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Estimated Closing Costs In The London Area



 

Common Legal Fee.......... $400

Common Disbursements

Survey Certificate $275
Zoning Memorandum $35
Tax Certificate $25
Register Land at Land Titles Office $40
Register Mortgage at Land TitlesOffice $50
Search of Title $15
Courier Charges (minimum of 5 on purchase) $35
Miscellaneous $25
Property Transfer Tax (e.g. $250,000 home)

- tax is 1% of first $200,000 of purchase price and 2% of any balance

$3000
G.S.T $63
Subtotal $3963
Other Fees - If your down payment is less than 25% of the purchase price of the home, the mortgage will require insurance from CMHC.  
The mortgage insurance application fee is ................. $75

CMHC appraisal fee ...................................................

There is also an insurance premium which is usually added to the mortgage. This premium ranges from .5% of the mortgage value to 2.5% depending on the size of the down payment.

$188
Property Tax Adjustment - In addition to the above costs, you may be required to have cash on hand to repay the vendors for taxes they have paid in advance (depending on possession date and how the vendors paid their taxes).Your lender may also request that you prepay a few months taxes as well. A good rule of thumb is to have enough money on hand to pay six months of taxes e.g. $250,000 home $1100
Insurance - You will have to arrange insurance on the property before possession. The annual rate for a basic policy is approximately ........ $250
Suggested cash on hand - a minimum of ....................... $5600
 
* These figures are an estimate only. They are subject to change and it is recommended that you consult your lawyer for confirmation of your total costs.
 
 

*These figures are an estimate only. They are subject to change and it is recommended that you consult your lawyer for confirmation of your total costs.

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