As a buyer, there are a few costs you should expect to pay at closing:
- Land transfer tax: When you buy a property, you are expected to pay a one-time tax, similar to paying the fee for a lawyer, and the cost of the tax is based on the purchase price of the property. Fortunately, first-time home buyers do get a deduction on the cost.
- Lawyer’s fee: This will cost you about $1,500, and that goes to the lawyer you selected to close the transaction. They handle all of the paperwork between you and the seller’s lawyer.
- Title insurance: This insurance fee is about $300 to $400. Title insurance protects you from fraud on property taxes and anything else that could be wrong on the survey.
- Registration fees: You have to register two documents with the government: the deed and the mortgage. These documents cost $75 each.
- Any additional out-of-pocket fees: These run from $300 to $400 and go to your lawyer to cover any searches or due diligence.
“
”
Title insurance protects you from fraud on property taxes.
”
If you have any questions, give us a call or send us an email. I would be happy to help you!
