Closing Costs
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Closing Costs
Don’t get caught by surprised by the fees that accompany the end of a home buying journey.
Closing costs are the various fees paid to end a home purchasing or selling transaction, typically when the title of the home or property is transferred to the purchaser. These costs may include title insurance, legal fees, and land transfer tax.
Closing costs often amount to 2-4% of the purchase price of your new home, excluding the down payment. Use our Mortgage Calculator to get an estimation of the closing costs of your dream home.
Below are some of the typical closing costs a buyer will experience based on a purchase price of $300,000. Please note all listed costs are approximate.
Legal Fees $600
- Registration of title & mortgage
- Tax certification
- Disbursements (eg title search, courier costs, photocopying etc)
Bank Appraisal Fee (if required) $250
Land Transfer Tax $3,650
- $1650 + 2% of the balance of purchase price over $200,000.
Interest Adjustment to Seller $500
- The seller does not receive any money until the Title has transferred which can take up to 2-3 weeks after the possession date. The buyer pays the seller interest during this time, but does not pay the bank interest.
Adjustment of Taxes & Utilities $1500
- These adjustments will vary based on possession date. In Winnipeg property taxes are due for the calendar year on June 30. If the seller has already paid taxes in full before the buyer takes possession, then the seller is credited a pro-rated amount based on how many days of the year the buyer owns the home.
Home & Fire Insurance $1100.
- Contact King Insurance for an accurate estimate at 204.661.2629.
Title Insurance $229
Total: ~$7800
