Closing Costs Guide

GIBSONS LLP

LEWIS McCOWELL

APPROXIMATE COSTS INVOLVED TO PURCHASE YOUR HOME IN ADDITION TO THE PURCHASE PRICE

Required Disbursements (Costs)

1. Title Search – Between $180.00 – $300.00 – (Average is approximately $240.00)
2. Subsearch at Closing: $37.00 to $57.00 (depending on property and how many PINs are involved).
3. Sheriff’s Certificate – lists any outstanding Judgments as against the vendor(s) of the property that is a lien on the property – $11.60 per name (on average $23.20) – Also required against each Purchasers names if there is mortgage financing ($11.60 per name).
4. Tax Certificate – lists taxes for prior year and due or paid in present year $69.00 (City of Ottawa) – cost varies in other municipalities, i.e. Town of Mississippi Mills $50.00
5. Water Certificate – shows arrears of water charges which run with land $69.00 (City of Ottawa)- cost varies in other municipalities.
6. Electronic Registration Costs
   • Deed $75.27
   • Mortgage $75.27
7. Status Certificate for Condominiums                                       $100.00
8. Title Insurance – , $405.00 for standard purchase ($500,000.00 and under) with mortgage. Condominiums are priced at a lower rate ($204.12). Rates are higher for purchase prices over $500,000.00 on a graduated scale. Rates vary on new home construction.
9. If your lender is a secondary lender, the Mortgage Company or its agent may charge a management fee..
10. Land Transfer Tax, Graduated scale

based on purchase price

– If purchase price is between $55,000 – $250,000, then

the formula is purchase price x 0.01 – $275 = Taxes Payable

(e.g. $150,000 x. .01 = $1,500 – $275 = $1,225.00 tax payable)

– if purchase price is $250,001 to $400,000 then, purchase price x .015 less $1,525.00

– if purchase price is over $400,000, then purchase price x .020 less $3,525.00

* Up to $4,000 exemption for first time home buyers)

11. In-house disbursements, e.g photocopies, couriers, long distance, conveyancing program

facsimile charges, certification of cheques, postage between $100.00 and $160.00

Other Possible Disbursements (if Instructed or Deemed Necessary)

1. Municipal Searches for:

– Work Orders                                                                             $115.00

– Zoning Compliance                                                                   $220.00

– Fire File Searches                                                                      $113.00

2. If residence is oil heated, you will reimburse the vendor for a full tank of oil – 909 litres or 200 gallons (approx. $726.00 plus HST)
3. New Survey (if required: – approximately $2,700.00)
4. Corporate Status Certificate ($38.84) – if required
5. Septic Permit Search (approx. $100.00)

Please note that realty taxes are adjusted on a per diem basis.  You will reimburse the Vendor for prepaid taxes, or you will get a credit for taxes accrued but not due or paid.

The cost of Tarion New Home Warranty enrolment may be credited to Vendor if new construction.

You will be credited with the amount of deposit submitted with your initial offer.

HST is applicable to all fees and disbursements except for Land Transfer Tax and registration charges.