Closing time

November 9, 2011

Law Day

In my post last week, I talked about adjustments on closing. Adjustments are one element of closing costs: the costs that you will have to pay in addition to your purchase price in order to buy your home.

There are several line items in closing costs; some are fixed, and some are variable. Some fixed costs include legal fees, registration costs and Land Transfer Tax (which is a flat percentage of the purchase price). Some variable costs include title insurance premiums and disbursements, for items such as title searches and off-title searches.

And also note: you will also have to pay closing costs when you sell, but these are typically much lower and generally are taken out of the sale proceeds, so that you will not end up being out of pocket for them.

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About Cesia

Cesia is a real estate lawyer at Wall-Armstrong and Green, a boutique law firm in Barrie focusing on real estate and estates. When she's not online, she can usually be found in her garden.

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