Closing
This is the last step of the real estate transaction, once all the offer conditions outlined in the Agreement of Purchase and Sale have been met and ownership of the property is transferred to the buyer. Once the closing period has passed, the keys are exchanged on the closing date outlined in the offer.
Closing costs
The costs associated with closing the purchase deal. These costs can include legal and administrative fees related to the home purchase. Closing costs are additional to the purchase price of the home.
Land transfer tax
This is the tax payable by the buyer to the province and/or municipality in which the transaction occurred upon transferring land. The amount varies depending on the region, the size of the land and other factors.
Title insurance
Title insurance is a policy designed to protect both yourself and your mortgage lender from financial loss or damages caused by potential title defects such as code violations or legal complications. Requirement of title insurance varies, so check with your REMAX® agent for more information regarding your specific situation.
Each office independently owned and operated. The information contained in this guide is for informational and educational purposes only, and is not legal, business, or real estate advice. Even though we have taken every reasonable effort to attempt to make sure that the information presented is accurate, up-to-date, and useful, we can not guarantee that it is complete, correct, or current. This guide is not a substitute for professional advice. Real estate laws, regulations, and practices may vary from market to market. Consult with local professionals for specific advice.