News & Articles: Closing Costs
There are a number of costs which must be paid on closing. First there are adjustments of property taxes, condominium common expenses, tenant rent if any, and any flat rate water bills. These costs are based on the date of sale. Secondly, there are expenses or disbursements your lawyer has incurred on your behalf. Your lawyer will have to do a title search, zoning search, utility searches, sheriff searches and often inquiries to make sure you have a clear title. In Ontario, it is not unusual for the disbursements or expenses in a residential real estate deal to reach $500, $600 or more, including the registration of a deed and mortgage. Be sure to budget for closing adjustments, disbursements, and legal fees.
Contact Spagnuolo Professional Corporation at (905) 856-0034