Closing costs are the one-time expenses you pay to complete a purchase, on top of your down payment. They are easy to underestimate. Here is what each one is and when it comes up, so you can plan for the full picture, not just the down payment.
Your lawyer or notary to close the purchase and register the mortgage.
A one-time policy many lenders require, covering title problems and survey gaps.
Confirming the property's value and, if you choose, its condition.
In Nova Scotia a municipal deed transfer tax applies in most areas, and the rate varies by municipality.
Reimbursing the seller for amounts they prepaid past your closing date.
On an insured mortgage the one-time premium is added to your mortgage and paid over time, so it is not cash you need on closing day. Nova Scotia does not charge provincial sales tax on the premium. A few provinces do, and it is payable at closing there, so it is worth confirming if you are buying outside the province.
Closing costs vary by price, property, and municipality, so there is no single number for everyone. Our land transfer and closing costs calculator works out your figure, including the Nova Scotia deed transfer tax. Budget it alongside the down payment rather than finding it at the end.
Most are due on or before closing day, handled through your lawyer or notary. Knowing the list early means no scramble when the date arrives.
Working toward a purchase? Bring us your situation and we will help you estimate the full cost, closing costs included, so there are no surprises. A licensed member of our team will follow up.
Start a ConversationInformation here is general and educational. It is not financial, legal, or lending advice, and it is not an offer of financing. Closing costs vary by lender, property, municipality, and province, and the items that apply to you may differ. Mortgage default insurance is subject to eligibility and applies in certain circumstances. Any figures are illustrative only. All financing is subject to lender review, property review, and supporting documentation. Submission of a form does not guarantee approval or financing.