CLOSING COSTS – THE REAL TRUTH When looking to buy a condo, there are many costs to consider -- moving costs, legal fees, utility hookups. There may also be additional costs associated with leaving your existing residence, such as lease penalties, or mortgage discharge fees. One of the areas where condo buyers most frequently run into problems is with closing costs. Condo buyers often do not properly anticipate the costs associated with closing a real estate transaction. At Simplycondos.com we are here to not only educate you on these closing costs but ensure that you are prepared for these prior to buying a condo, knowledge is what we provide to you, our clients.

In addition to your down payment, there are many other expenses that must be paid on closing day before your condo purchase can be completed. Closing costs are typically one-time-only charges that are required to inspection fees, appraisal fees, title search, lawyer's fees, and applicable taxes, such as GST. An important component of closing costs is your proportionate share of property taxes, utilities etc. that may have already been pre-paid by the vendor. You should expect to reimburse the vendor for those costs associated with the period following your closing date. If you are prepared to pay between 1.5%-2% of the purchase price in closing costs then you are ready and informed of the closing costs associated with closing a real estate transaction.