Besides the deposit


Hi there guys, with every accepted offer there is a deposit required to accompany with the offer or to follow within one day from the acceptance of this offer. Hence as a buyer, you should have those funds available readily. In addition to the deposit, I want to remind you of a few other closing costs that are highly important for you to keep in mind. The biggest proportion of the closing cost is made up of the land transfer tax, and that is calculated based on the purchase price of the home and its location. For example, a $700,000 home anywhere in Ontario but Toronto will have a land transfer tax of $10,500, but for the same property in Toronto, the land transfer tax doubles to 21,000. In addition, you should also budget for lawyers fee, home inspection, home insurance, and moving expenses. There is no real estate fee for you to pay as a buyer. I always recommend to my buyer clients to put aside about 1.5 to 2% of the purchase price to cover these closing costs, and you will need these funds just about a week or so prior to closing. You all take care and talk soon.