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Are you looking to buy, sell or refinance a residential property?
Legal Fees
What province is the property located in?
Legal Fees
Certain property types, mortgages, and situations can incur unforeseen costs. Additional charges may apply.
Click here to learn more about our real estate legal servicesWhat province is the property located in?
Legal Fees
Certain property types, mortgages, and situations can incur unforeseen costs. Additional charges may apply.
Click here to learn more about our real estate legal servicesSorry, we don’t currently offer real estate legal services outside Alberta and Ontario. If you’d like to provide your contact info, we’d be happy to put you in touch with another law firm.
Confused about just how much you’ll owe in closing costs? Just plug in a few numbers to our Closing Costs Calculator below and stop wondering!
This simple tool helps you budget for your upcoming home purchase by providing a detailed estimate of how much you’re likely to owe in closing costs. We’ve also put together some need to know information to help you understand just what you’re paying for when it comes to closing costs.
The term “closing costs” refers to administrative and legal fees which must be paid when a real estate deal closes.
These are costs for services like attorney’s fees and disbursements, , insurance fees and land transfer tax. Additional closing costs, such as commissions for your mortgage broker, or inspections for water and/or septic tanks, may be required for certain properties.
Your closing cost can be calculated by adding together all of the insurance, taxes, and legal fees due before the deal is closed. Closing cost will vary depending on the property, the financial and legal companies you’re working with, and current insurance and tax rates.
Closing costs are primarily based on:
The quickest way to get an estimate of your closing costs is to use our calculator below. Just input the values for the property you’re assessing and you’ll get an instant estimate on your closing costs.
Our Closing Cost Calculator only provides an estimate based on your figures. For best results, input the most accurate numbers available.
Once you’ve got some results, here are a few things to keep in mind:
In Ontario, there are three mandatory closing costs for every mortgage-backed real estate deal for which the buyer is responsible for. These are:
You can also expect to pay for a variety of other services, including but not limited to:
While some of the fees in your closing costs — like taxes — are set in stone, other fees may be negotiable, such as the Loan Origination fee.
To begin, shop around with various mortgage companies to find the best rate. You can even negotiate and pit them against one another to see if they are willing to give you a better deal or match prices with the competition.
In this process, it helps to have an expert in your corner. Seek out some expert advice from Diamond and Diamond Lawyers to help ensure you’re getting the best deal possible. Enlist our extensive experience in real estate law to help you negotiate every detail like a pro!
When shopping around at different lends, you might come across a “No Closing Cost Mortgage.”
That might sound great, but it’s best avoided! In real estate — like most things in life — there is no free lunch.
With a “No Closing Cost Mortgage,” you’re not required to pay the closing costs upfront. Instead, your lender will bundle these costs into your loan, increasing the total cost of your mortgage.
As a result, you end up paying not only the closing costs, but you also pay interest on them! Ultimately, these “deals” will be more expensive than if you’d simply paid your closing costs upfront.
We are here 24/7 to help with your real estate transaction. Call for a free consultation:
1-888-INFO-LAWAs the name implies, closing costs are due at the “closing” of a real estate deal. This means you’ll pay closing costs at the same time you make your down payment on the property, once the deal has been finalized.
It depends on a variety of factors, but many deals can close within one or two months. If you’re pre-approved for a loan or paying cash, it can go even faster. It also depends on the complexity of the deal. Even for straightforward transactions, many things need to occur before closing. There are deposits, inspections, repairs, the release of contingencies, appraisal, loan approval, insurance, the opening of escrow, and notarized documents, to name a few. Especially in complex real estate transactions, it’s better to avoid rushing. You want it done right.
Yes, it’s possible to ask the seller to pay for the closing costs. It’s also worth noting that sellers can agree, in many cases, to make some concessions toward closing costs.
Some factors that contribute to the rising closing costs, which can be up to 5% of your home’s purchase price, include the difference in legal requirements among different places and fees for the sale of a home.
Yes, closing costs include realtor fees. Aside from the realtor fees, the closing costs also cover loan processing, title company fees, surveyor costs, recording the real estate deed, and insurance.
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