When you come to the closing of your home, you will find there are a list of expenses to keep in mind. The following are a list of those expenses that will be incurred during the closing of your home.

Closing Fees

Property Transfer Tax

1% tax on the first $200,000.
2% tax on the next $1,800,000.
3% on the next $1,000,000, and 5% on the remainder.

If your purchase price was $3,500,000, the PTT would be calculated as follows: $200,000 @ 1% = $2,000. $1,800,000 @ 2% = $36,000. 3% @ $1,000,000 = $30,000. 5% on the remaining $500,000 = $25,000. TOTAL PTT = $93,000.

Legal Fees

It is important to have an attorney look after the legal details necessary for closing.  Lawyer’s fees vary but you can allow for approximately $1,000 in lawyer’s fees for the sale of your home and $1,200 for the purchase of your new home.

Mortgage Fees

Depending on the lender, you may be charged appraisal and or lending application fees. Be sure to ask, so that you can budget accordingly.


A survey or title insurance is required by all lenders to ensure that the house that they are mortgaging is fully within its lot lines. Survey’s start at approximately $900 but will increase with the size of the property.

Closing Fees

Title Insurance

Most lenders will accept a Title Insurance Policy instead of a survey and these fees cost $250 – $300. There are other advantages to opting for a Title Insurance Policy instead of a survey.


Cost about $300-$500 and are the extra fees that the lawyer places on your legal bill which cover expenses the law firm has incurred on your behalf such as registering the deed and mortgage on title, utility status reports, etc.


Any rents, mortgage interests, pre-paid property taxes and utility charges shall be apportioned between the buyer and seller.  The closing date is at the expense of the buyer.

Moving Costs

These costs vary depending on the distance and the amount of possessions moved.  It would be beneficial to get a quote from the mover and to book your mover well in advance.


Consider one-time installation fees or deposits required for setting up cable, telephone or utilities.