What are closing costs?

Closing costs are fees and expenses that are required to close the purchase of a property. Closing costs may include a variety of items depending on the property you purchase (resale or new build, residential or rural, or an investment property, etc.) For a resale home, common closing costs are things like adjustments on property taxes, propane/oil tanks (if applicable), condo maintenance fees, Land Transfer Tax, real estate commission, legal fees & disbursements, etc. For new build homes, closing costs are typically things like the Tarion warranty, property tax adjustment, Land Transfer Tax, tree planting, driveway paving, extension or NSF fees on deposit cheques (if any), the installation of a hydro or water meter, etc). All builders are different so you may want to inquire to see what costs will be payable on closing. How and when do I provide my closing funds? Our office will communicate with you in advance of your signing appointment to advise you the amount required to close your property on its scheduled closing date. These funds are typically provided to our office by bank draft or certified cheque.

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