Closing costs

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    When buying real estate, whether a house or a condominium, the home buyer will face a variety of costs associated with the purchase.

    These are costs IN ADDITION to the price of the property, and may include such items as

    • Legal Fees
    • Property Taxes
    • Land Titles Transfer Taxes
    • Mortgage Fees
    • Mortgage Lender Registration Fees
    • Mortgage Insurance Fees
    • Home Insurance
    • Land Survey

    Most of these items will need to be paid before or at possession date, and can NOT be included in the mortgage itself.ย  This will mean that the home buyer has to pay for these items out-of-pocket, although using an overdraft at a bank is most often acceptable.

    Home Closing Costs
    Costs of buying a house or condo are called ‘Closing Costs’
    Costs involved in buying a house or condo.

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