Closing cost calculator Ontario & Toronto

When buying a home there are several closing costs that will need to be settled. Use the Seif Law closing cost calculator for buyers to learn more about and calculate associated costs that you will need to pay at the time of purchase.

Closing costs are an important part of any real estate transaction, whether it’s buying a house or selling it. If you are about to buy or sell property in Toronto, there are many closing costs that factor into real estate agreements. And keeping track of these real estate closing costs is much simpler with the help of the closing cost lawyers at Seif Law Firm. We provide professional real estate lawyer services with reasonable fees and have thousands of satisfied clients across Toronto and the GTA to prove it.

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    Our flat legal fees are caluclated for properties priced under 5 million dollars. Please contact us to find out your legal fee.




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    • Government Registration Fee(s)


    • Ontario Land Transfer Tax


    • Toronto Land Transfer Tax ($84.75 admin. fee incl.)


    • First Time Homeowner Rebate


    • HST on Applicable Items


    • Total Land Transfer Tax


    • Total Cost


    *Our flat rate legal fee applies to a simple transaction involving the purchase of residential single family dwelling on city services, with one first mortgage and no other encumbrances or liens on title. Our disbursements (if applicable) comply with LSUC Rule 4.2-2.1: HST, govt. document registration fees, fees charged by govt., Teranet fees, costs of condo status certificate, lawyers creditor's letters and title insurance. The fee is valid if our firm is hired and receives the Mortgage Instructions at least 5 business days prior to closing. If any unforeseen issues arise you will be notified immediately. Note that additional charges apply to investment properties, commercial properties, occupancy closings, lines of credit or additional mortgages/lines of credit, bride loans or any other matter beyond the scope of a standard real estate transaction.

    **Title insurance policy is an additional cost.

    ***There may be an additional wire fee for all transactions and a cost associated to obtain a tax certificate for purchase transactions should the client request it.

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    Closing costs are the legal and administrative costs you would expect to pay after you buy a house. The closing cost is the accumulation of a percentage of the price of the home. This ranges from 1.5 to 4 percent of the sales price. There are other charges and activities in addition to closure costs that could entail a cash outlay before, on or after the closing of the home. Your bid, the size of your down payment and the amount of mortgage you apply for will be influenced by these closing costs and extra expenses. Only some of these are optional, so from the beginning, be wary of these costs. When preparing for your home buying, closing costs are important expenditures to remember. If you are not equipped for them, the funding will pile up- massively burdening you. However, the main question is: how much are closing costs? To ensure these sometimes-unforeseen expenses do not creep up on you, we will explain these in-depth.

    Cash Outlays to Consider Before You Begin the Closing Process:

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    Home Fee for Inspection – As a condition of your offer to buy the home from the seller, it is strongly recommended that you conduct a home inspection. Depending on the difficulty of the inspection, a home inspector will compile a report on what the existing condition of the home is for a price of about $500.

    Deposit – When making an offer to buy the home, you have to put down a deposit amount. A deposit counts against your down payment and is required. A deposit indicates you’re truly committed to purchasing your property from the seller. It shows that you have the financial resources to make the transaction and before the deal closes, you’re comfortable taking on some amount of risk.

    How Do You Figure out House Closing Costs?

    Typical closing costs that you will pay are a collection of lender and third-party fees, which you can see by the results given by the closing cost calculator. You will find that one other big cost will also be included in the estimated cash needed for settlement: the down payment.

    There are real-estate closing costs for all home-buyers that are normally mandatory. Along with attorneys and legal fees, land transfer tax will make up the bulk of closure expenses, while other costs can be assumed to be even lower. The land transfer tax could cost more than $10,000 if the valuation of your property is higher. When budgeting for your new home, we advise accounting for all of these expenditures.

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    Land Transfer Tax – You must pay a land transfer fee to the provincial government and the municipality in certain towns when you purchase a property. Based on the value of the property, the rate of the land transfer tax varies considerably by region. For most Canadians, this tax is based on the valuation of their land being bought. Accounting for this in your budget will help you gather the closing cost that you will need. First-time homebuyers are eligible to benefit from land transfer tax rebates in Ontario. As an example, first-time purchasers would save up to $500,000 home in Toronto when you apply as a first-time buyer.

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    Legal Fees – Purchasing a property is a legal action that involves a real estate lawyer operating as the middleman to buy and mortgage the property for you. It’s mandatory to get a lawyer in certain regions, such as Ontario. Legal fees vary with the extent and complexity of the necessary job, but the expense, including tax, will be anything from $500 to $1500. Calculate this into your final costs.

    Title Insurance – Nowadays, in the case of a homeownership dispute, most lenders need title protection to cover damages and losses. This is bought around $100 – $300 through your lawyer who is helping you with the purchase of the property.

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    Provincial Sales Tax On CMHC Insurance – One CMHC insurance-related expense that you might need to pay for with cash is the provincial sales tax on top of the CMHC. On CMHC insurance, some provinces bill the Provincial Sales Tax, or PST. Your CMHC premiums will be credited to the PST. There are a few provinces that need this. The tax rate charged by Ontario is 8%.

    Who Pays Closing Costs at Closing?

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    Closing expenses are paid mainly by the purchaser. There is at least one closing fee, though, which is covered by the seller: the commission of the real estate agent. On all sides of the deal, sellers pay for the real estate brokers. The commission is cut in half and is shared between the two sides. Sellers also incur solicitor fees and mortgage discharge fees if the mortgage is closed before it receives enough exposure and is taken off the market after a short period. Often, when a seller wishes to draw in a good buyer in a difficult market, the seller can promise to pay the buyer all the closing costs. For first-time homeowners, this makes it possible and easier to handle the costs of owning a new home. Sellers will regulate which of the closing expenses they plan to pay. That could be arranged with the seller by customers who can not afford to pay closing costs on their own.

    Why Would the Seller Pay Closing Costs?

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    In times like these where the economy is difficult, and the market is saturated with many trying to sell their homes- the seller will offer to pay closing costs in order to attract buyers.

    Simply put- paying the closing costs for the home buyer could mean selling your home more easily and putting more money in your wallet. The number of possible buyers for your house is expanded by offering or at least being able to cover the closing costs of your buyer. There are a lot of home shoppers out there who deal with the down payment, travel costs, and closing costs. Depending on your location, what you are proposing or at least being able to assist with closing costs could raise your potential buyer offers by 25 percent or sometimes more. Many prospective customers are more competitive when they see other offers, inevitably leading to quicker purchases and likely a higher price.

    What Can Go Wrong After Closing?

    Surprises are never welcome but they are always possible. Here are a few guidelines on what could go wrong so you can look out for it.

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    Document Errors – A mistake in records is one of the most common closing issues. It may be as clear as a false name or altered address number or as extreme as an incorrect loan sum or missing pages.

    Credit Issue – Your credit is now worse than before you applied for it. You will get a hit from a major new purchase or when applying for a new credit card on your credit score. If you purchase an expensive item before the closing day phase, you might be rejected after the closing day. During the application process, refrain from spending a significant amount of money at once or applying for new credit cards during the phase that leads up to closing day.

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    Home Insurance – There’s a problem with the insurance the homeowner has about the documents. You will need to include the name of the new homeowner on the insurance before the closing. The deal can not go through if a problem occurs between then and closing day. To make sure there’s nothing else they need from you, keep an open flow of conversation between you and your insurance provider.

    Unable to Pay the Downpayment or The Closing Costs – it is possible when the time comes you are unable to draw in the cash and you are uncertain of how to pay the down payment. Down payments at the closing table are payable in cash. Make sure you have the amount payable for the closing, or it won’t go through.

    Here are some other costs to consider when wanting to purchase a home:

    Unexpected Costs When Buying or Selling a House

    Property Insurance Property insurance must be in effect on the closing day, which covers the risk of repairing the home and its contents. This insurance is often charged in monthly or annual instalments.

    Taxes on Your Property – Property tax is calculated as a percentage of your home value, and must be paid each year. The residential property tax rate in Toronto for example is 0.83%. You may need to reimburse the previous property owner if he/she has already paid property taxes for the full year.

    When Closing:

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    On the Day of Closing – you are legally the owner of the home. All the important transfers and processes are mainly completed before this day. The following events will be held on the closing date:

    Your creditor will supply the lawyer with the mortgage funds. In addition to the closing costs, you must include your down payment, minus the deposit, to your lawyer. Then the former owner is paid by your lawyer, then registers the home in your name, and hands you over the home and the process is complete.