Typical Closing Costs For Buyer

Let's assume a purchase price of $200,000

The Lawyer's Fee is approximately $600 plus G.S.T. of $42

Disbursements (subject to G.S.T.)

• Title search $60
• Search disbursements $10
• Subsearch $5
• Zoning compliance certificate $70
• Tax certificate $20
• Sheriff's certificate $44
• Law society transaction levy $50
• Photocopies, postage, fax, phone calls, etc. $40

Disbursements $299 plus G.S.T. or about $320

Lawyer Fee $600 plus G.S.T. or about $642

Total of Fees and Disbursements is $962

Land Transfer Tax is based on the purchase price. Tax on a $200,000 purchase is $1725. Add to that the registration of the deed and the mortgage ($50 each) and the total payable to the Minister of Finance is $1825.

In summary, the approximate closing costs for a home purchase of $200,000 is $2787.

A Good Rule Of Thumb Is To Take 1.5% Of The Purchase Price For Closing Costs.