Real Estate

Newbie Closing Costs Question

  • Last Updated:
  • Oct 20th, 2020 12:48 am
[OP]
Newbie
Mar 4, 2020
12 posts
3 upvotes
trebmember wrote: These funds go to Tarion, charged to the builder and collected by your lawyer. Not sure what the exact fee is from Tarion for each deposit but I wouldn't be surprised if there was some kind of markup, first by the builder then by your lawyer. Since my lawyer says that not all builders charge this, I assume that some builders absorb the cost and your builder is trying to nickel and dime. I can't believe it will cost you 1k to give them 9k.

Good luck, post any new developments on your closing.
Will do, thanks soo much for your help!
Newbie
User avatar
Apr 5, 2017
97 posts
104 upvotes
Incogneato wrote: - First time homebuyer
- Pre-construction condo in GTA
- Purchase price under 400K

How much should I expect to pay in closing costs? My lawyer gave me an estimate but everyone I tell says it seems high lol ... looking for an objective estimate of what I should expect. Thank you!
In your agreement of purchase and sale there should be a schedule that tells you all the additional fees you are to pay (tarion, meter installation, driveway paving, development fee etc). These fees are what you will pay irrespective of which lawyer you choose.

When it comes to legal fees you should be looking at something like the following:

Lawyers fees + disbursements = $1000 + HST
Registration of transfer and mortgage = $154.62
Title Insurance = between $250-400
Land transfer tax = based on price you can use an online calculator. You receive a $4000 rebate in Municipal portion and $4475 rebate in the Toronto portion. If the property is in Toronto you pay another $89.84 administration fee.

Not sure why your lawyer is assuming random closings costs without receiving the Statement of Adjustments from the builder. On a new home its anticipated there will be $6000-$10,000 in extra builder costs.

That is pretty much it. Everything else

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