Closing costs when buying a house in Toronto


	Closing costs Information for First time Buyers Links for Land Transfer Rebate Information -------------------------------------------------------------------------------------------- Ontario Governement Important for Toronto Purchases Other Costs ---------------------------------------------------------------------- Land transfer costs are perhaps the biggest cost of buying a home and in Toronto it is twice the expense. There are rebates for energy star homes and new home purchases. Legal Costs - Lawyers set their own rates so be sure to ask about the base rate plus likely disbusement costs Title Insurance - This is often recommended and can be purchased through your lawyer at the time of closing Adjustments - These are calculated based on the closing date. For example if the seller of the house has paid all the property taxes for the year and you are buying the home half way through the year then you will owe the seller half the prperty taxes for the year. These adjustments are also made for utilities. Other items to consider is making sure your insurance agent or firm knows you are looking at buying and is ready to get a home insurance policy ready, you will need this.