Toronto Real Estate
Information: Mortgages
Closing Costs
The closing (also known as the settlement) is the final step, during
which ownership of the home is transferred to you. The purpose of the
closing is to make sure the property is ready and able to be transferred
from the seller. The closing costs (which vary from state to state)
are usually expressed as a percentage of the sales price or loan amount.
Typically, costs range from 3% to 6% of the price of your home and can
include transfer and recordation taxes, title insurance, the site survey
fee, attorney fees, loan discount points, and document preparation fees.
Sometimes you can negotiate to have the seller pay some of your closing
costs.
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