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Closing Costs, Real Estate, Toronto
Please see the information belowon Closing Costs; also click on one ofthe links below
tosee a sample calculation for Closing Costs on Homes or Condos
Sample Closing Cost; HomesPDF
Sample Closing Cost; CondosPDF
Closing Costs:
- 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.
Take care
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