Closing Costs When Buying a Home
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:
- Land transfer tax
- Legal fees
- Appraisal
- Property Taxes
- PST on Insurer premium
- Mortgage Registration
- Title Insurance
- Bridge Loan costs if a current home owner
- Costs associated with a new build (ensure your lawyer reviews the offer prior to sign off)
- 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.