Learn how to prepare for closing day, and how your agent can help manage the process.
Get the final word on finalizing the sale! Closing refers to the preparation for the transfer of the property ownership from the seller to the buyer. Your real estate agent will tell you the customary method for closing in your area, and help lead you through the process.
Closing day is the day you become the owner of your new house. Once the mortgage and deed for the property are recorded, you become the official owner, and your lawyer will call you to pick up the keys to your new house. Congratulations – you’ve just bought a home! Read more about closing the deal below.
Closing Costs to Consider
In the commotion surrounding the purchase of a house, it can be easy to forget to budget for closing costs. These are fees owed on or by closing day, and they must be paid for your home purchase to be completed. The costs can mount, with mortgage application fees, inspections, legal fees, taxes, registrations, insurances and more. Learn more about closing in on your closing costs.
Costs Related to a Real Estate Transaction
More information on costs to expect in the purchase of a house, including information on the Toronto Land Transfer Tax.
Land Transfer Tax
Purchasers in most large Canadian centres can add Land Transfer Tax to their list of closing costs. This is a tax levied on real estate changing hands, and is the responsibility of the purchaser. Land transfer taxes vary by province. Learn more about Land Transfer Tax, and see how it’s calculated in your region.
