How Much Should You Set Aside for Closing?
A quick approach to closing costs would be to set aside 2 - 3% of your purchase price. Closing costs vary according to circumstances of each individual sale. They include:
● land transfer tax
● legal fees and disbursements
● GST on all services
● mortgage application and appraisal fees
● closing and adjustments
● fire insurance
● CMHC (Canada Mortgage and Housing Corporation) insurance fees
Here is a closing costs estimator chart that you can use to calculate the cash you will require when the time comes. Overestimate rather than underestimate. Make sure you have enough.
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