Well in advance of the closing, your lawyer will advise you of the exact amount of money you will need to complete the transaction. In addition to the purchase price, there will be other expenses which you may be required to pay either before or at the closing.

These fees and expenses add up quickly. Each transaction is different and it is difficult to predetermine your expenses. The actual "legal fees" part is easy to determine and is in fact pre-determined, however should there be complications with your purchase or unusual difficulties with the title search at the Registry of Deeds your lawyer will advise you immediately of any increase in legal fees and disbursements.

The Deed Transfer Tax is another expense that often gets confused with lawyer's fees. It is generally 1.25% of the purchase price and is paid at the closing as well.

Another point to remember when thinking of expenses at the time of closing is that mortgage lenders advance funds based on a percentage of the lower of the appraised value of the property and the purchase price. If your appraised value comes in lower than the purchase price, the financial institution will be advancing less funds and you will have to come up more. To avoid surprises, always confirm the amount of the cheque being advanced from the mortgage lender to the lawyer.

Return to: What Purchasers Should Know

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