What will the Closing Costs Be?
The following is a list of expenses normally incurred by a Buyer when completing the purchase of a Residential property within Toronto.
1. Legal Fees
The tariff rate for residential properties is between .25% and .5% of the purchase price, approximately $800. to $1,000. plus disbursements and title insurance. Lawyers may negotiate their fees and will provide individual quotes when requested.
2. Disbursements - A typical list of estimated disbursements is as follows, and with the exception of registration costs are subject to applicable H.S.T.
Law Society Transaction Levy $50.00
Tax Certificates $65.00
Building Clearance $116.00
Sheriff's Certificates $50.00 to $100.00 (avg.)
Deed Registration $71.30
Mortgage Registration $71.30
Registry Office Searches $80.00
Water Status Reports & Consumers Gas $41.05
Copies, Postage, Fax, etc. $25.00
Title Insurance $250 - $300 if a new home under $500,000
$400 if a resale under $500,000
3. Adjustments
On a pro rata basis, the lawyer will apportion the following expenses, as of the date of completion:
- Taxes
- Oil (usually topped-up by Seller, and Buyer receives a full tank)
- Water (only flat rate accounts in Toronto)
- Common expense fees.
NOTES:
Building clearances: City of Toronto will not comment on surveys. They provide only zoning and work order information, front yard parking, committee of adjustment files, etc.
Toronto Hydro provides neither written nor verbal information. It is entirely up to the Seller and Buyer to contact Toronto Hydro.
4. Land Transfer Tax - Provincial and Municipal
Please use the Calculator on my website, located in the Information Centre.
