Closing Costs When Buying a Home

Author: Corina Murphy Mortgages - Premiere Mortgage Centre | | Categories: First Time Home Buyer Mortgage , mortgage , Mortgage Broker

It is a good idea to budget between 2 - 2.5% of the purchase price when buying a home to cover the closing costs. These costs can include, but are not limited to the following:

  1. Land transfer tax
  2. Legal fees
  3. Appraisal
  4. Property Taxes
  5. PST on Insurer premium
  6. Mortgage Registration
  7. Title Insurance
  8. Bridge Loan costs if a current home owner 
  9. Costs associated with a new build (ensure your lawyer reviews the offer prior to sign off)
  10. Special assessments, increasing condo fees and lawsuits

It is a good idea to buffer in $ 1,000 to cover misc costs such as property tax credits to the seller.