Common Closing Costs for Buyers
Funds to cover your down payment and closing costs will most likely have to be in the form of a bank draft or wire transfer to your lawyer’s trust account. Your lawyer will detail the exact amounts required for:
- Balance of down payment after initial deposit with offer.
- Mortgage Loan Administration and/or Appraisal Fees, if applicable.
- Credit report fees.
- Mortgage insurance premiums if applicable (CMHC).
- Land Transfer Tax and Title Registration Fees.
- Title insurance policy premiums.
- Legal fees.
- Pro-rated amounts for your share of any prepaid costs, such as utility bills and property taxes.
