Closing Costs for Buyers

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Besides the cost of the deposit and down payment, there are a number of other costs associated with buying a home. These are costs that come up before the closing, at time of closing and after closing (carrying costs).

Before closing some costs could be:

• Mortgage Application and Appraisal Fee
• Appraisal Fee
• Property Inspection (optional)
• Property Survey (sometimes provided for or paid for by Seller)

Costs at closing include:

• Legal Fees
• Legal Disbursements
• Deed and/or mortgage registration
• Land Transfer Tax
• Mortgage Interest Adjustment and Take Over Fee (if applicable)
• Adjustments for Fuel, Taxes, etc
• Mortgage Insurance (and application fee if applicable)
• Home and Property Insurance
• Connection charges for utilities such as gas, water and electricity
• Moving Expenses

Typical monthly costs incurred with home ownership are:

• Mortgage Payments
• Maintenance
• Insurance
• Condominium Fees
• Property Taxes
• Utilities

Other costs that can arise include landscaping, painting and redecorating, furnishings and appliances, and minor to major repairs that need to be completed.