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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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