Once you have an unconditional accepted offer on a home you are selling or buying it will be time to start thinking about which lawyer or notary you will use for completing the transaction. Closing costs will vary depending on how complicated the transaction is and somewhat upon which firm you choose. The closing costs will vary depending on whether you are buying or selling. Buyers can expect the following costs at closing:
- Property Transfer Tax (PTT) on most properties and possibly Goods and Services Tax (GST) on newly-built properties
- Legal fees – These include lawyer/notary professional fees, land title search, land title registration and other nominal fees
- Closing adjustments (property taxes already paid by the seller, etc.)
Sellers can expect the following costs at closing:
- Fees to discharge/payout a mortgage
- Lawyer/Notary Fees
- Real estate commission fees and possibly withholding tax (applies to non-residents of Canada)
- Closing adjustments
The statement of adjustments is the document which lays out the amounts owed and the credits due to both the buyer and seller. During the appointment with the lawyer/notary, buyers and sellers will be presented with this summary of charges/credits with either a final amount due (buyers) or to be received (sellers).
It’s a good idea to speak to a potential lawyer/notary about there workflow and their schedule before choosing one so that the closing process will go smoothly with plenty of time to sign documents before completion date. I have several good lawyers and/or notaries I can refer should you require one.