• Last Updated:
  • Oct 5th, 2019 12:30 am
Tags:
[OP]
Newbie
Sep 15, 2019
23 posts
9 upvotes

Closing Costs

Hi all,

I close in about 2 months on a home purchased from the builder. It's in Richmond Hill

The structure was already up when we bought. I guess the previous buyers pulled out.

I am preparing everything for the mortgage and the closing costs still seem to be a mystery as i've been advised by my lawyer that it's still too early to get them. Wondering if you folk might be able to give me a ballpark number and if you need further information just ask:

1. Water meter & hydro meter installation
2. Hot water heater and tank rental
3. Charges for hydro, water and other services
4. Realty taxes, fuel, water rates, assessment rates, local improvement rates etc
5. Ontario new home warranties plan act enrollment fee
6. Levies/Charges
7. Interest on unpaid sums (if applicable) -- not applicable to me
8. Vendor's Lien Fees (if applicable) -- don't think this is applicable to me
9. Costs of subdivision esthetic enhancement (if applicable)
10. Cost of rear deck (This deck is a tiny 4 x 5' deck)

In the closing costs will also be the land transfer tax which is roughly $14k.

So, what do you think I am looking at? Unfortunately we didn't make a stipulation of capping the fees however when dealing with the real estate agent for the builder they advised it shouldn't be more than $10k. There are already people moved into their homes but about 75% of the homes still remain unoccupied? If we move in earlier is it likely we will not have to pay any other costs incurred by the builder as the subdivision continues to be built?
2 replies
Deal Fanatic
May 1, 2012
9877 posts
9565 upvotes
Markham
Not capped? No way to tell then. Your best way to find out is to ask someone who's moved in that lives in a similar priced house. Good luck.
Jr. Member
User avatar
Aug 11, 2019
177 posts
191 upvotes
Toronto
Did you buy directly from the builder with a real estate agent or a lawyer review of the agreement?

Some of the hook up charges were $750 each (water, electricity, gas) in my recent condo.
I’ll see if I can find how much the Tarion Warranty enrolment was.
No charges for hwt rental- as the rent is paid on a monthly basis.

They shouldn’t be charging you for a rear deck.

Most of the charges should be laid out in your APS.
Full Time Realtor
GTA & Surrounding Areas

Top