1. Title Insurance -This protects your interest in the property. Those houses being sold out from under people in Toronto? Title insurance would assist in the outcome of those transactions. This is paid by your lawyer and is reflected on your invoice under the Disbursement section.
2. Land Transfer Tax - This is required by the government however, there are some exemptions for first time home buyers. Make sure you ask your lawyer about the discount for first time buyers if you think it might apply to you. There are plenty of online calculators if you would like to calculate this yourself however, confirm the amount with your Lawyer and they will be able to give you the exact amount you will be owing for closing. This is paid by your lawyer and is reflected on your invoice under the Disbursement section.
3. Registration Costs - These feel like they have been ever changing with the land registry lately. Check with your lawyer to determine the current rates for this. Every item that is registered on title has to pay this fee. This is paid by your lawyer and is reflected on your invoice under the Disbursement section.
4. Real Estate Lawyer Fees - There are lots of fees associated with a real estate transaction but don't forget that your lawyer will charge you for their time and expertise.
5. Fire Insurance - Most transactions require home insurance to close. This is a result of the majority of transactions having a mortgage. Make sure you notify your home insurance broker that you have purchased a new home and that your lawyer will be reaching out for proof of insurance.
6. Mortgage Registration Fees - When you get a mortgage it has to be registered on title. This incurs a second registration fee as mentioned above. This would mean that you are charged a registration fee for the deed and a registration fee for the Mortgage. This is paid by your lawyer and is reflected on your invoice under the Disbursement section.
This list is not exhaustive and is not meant to be legal advice. You should speak to a lawyer who is licensed to practice in the jurisdiction where you intend to purchase a property.
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