurance protects the owner from any defects affecting the title to the land.
• Ontario Land Transfer Tax: The amount of land transfer tax payable is based on the purchase price of the home.