In every condo transaction there are closing costs. These costs can’t be avoided and your lawyer will adjust them on the date of the closing. The lawyer will go through all your expenses before the transaction and give you a detailed packaged on the closing date. The general closing costs are as follows:
Land Transfer Tax
$1 – $55,000 X 0.5 % of total property value
$55,000 to $250,000 X 1% of total purchase price, minus $275
$250,000 to $400,000 X 1.5% of total purchase price, minus $1525
From $400,000 up X 2 % of total property value, less $ 3525
Lawyer Fees: Varies from lawyer to lawyer but can total anywhere from $1000 – $1400.
Property Taxes: Lawyers will always adjust all costs to make sure each respective client is responsible for their share of the taxes.
OPERATING COSTS (After you’ve purchased)