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How To Use Our Closing Cost Calculator. Address – Enter the address of the property you are planning to or have already purchased. Purchase Price – Input the amount of money you have promised to pay the property seller. Down Payment – This is the portion of the property price that is not financed by the mortgage loan and is paid out of ...
Closing costs are one-time fees that the real estate buyers must pay when they decide to purchase a property in Canada. These costs include, but are not limited to: land or property transfer taxes, lawyer fees and inspection fees. In most cases, they have to be paid upfront and cannot be rolled into your mortgage.
Closing costs vary based on many factors, but you’ll generally want to set aside 3% to 5% of a home’s purchase price to cover all potential closing costs. On a $400,000 home purchase, for ...
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The land transfer tax, attorney, and legal costs make up the bulk of closing costs. Calculating those cost can be easy with our Closing Costs Calculator in Canada. Property values above $1 million may incure a land transfer tax that could be more than $10,000. Other closing-related charges should be much lower.
On average, legal fee of closing a home purchase cost around $1,500. Having said that, lawyers are being paid by the hour, so it really depends on the complexity of your purchase. Sometime if there is a delay in closing, or your lawyer has to file extra paperwork that takes more time, the legal fee can be higher.
Buying Agent Comission. $8,000. Selling Agent Comission. $8,000. 5% GST. $800. The seller of the property will pay for both buying and selling agents' commission. For example, if the seller agent commission is 2.5% and the buyer agent commission is 2.5%, you will pay a total commission of 5%.
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The costs you have to pay are explained below. Adjustment Costs: • Your cost is usually between $300 and $500. • You will reimburse the owner for property taxes after your closing date. Legal Fees: • Legal fees in Alberta are generally between $500 and $1,500. • Your paperwork must be completed by a lawyer.
