Before you start looking for a home, you should be aware of the real estate closing costs involved and be able to have most of these funds available before you even start the search. Besides the minimum 5% down payment, which the mortgage company requires, you will need to have the following amounts at hand.
| Lawyer's fees and expenses: | normally $900 to $1100 |
| Land Transfer Tax: | varies, but on a $100,000 home, costs about $750 |
| Home Inspection: | $275-$350 not mandatory, but an excellent idea |
| Bank Appraisal Fee: | $250, but the bank may waive it |
| Mortgage Application Fee: | $250, Banks can sometimes waive this |
| Mortgage Insurance Premium: | ranges from 0.5% to 3.75% of the mortgage amount |
| Survey: | $600 - $800 if necessary |
| Estoppel Certificate: | $50, but only applies to condos |
| Service and Utility connection: | depends on the company |
This summary of closing costs for real estate are meant to provide an assist to you but should not be relied upon. For a closer examination of costs it is best to contact your real estate agent or lawyer.