You might negotiate a flat rate fee with your lawyer — Axess Law’s fees are all flat rates — but otherwise, no.
Closing costs are fixed fees that add as much as about 5% to the cost of a home. They include land transfer taxes, plus Toronto’s municipal land transfer tax, title and fire insurance, and registering title to your property. Legal fees, and your share of property taxes and utilities, are included.
For high-ratio mortgages with less than 20% down, mortgage default insurance is added to your costs. HST of 13%, minus any rebates you qualify for, is due for new or substantially renovated homes.
As the closing day draws near, your Axess Law real estate lawyer will contact you to finalize the amount you need to bring to our office to conclude your home purchase.