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. *
|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.
|Land Transfer Tax||$6,475 – $2,000 (rebate)|
If the homes price is $250,000 with 5% Downpayment, you are Not First Time Buyer.
|Land Transfer Tax||$2,225|
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.