Closing Costs


Hi there everyone, as buyers, you most likely are aware of the fact that you need to account for a down payment, that includes the deposit which accompanies your offer. In addition to the down payment, there are few other expenses that we refer to as closing costs, and you need to bear those in mind. The biggest chunk of the closing cost is the land transfer tax, and that is calculated based on the purchase price of the home. Besides the land transfer tax, few other expenses include – lawyers fees, home inspection, moving expenses, in some cases appraisal fee, and what we refer to as adjustments. What I tell all my buyer clients is that, they should set aside about 2% of the purchase price, to cover these closing costs. What you need to be aware of is that, this is in addition to your down payment and you will need these funds prior to or at closing. Feel free to give me a call or message me any of your questions. Thank you!