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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Closing costs
We just put in an offer on a house - yikes! I'll share the MLS link if we get it. We're trying to sort out how much to budget for closing costs and think we have an idea, but I'd love to hear how much they ended up being for others.
Re: Closing costs
ooh good luck!
**eta** LOL can you tell I read that too quickly while multi-tasking?
Sorry...
I am trying to remember closing costs. With the land transfer tax and lawyer fees, it was a couple thousand.
Ditto this. As well as things like rented water heaters, etc. We got stuck with a few bills we hadn't anticipated once we bought our condo. Just a heads up.
land transfer tax rebate???? that must be something new.
For closing costs we had our downpayment (at least 5%), lawyers fees (ours under $300), faxing, phone calls etc, property taxes that have been paid, land transfer taxes, some minimal costs for the lawyers doing some stuff with the deed.
Ditto this.. consider yourself lucky you're getting any land transfer tax back, this is new. I didn't get any of it back when we bought our house in March 2007.
We budgeted 2% for closing costs (plus downpayment) but we didn't use that much, I think we were close to 1%. There are calculators online for land transfer tax, and then budget about $1000 for lawyer (it will be a bit less), ours was about $700 for everything with the lawyer I think.
I don't remember our closing costs (and it was only a yr ago, man I forget things quickly, lol)
But that is super exciting that you put an offer in a place!!!
WOW! You girls had really low closing costs.
Ours were $5000, my friend's were $4200. This included land transfer tax.
You bought a condo, right? Lawyers fees are always more for condos than freeholds, especially if you're buying new, as they're typically looking over bylaws and the condo statements etc (I know there's a technical name for it, but I can't remember).
Definitely a good point to consider if you are buying a condo.
Our agent told us that closing costs are typically around 1% of the cost of the house. We were lucky, b/c we didn't have to pay any land transfer tax as first time owners. We also closed at the end of January, so we didn't have to worry about the previous owner paying very much taxes.
Friends of ours were totally screwed over for 6 months of property taxes b/c the previous owner had pre payed. Definitely check into this.
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Really depends on the value of the house. Ours were about $4000, I just originally thought it would be pointless to say the actual $$ because it completely depends on the value of the house.
Thank goodness we bought our house before the silly Toronto land transfer tax kicked in... now people buying our house would be paying nearly twice what we paid in land transfer tax. Land transfer tax on the value we paid for our house 2 years ago would be $7825 now. OUCH!!!! It would be more since our house is worth more now.
Here is an online calculator for Ontario and Toronto:
http://www.torontorealestateboard.com/LTT_splash/ltt_calculator.htm
Ditto this. Ours was higher based on the price of our house and how that drives that land transfer taxes. We also had to pay 8 months worth of property tax so that added several thousands of dollars to the total.