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Closing Costs to Consider

These are few costs which you should know after the mortgage is approved. To assist you in preparing for Closing Costs we have created this document so that there won’t be any surprises come closing time! Please feel free to contact us with any questions you have regarding any of the below items. Costs will vary.

$ _______ Property Transfer Tax

First Time Buyers are exempt in most cases

$ _______ GST (if applicable)

$ _______ Legal Costs

Sample costs are: actual legal fees, title filing, mortgage filing, insurance binder, form A certificate, strata cost adjustments, out of pocket expenses, etc.

$ _______ Interest Adjustment

This is the interest you will pay for receiving your mortgage money before the official start of your mortgage. (eg. if your "completion" were on the 23rd of a 30 day month, your interest adjustment would be 7 days interest)

$ _______ Property Tax Adjustments

Most municipal taxes are paid July 1st, for the calendar year

§ If you purchase a property before July 1st, the seller will be paying you for the days they owned the home after January 1st, and you will pay the city.

§ If you purchase a property after July 1st, the seller will have already paid the city and you will pay the seller for the days you own the property up to December 31st.

$ _______ Property value Appraisal (included if CMHC / Genworth insured)

$ _______ Property condition Inspection (optional)

$ _______ Wellwater/Septic Certificate (If applicable)

$ _______ Property survey certificate (not required if condo or townhouse) or Title Insurance

Survey certificate in lieu of survey (if required)

$ _______ Fire Insurance (not required for most condos or townhouses)

$ _______ Payout Penalties (if a refinance)

$ _______ Moving Expenses and post office Change of Address and Mail Forwarding service

$ _______ Utility Connections (telephone, electricity and gas, cablevision...)

$ _______ Mortgage Broker Fee (if applicable)

$ __________ TOTAL (approximate costs)

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