Closing Costs: by Jan Addams
My husband and I are in the process of selling our home and looking forward to finding a place to call ours for the next 10-15 years. I really do understand all the pain and frustration that my clients go through when they are renovating, or selling and building new. The excitement of looking for a new home can be diminished if your haven’t prepared yourself for the ‘closing costs’.
Here is a list required for the ‘BUYER’:
The following costs will be your responsibility upon closing:
- Property Transfer Tax (PTT): For properties over $450,000 or for investment properties, the PTT is 1% on the first $200,000 of the purchase price and 2% on the balance of the purchase price.
- Inspection fees: these fees vary based on property type; but typically run between $350 and $500.
- Site survey: for detached properties, some lenders may require a site survey. If required, this will be ordered by the lawyer and will cost approximately $300-$350.
- Title insurance: some lenders may require this, and if so, it will be ordered by the lawyer and will cost approximately $150-$200.
- Appraisal fee (depending on the lender): $165-$250
- Legal fees and Disbursements: typically these costs are between $750 and $1,000.
- Mortgage Application fee: in some cases, the lender will require a mortgage application fee. This can be discussed with your mortgage lender.
- Don’t forget about your moving costs which can include cable hook-up, movers, packing supplies, cleaning etc.