Make Sure you Cap the Closing Costs

Many new home and condo Agreements of purchase contain hidden or unspecified charges that change prior to closing.

Charges that I have seen recently include;

Hydro Meters, Land Tax of $75, Hydro Installation $630, Security Deposit $500, New Home Warranty Program $734, Water Meter $390, Electronic Registration $ 175, Law Society Levy $52.50, tree planting or park land dedication that could be thousands.

These are in addition to the normal land transfer taxes that apply in a purchase. The 416 and 905 have separate Land Transfer Taxes. Rebates may be available for First Time Buyers.

Bring your contract in for a review during the conditional upon a solicitors review period and all these details can be explained to you. The Builders Lawyers will be contacted and appropriate revisions made.

Contact my office at 905 270 5110 or email Stanley Gelman sgelman.sglaw@rogers.com Check our website Wise Lawyer.ca or possibly you have a question. Add your question here.