Closing Cost on a Property

When purchasing a property in today market place. Many people know that they need a downpayment in which your deposit is taken out of.  In addition, if you have any personal RRSP's you can use those funds as your downpayment on the said property. For more information, on using your RRSP's as a downpayment. Please contact me @ arlene@mydaddyhomes.com.

Additionally, there is another amount of funds that is required to close the deal.  Those funds are called closing cost.  As a rule of thumb, that I advise potential buyers is to keep 1.5-2% of the price of the property separate.  Therefore, when the deal is about to be closed by your real estate lawyer. You, will have enough funds to complete the transaction.

Also, don't forget FIRST time home buyers receive a rebate up to $2000.00 on your land transfer tax.

Here are the aspects in which your closing cost include:

Land Transfer Tax (Rebate for 1st Time Buyers)

Lawyers Fees

CMHC Registration Fee

HST on CMHC Fee

*Miscellaneous (Utilities, Realty Taxes)

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