Real Estate

Closing costs

  • Last Updated:
  • May 24th, 2021 1:49 pm
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[OP]
Member
Jan 28, 2019
442 posts
209 upvotes

Closing costs

Hello!
how do I pay closing costs?
will that be an invoice from my lawyer after taking possession or do I submit that money together with my downpayment at closing date?
thank you
3 replies
Sr. Member
User avatar
Jul 30, 2013
952 posts
857 upvotes
GTA
Your closing costs will be part of the Statement of Account provided by your lawyer on closing date.
Your downpayment will be due at the same time.
This must be paid before taking possession.
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Deal Addict
Nov 22, 2004
1594 posts
717 upvotes
Your lawyer will give you the amount to submit prior to closing which will include the downpayment (minus the amount paid as deposit), and closing costs. If you want an estimate for budgetary reasons, you can use ratehub.ca calculators but generally falls within 2% of purchase price (closer to 1% if you're a first-time buyer who is buying out of Toronto area).
CPA. Investor. Realtor @ Royal LePage Ignite Realty
Sr. Member
Jul 15, 2019
706 posts
567 upvotes
Normally all of your closing costs will be due to your lawyer by bank draft or certified cheque. It’s generally the day before closing.

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