CLOSING COSTS FOR MISSISSUAGA & GTA REAL ESTATE

One of the areas where Mississauga & GTA home buyers most frequently run into problems is with closing costs. Buyers often do not accurately anticipate the costs associated with closing a transaction, and the resulting cash crunch can add stress at a time when you need it least. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable, dictated by local custom or prorated between the buyer and the seller.

Below you will find a brief explanation of these costs, yet it may not include all items required specific to your property, or the area in which you have purchased. This is a guideline, but your lawyer can provide a fairly close estimate, and is the best resource.

BUYER’S FEES

Costs can range from 1.5 to 5% of total purchase price, excluding sown payment.
For example, a purchase price of $250,000 would yield:

Inspection Fees – General/Structural $400 – $500
Additional Inspection Fees – Detailed (roof, mould, asbestos, water damage, etc) Varies
Mortgage Application and Appraisal (may be waived by bank) $200 – $400
Mortgage Insurance $2000
Legal Fees & Disbursements (due at time of closing) $900 +
GST (for new homes only) Varies
Home and Content Insurance $450
Moving and/or Storage Expenses $500

SELLER’S FEES

Costs can range from 1.5 to 5% of total sale price.
For example, a sale price of $250,000 would yield:

Real Estate Commissions Negotiated
Tax Proration Varies
Unpaid Homeowners Fees Varies
Legal Fees & Disbursements (due at time of closing) $700 – $1000
Real Property Report – New $500 – $700
Real Property Report – Updated $250 – $400
Mortgage Interest Adjustments – if applicable (due at time of closing) $350
Home and Content Insurance $450
Moving and/or Storage Expenses $500
NEED MORE INFO ABOUT MISSISAUGA & GTA HOMES?

Jake Pedler & Associates specialize in the Mississauga & GTA Real Estate Market and we're here to help. Contact us today for a free consultation on your real estate needs. (905) 278-3500

Contact Us