How Much Are Closing Costs in Alberta?

how much are closing costs

Closing costs in Alberta can vary based on several factors, including the purchase price of the property and the specific details of your real estate transaction. While I can provide a general overview, it's important to note that closing costs can change over time and may vary between different areas within Alberta. Here are some common closing costs you might encounter in Alberta:

Legal Fees
You'll typically need a lawyer or notary to handle the legal aspects of your real estate transaction. Legal fees can vary, but they often range from a few hundred to over a thousand dollars.

Land Title Transfer Fees
This fee is based on the property's purchase price and is payable to the Alberta government. It's a percentage of the property's value. As of my last update, the fee was 1% on the first $100,000, 2% on the next $300,000, and 3% on any amount over $400,000.

Property Tax Adjustment
If the owner of the home you are purchasing has prepaid the property taxes you may need to reimburse them for the time you own the property.

Mortgage Registration Fees
If you're obtaining a mortgage, there may be fees associated with registering the mortgage with the land title office. These fees can vary.

Property Inspection Fees
You may choose to have a property inspection done before the purchase, which can cost a few hundred dollars.

Property Appraisal Fees
If your lender requires a property appraisal, this can also incur additional costs.

Home Insurance
You'll need to purchase home insurance before taking possession of the property.

Goods and Services Tax (GST)
If you are buying a new or substantially renovated property, you may be subject to GST. However, there may be rebates available, so it's essential to check with your real estate professional or lawyer.

Home Inspection and Appraisal Fees
These are not mandatory, but many buyers opt to have a home inspection and appraisal done, which can cost a few hundred dollars each.

Moving Costs
You'll also need to consider the expenses associated with moving your belongings to your new home.

It's important to consult with a local real estate professional or lawyer for the most up-to-date information on closing costs in Alberta. These costs can change over time, and there may be regional variations. Additionally, your specific circumstances and the terms of your mortgage and purchase agreement can impact your closing costs.

To read more on all the different closing costs you should be aware of, click here!

Contact Us Today By Filling Out the Form Below or Calling Us at 780-462-5002!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Post a Comment