Please see the information below on Closing Costs; also click on one of the links below to see a sample calculation for Closing Costs on Homes or Condos
- Liquid cash you require once your offer is accepted and you are ready to "Close" (take possession).
Generally you will need 1.8% to 2.0% of the Purchase Price for Closing Costs
Closing Costs include: - Land Transfer Fees - Lawyers Fees
Toronto has added an additional "Land Transfer Fee" that essentially doubles the Land Transfer Tax.
Good news is that it takes effect for Properties valued over $400,000; an instant rebate is applied when "Closing"
Please see the attached file with more details on Closing Costs and also a sample calculation.
Hope you found this information helpful.
Keep in mind you will need a lawyer when closing. I really recommend you get one before you even put in an offer so you can have your lawyer review the offer before submitting!
When choosing a lawyer; make sure they are experienced in real estate. If you are buying a condo; it would be good if they have experience in reviewing Status Certificates.
