Closing Cost for Purchase

Closing Costs for Purchase: When buying a property, budget for key expenses: 

Legal Fees (services like contract review and title transfer)

 Disbursements (costs your lawyer pays on your behalf such as title registration), Title Insurance (protection against title defects), and 

Land Transfer Tax (based on the purchase price, varies by location). Understanding these fees ensures no surprises and helps manage your finances effectively.

A Non-Resident Speculation Tax (NSRT) of 25% may apply to the purchase price if you are not a Canadian citizen or a permanent resident. 

Closing Cost for Sale

Closing Costs for Sale: Selling a property involves several key expenses. 

Legal Fees cover your lawyer’s services, such as drafting the deed of sale and handling the closing documents. 

Disbursements include costs related to obtaining necessary certificates and ensuring all legal requirements are met. 

Realtor Commissions, typically a percentage of the sale price, are paid to your real estate agent for facilitating the sale. Additionally, if you have an existing mortgage, 

Mortgage Discharge fees may apply. Understanding these costs upfront helps you accurately calculate your net proceeds from the sale.