What Exactly Are Closing Costs When Buying or Selling a Home
Posted by Terry Paranych on
Confused about closing costs? We’ve got you covered. From insurance costs to legal fees, here’s what you need to know.
What Are Closing Costs?
In short, closing costs are additional (generally one-time) costs and fees a buyer is required to pay upon completing a home purchase. While the exact total will vary depending on the property type, experts recommend setting aside at least one to three percent of a home’s overall sale price.
What Do They Cover?
Closing costs may include (but aren’t limited to):
Land Transfer Tax
Land title transfer tax is a mandatory fee paid by the buyer when property ownership is transferred (to the buyer) by the seller. Land title transfer fees in Alberta are based on both the size of your mortgage…
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