Budgeting "How much money is needed to close", isn't easy. Unless planned for, hidden closing costs become a last minute surprise.
As a rule of thumb, buyers of resale homes need an extra 2 percent of the purchase price for "Everything" -- legal fees, disbursements and GST, Land Transfer Tax, closing adjustments and the cost of arranging a mortgage.
Mortgage Financing
Institutional mortgages exceeding 75% of the purchase price must be insured by Canada Mortgage and Housing Corporation, or GEMICO.
Legal Fees
Though each solicitors fees may vary, disbursements range between $450.00 and $500.00 plus individual lawyer fees. |
