Buyer will receive a phone call from the Lawyer about a week before closing. The lawyer will inform the buyer an amount which needs to be paid by a certified check, this amount will be provided to the Lawyer a few days before closing.
Down payment | 5% of the purchase price and up. This amount varies depending on the mortgage approval. | ||||||||||||||||||
Land Transfer Tax |
* First Time Buyers will Receive $2,000 Off the Land Transfer Tax. * |
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Lawyer Cost | $1,300 – $1,600 |
Example of Closing Costs
If the home price is $500,000 with 10% Downpayment, you are a First Time Buyer.
Downpayment | $50,000 |
Land Transfer Tax | $6,475 – $2,000 (rebate) |
Lawyer Fee | $1,500 |
Total | $55,975 |
If the homes price is $250,000 with 5% Downpayment, you are Not First Time Buyer.
Downpayment | $12,500 |
Land Transfer Tax | $2,225 |
Lawyer Fee | $1,500 |
Total | $16,225 |
Once all documents are signed with the Lawyer and the Closing Costs are paid, the Buyer will receive a call from the Lawyer on the Closing Day when the deal is completed in order to pick up the keys. Usually this will occur from 1 pm – 5 pm .If for any reason there are issues with the closing either from Sellers side or the Buyers side, the closing date will get delayed, however this happens very rarely.