Closing Costs
The total cost of buying a home involves not only the purchase price of the property, but also other costs that arise on closing of the transaction.
The following table provides a list of usual costs associated with purchasing of a home:
| Closing Expenses: | |
| 1. | Mortgage Application |
| 2. | Property Inspection (optional, however always recommended) |
| 3. | Legal Fees |
| 4. | Legal Disbursements |
| 5. | Real Property Report, if not provided by the seller |
| 6. | Land Transfer Tax/ Registration of appropriate documents in the land registry office |
| 7. | Adjustments, property taxes & utilities. Anything that the seller has paid for in advance needs to be reimbursed/adjusted |
| 8. | CMHC Mortgage Insurance if you have high ratio mortgage |
| 9. | Home Insurance |
| 10. | Moving Expenses |
As a buyer you should include estimate of above mentioned costs in your total purchase price of house/condominium before signing Real Estate Purchase Contract.
Regarding legal fee, GSS LAW FIRM always strive to provide efficient and cost effective services to its clients while ensuring full client satisfaction. However, generally, we charge legal fee in the range of $695-1000 for a typical residential purchase under $1M. The range depends upon the price of the house, the nature of mortgage instructions and when our office receive mortgage instructions.
For sellers of real estate, obviously, we charge less legal fee than what we charge to buyers because we don’t have to deal with mortgage instructions. Our legal fee is generally in the range of $500-1000
Please be advised that there is extra cost for disbursements and document registration. There may be extra charges if we have to spend additional time on your file.
Contact our office for a quote on your particular real estate sale or purchase.
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