closing checklist

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closing costs

At the time of closing, there are a number of additional expenses that will need to be covered in addition to the actual home purchase. Knowing what these costs are in advance helps better prepare you for purchase and prevents potential hiccups in the process. See the list below for some key costs to consider and download the full list with corresponding timelines. 


land transfer tax

In Toronto, the buyer of a property is responsible for paying both the provincial and the municipal governments land transfer tax on closing. These cannot be included as part of your mortgage.

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contact your lawyer 

Real estate lawyers are employed to close your transaction. Depending on the type of property, the fee can range upwards of $1500. If your lawyer needs to issue disbursements such as; tax certificates, zoning clearance, work orders, deed registration, status certificates or other incidentals, than each item would come with an additional fee.


title insurance 

Based on the value of your property, title insurance can compensate buyers from the impacts from title defects.  Most banks will require you to take out title insurance as a condition of them providing you with a mortgage.


Home inspector

The fee for a home inspector ranges depending on the condition and size of the property.  Generally the fee ranges from $500 -$1000.

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Home Insurance 

From content to fire and flood, everyone needs to insure their home. Shop around to find the best rate, but be sure the get it lined up before you move in.  If your home has KITEC plumbing, knob & tube or aluminum wiring, you will need to find an insurance company that specializes in those areas. I can help guide you in the right direction.



On closing, a Statement of Adjustments will be issued by both parties' lawyers. These pertain to the transfer and adjustments for utilities, taxes and other property costs that have been pre-paid by the seller and carry over through the closing date. Once the adjusted costs have been calculated, you’re required to reimburse the seller.