Closing costs for buying a home in Calgary, Alberta can vary depending on a number of factors, such as the purchase price of the home, the type of mortgage you are getting, and the specific costs associated with the purchase.
Here are some common closing costs you can expect to pay when buying a home in Calgary, Alberta:
Real estate fees: These are typically paid by the Seller's brokerage and no cost to the Buyer. Always discuss how this will work with your agent.
Legal fees: You will need to hire a real estate lawyer to handle the legal paperwork involved in the purchase of the home. Legal fees can range from $500 to $1,500, depending on the complexity of the transaction.
Title insurance: Title insurance protects you against losses due to title defects or disputes. The cost of title insurance is typically based on the purchase price of the home and can range from a few hundred to several thousand dollars.
Home inspection: A home inspection is recommended to identify any issues with the home that may need to be addressed. The cost of a home inspection can vary, but typically ranges from $300 to $500.
Appraisal fee: Your lender may require an appraisal of the home to determine its value. The cost of an appraisal can vary, but typically ranges from $300 to $500.
Property transfer tax: Property transfer tax is a tax paid to the provincial government upon the transfer of a property. In Alberta, there is no property transfer tax.
Mortgage default insurance: If you are putting less than 20% down on the home, you may be required to pay mortgage default insurance. The cost of this insurance varies depending on the down payment amount and the purchase price of the home.
Land survey: A land survey may be required to verify the boundaries of the property. The cost of a land survey can range from a few hundred to several thousand dollars. This is typically supplied by the Seller.
It is important to note that these are just some of the common closing costs associated with buying a home in Calgary, Alberta. Other costs may include utility hookup fees, property tax adjustments, and home insurance. It is recommended to consult with a real estate lawyer and mortgage broker to get a better understanding of the specific closing costs associated with your home purchase.