What Are Closing Costs?
You've found your dream home, the seller has accepted your offer, your mortgage has been approved so now you're eager to move into your new home. But before you get the key, there's one more step--the closing.
The closing is the process of passing ownership of property from seller to buyer. In Alberta buyers and sellers will retain a lawyer to execute the closing.
Legal Fees and Disbursements: The Legal Fees are the time it takes your lawyer to perform the work, the disbursements are the extra costs the lawyer pays for you that need re-imbursement
- Transfer of Title
- Register your Mortgage on Title
- Execute the Mortgage
- Conduct a tax search
- Review all Non Financial Encumbrances
- Review the Real Property Report
Fire Insurance: You must have fire insurance before the mortagage will be executed
Title Insurance: This is optional in Alberta but recommended
You will be required to bring the balance of your downpayment to your lawyer along with the lawyers fees.