CLOSING COSTS & LEGAL FEES FOR BUYERS
Closing Costs & Legal Fees for Buyers
Plan for more than the purchase price. We help you understand the legal closing statement and the amounts needed to complete your purchase.
A transaction-specific estimate
Legal fees, taxes, disbursements, title insurance, and adjustments depend on the property and circumstances. Request an estimate and identify any unusual ownership or financing arrangements.
Preparing final funds
The final amount reflects confirmed mortgage proceeds, deposits, adjustments, and other charges. Our office will explain the funding requirements once the necessary figures are available.
Separate the price from closing expenses
Budget for the remaining purchase funds and the expenses needed to complete the transaction. Ontario land transfer tax, Toronto municipal land transfer tax where applicable, registration charges, title insurance, legal fees, and adjustments can all be relevant.
Refunds and exemptions
Eligibility depends on the facts and the rules in force. Provide ownership history and other relevant information so a potential refund or exemption can be assessed rather than assumed.
Adjustments and transaction-specific charges
The statement of adjustments allocates agreed expenses between buyer and seller, such as property taxes or condominium common expenses. Builder contracts may add further adjustment categories. Lender-related costs and inspection expenses can also sit outside the legal fee.
Ask what the estimate includes
Clarify legal fees, taxes on fees, disbursements, and excluded work. Additional mortgages, unusual title issues, or changes to the transaction may affect the estimate.
Confirm the funds and documents needed
We explain the closing statement and the balance required once the relevant figures are available. The final amount depends on the agreement, lender advance, adjustments, and other transaction details.
Allow time for funding
Arrange access to your funds and follow verified payment instructions. Keep our office informed of lender delays or changes in the source of funds so the closing requirements can be addressed.
Request an estimate based on your transaction
An estimate becomes more useful when it reflects the property and funding structure. Ask which figures remain provisional and when they can be confirmed. We distinguish the legal account from taxes, adjustments, insurance, lender costs, and other expenses so you can prepare the complete closing budget.
Documents to prepare
- Purchase price and property municipality
- Intended owners and relevant first-time buyer information
- Mortgage amount and other financing
- Builder schedules and any unusual closing arrangement
Let’s discuss your next step
Contact Maki Law for practical guidance on your property transaction or construction matter.
416-991-4775 · contact@maki.law
136A Avenue Rd, Toronto, Ontario M5R 2H6
MAKI LAW
Address
136A Avenue Rd
Toronto, Ontario M5R 2H6
Contact
416-991-4775
Fax: 416-981-3420
contact@maki.law
Service Areas
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General information only. Contact our office for advice about your circumstances.