Normally up to $100 and included as part of legal fees and disbursement)Ĭlosing costs are contingent on various factors, including the property's purchase price and location. Status Certificate (For condo purchases only.High Ratio Insurance (Based on the cost of the mortgage secured).Contingent on the seller’s pre-payment plans) Land Transfer Tax (Land Transfer Calculator will provide that calculation).
Normally included as part of legal fees and disbursements)
Legal fees & Disbursements ($1800 and up. Balance on the Purchase of your Property. Deposit on the Purchase of Property (A minimum deposit of 5% of the property purchase price). Paid on site to the inspection company once they have completed the job) The following is a starting point/range for these costs: Land transfer tax calculators can assist in arriving at an accurate tax payment. It's prudent to elucidate the warranty coverage and its reflection at the point of purchase.Ĭlosing costs are calculated based on a variety of factors, including the purchase price of the house or commercial property and the location. While often included at the point of sale, some builders might charge the premium back to the buyer as part of the disbursements at closing. In Ontario, new home builders are obligated to procure warranty coverage for each home they construct, through Tarion Corporation, valid for 365 days. It's pivotal to clarify the HST payment responsibility prior to the closing date, as sometimes builders incorporate HST in the purchase price. 
However, new homeowners can avail a deduction, which is computed by reducing the provincial sales tax applied to the initial $400,000 of the purchase price to 2%. HST on New Home PurchasesĮffective July 1, 2010, new home purchases have been subjected to HST. Applicable solely to condominium purchases, the status certificate discloses the condominium corporation's financial and legal standing, alongside any outstanding special assessment fees.
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