Closing Costs: What You Don’t Know Can Cost You

Closing Costs are not a part of the unit price you will be quoted at a new project development, and they may come as a big surprise upon closing.

Here is a partial list of possible fees and charges you may have to pay upon closing:

  • Heat Pump
  • Public Art Levy
  • Sewer Connection Charge
  • Educational Levies
  • possible additional charges

These and others can add up quickly to thousands of dollars.

When purchasing a new unit, be aware of of closing costs and how much cash you’ll need to set aside for closing [this is not going on the mortgage]. To protect yourself ask your Realtor to explore an option for you to “cap” closing costs i.e. to set a maximum known pre-determined agreed amount right in the contract.

In some cases, your Realtor could possibly help you not only understand what the closing costs are, but also negotiate a better cap on these expenses.

Another example why you should never walk into a condo sales centre without your agent, contact Yossi Kaplan.

 

 

Yossi

Yossi Kaplan is a Toronto Real Estate Agent, Mortgage Agent and a Real Estate investor. Call Yossi with any question regarding investing in and selling your Toronto Real Estate.

Comments are closed