The Adam Mills Team
‘Where Ottawa Is Home’

Royal LePage Canada Top 1% Chairman’s Club (Based on Gross Sales for 2021)

Home Buyer Closing Costs…

Determining what additional costs might pop-up at closing is a great way to avoid any nasty, last-minute surprises.

Down Payment:

This might be one of the more obvious costs, but it’s a big one. A down payment on your new home can be as little as 5% to as much as 25%. Note: putting 20% down avoids a Mortgage Insurance Fee, commonly known as a CMHC Fee.

Mortgage Processing Fee:

Usually covers lender appraisal and application fees; may also include fees for lender’s insurance if required – appraisals are typically $350.

Home Inspection:

Although normally completed before closing, these are an added fee to budget for – typically $500.

Legal Fees:

Legal costs will vary, and include title searches, registration of the mortgage, obtaining title insurance, deed registration, and anything else that may be required to complete your transaction. Plus, you’ll be billed for office disbursements like photocopies, postage, faxes, and courier charges as applicable.

  • Lawyer Legal Fee: $800.00 – $1,000.00
  • Title Search: $150.00 – $180.00
  • Registration of Deed: $71.30
  • Registration of Mortgage: $71.30
  • Execution Certificates: $33.00 – $55.00
  • Title Insurance: $250.00 – $350.00
  • Office Expenses: $40.00 – $50.00
  • Land Transfer Tax: Fees based on purchase price

As a general rule you should budget 1.5% of the purchase price to cover all associated closing costs (other than downpayment).