Closing Cost

The following is a list of expenses normally incurred by a Buyer when completing the purchase of a Residential property within Toronto.

1. Legal Fees

The tariff rate for residential properties is between .25% and .5% of the purchase price, normally not to exceed $1,450.00. Lawyers may negotiate their fees and will provide individual quotes when requested.

2. Land Transfer Tax - Provincial & Municipal

Click here for detailed Land Transfer tax table

Provincial Land Transfer Tax

$ 55,000 - $250,000                                             (Purchase Price x 1%) minus $275.00

$250,000 - $400,000                                             (Purchase Price x 1.5%) minus $1,525,00

$400,000 - up                                                       (Purchase Price x 2%) minus $3,525.00

Municipal Land Transfer Tax (City of Toronto only)

Purchase Price                                             Land Transfer Tax

$ 000 - $55,000                                                 (Purchase Price x 0.5%)

$56,000 - $400,000                                             (Purchase Price x 1%)

$401,000 - up                                                     (Purchase Price x 2%)

3. Survey

A new survey may be necessary if the Seller does not have an “acceptable” survey and one is required by the first Mortgagee. Cost: $750.000 - $1100.00

4. Disbursements - A typical list of disbursements is as follows:

Law Society Transaction Levy                                 $ 50.00

Tax Certificates                                                    $ 65.00

Building Clearance                                                 $105.00

Sheriff’s Certificates                                              $50.00 to $100.00 (avg.)

Deed Registration                                                  $ 70.50

Mortgage Registration                                            $ 70.50

Registry Office Searches                                        $ 80.00

Water Status Reports & Consumers Gas                    $ 41.05

Copies, Postage, Fax etc.                                        $ 25.00

5. Title Insurance (Purchase and Mortgage)

$250 - $300 (if new home under $500,000)

$400 (if resale under $500,000)

6. Adjustments

On a pro rata basis the lawyer will apportion the following expenses, as of the date of completion: Taxes; Oil (usually topped-up by Seller and Buyer receives a full tank); Water (only flat rate accounts in Toronto); Common expense fees

All disbursements with the exception of registration costs are subject to applicable G.S.T.

ALL INFORMATION AND STATEMENTS CONTAINED HEREIN, PROVIDED BY BOSLEY REAL ESTATE LTD. REGARDING PROPERTY FOR SALE, RENTAL OR FINANCING IS FROM SOURCES DEEMED RELIABLE AND ASSUMED CORRECT, BUT NO WARRANTY OR REPRESENTATON IS MADE AS TO THE ACCURACY THEREOF AND SAME AS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE.