Closing Costs: Be Prepared Buyers

 When purchasing a home there are expenses outside of your mortgage that you will need to include in your budget. I.e the dreaded closing costs! But have no fear, to  help I’ve created a closing checklist that you can use to estimate your expenses.

Before Closing

  • Deposit (usually 5% of the purchase price, paid within 24 hours of your offer being accepted)
  • Property Appraisal ($400-$500 often paid by the lender)
  • Home Inspection ($400-$700, paid to the Home Inspection company at the time of the inspection)

On Closing

  • Balance of purchase price (The Purchase price – your deposit. The rest will become your mortgage) 
  • Legal Fees (The amount varies depending on your purchase price
  • Title Insurance ($250-$400, sometimes included in your legal fees)
  • Property Survey ($1000-$2000 if required)
  • Ontario Land Transfer Tax (
  • Property Tax Adjustment
  • HST (usually only applicable on the purchase of a new home)
  • Tarion Warranty Fees
  • CMHC Insurance Premium

After Closing

  • Moving Expense ($1000+)
  • Utility connection charges (prices vary)
  • Redecorating and Renovation expenses (prices vary)
  • Immediate repair and Maintenance costs (prices vary)

Be sure to factor these additional costs when purchasing a new home. If you would like a spreadsheet to help crunch the numbers send me a text message. 

Stephanie Overholt

Stephanie Overholt

Sales Representative
CENTURY 21 Millennium Inc., Brokerage*
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