CLOSING COST GUIDELINES FOR BUYERS (Re-sale Residential)

Expense

Estimated Amount

When Payable

Mortgage Application Fee and/or Property Appraisal

$75-$250

Time of Closing

Legal fees

$500-$1200 + HST

Time of Closing

Fuel Oil Adjustment

$ 900-$1,200

(Full tank of oil)

Time of Closing

Propane Adjustment

$450

Time of Closing

Tax Adjustment

Taxes Prepaid by Vendor

Time of Closing

Condo Fees(if applicable)

Usually One Month Fee

Time of Closing

Survey/Location Certificate

$300-$500

2-3 weeks prior to closing

Land Registration

$ 700 - $1,500

Usually the responsibility of the Seller, but if the buyer is selling (or refinancing) their present property, they must pay to have their own property done.

Home Insurance

$300-$500

Arrange with Insurance Company

Deed Transfer Tax

Up to 1.5% of the purchase price (Municipality Rate)

Time of Closing

Water Test(if on a well)

$60-$250 + HST

2-3 Days After an accepted Agreement

Property Inspection

$300-$450 + HST

2-5 Days After an Accepted Agreement

Mortgage Insurance

(if mortgage amount is greater than 75% of price or appraisal)

Max 3.75% of Mortgage

When Mortgage funds are released (usually included in Mortgage so not applicable at time of closing)

Miscellaneous Expenses

Costs Vary: Includes electricity, phone, cable, water hookups; changing of locks, moving expenses, etc.

Time of Closing