ARA B. MAMOURIAN

Closing Costs

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

Provincial Land Transfer Tax

Purchase Price

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%)

Click here for the Land Transfer Tax Calculator. 

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

NOTES:

Building clearances-     City of Toronto will not comment on surveys. They give only zoning and work order information, front yard parking, committee of adjustment files, etc.

Toronto Hydro-         They give neither written nor verbal information. It is entirely up to the Seller and Buyer to call them.