{"id":17213,"date":"2023-04-21T03:03:30","date_gmt":"2023-04-21T03:03:30","guid":{"rendered":"https:\/\/hypotheques.ca\/staging\/blogue\/quels-sont-les-frais-de-cloture-a-prevoir-lors-de-lachat-dun-logement\/"},"modified":"2023-07-13T15:43:23","modified_gmt":"2023-07-13T15:43:23","slug":"what-are-the-closing-costs-of-buying-a-home","status":"publish","type":"post","link":"https:\/\/hypotheques.ca\/staging\/en\/blog\/what-are-the-closing-costs-of-buying-a-home\/","title":{"rendered":"What are the Closing Costs to be expected when buying a home"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17213\" class=\"elementor elementor-17213 elementor-15666\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1e9cb7c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1e9cb7c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-674a04d\" data-id=\"674a04d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5cce7b2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5cce7b2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5fbc8b4\" data-id=\"5fbc8b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ed59f5b elementor-widget elementor-widget-text-editor\" data-id=\"ed59f5b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>What are closing costs?<\/h2><p>Closing costs are the legal and administrative fees you will have to pay when your home purchase closes.<br \/>These are one-time costs, but there are several costs to consider and they add up fairly quickly. So it&#8217;s important to build them into your budget before you make an offer on the home you want.<\/p><p>Some closing costs are optional:<\/p><ul><li>Title insurance<\/li><li>Assessment\u00a0fees<\/li><li>Inspection\u00a0fees<\/li><li>If your down payment is less than 20%, the 9% tax on themortgage insurance\u00a0premium (CMHC,\u00a0SAGEN,\u00a0CANADA GUARANTY)<\/li><li>Fuel oil tank, (Reimbursement of the remaining fuel oil in the tank)<\/li><li>Propane tank (depending on remaining gas level)<\/li><li>Electricity meters (Hydro-Qu\u00e9bec)<\/li><li>Gas (e.g. Gaz M\u00e9tropolitain)<\/li><\/ul><p>Mandatory fees:<\/p><ul><li>Notary fees<\/li><li>Transfer fees<br \/>(Welcome tax)<\/li><\/ul><p>The total of these fees can reach 1.5% to 2% of the amount of your future property.<\/p><h3>How much are the closing costs?<\/h3><p>The total amount of closing costs depends on several factors, including where you live and the type of home you are buying. Generally speaking, it is advisable to save between 1.5% and 2% of the purchase price of the home for closing costs.<\/p><p>For example, if\u00a0<a href=\"https:\/\/hypotheques.ca\/staging\/en\/blogue\/achat-premiere-maison-quebec\/\">you buy a home\u00a0<\/a>for $400,000, your closing costs will be an additional $6,000 to $8,000. That&#8217;s a pretty significant amount of money, so you need to consider closing costs when you make an offer and calculate your down payment.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\n    <div class=\"xs_social_share_widget xs_share_url after_content \t\tmain_content  wslu-style-1 wslu-share-box-shaped wslu-fill-colored wslu-none wslu-share-horizontal wslu-theme-font-no wslu-main_content\">\n\n\t\t\n        <ul>\n\t\t\t        <\/ul>\n    <\/div> \n","protected":false},"excerpt":{"rendered":"<p>What are the closing costs when buying a property in Quebec?<br \/>\nThere are several costs to consider and they add up pretty quickly. It is therefore important to integrate them into your budget before making an offer on the house you are considering. \u2028<\/p>\n","protected":false},"author":4,"featured_media":16784,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"postBodyCss":"","postBodyMargin":[],"postBodyPadding":[],"postBodyBackground":{"backgroundType":"classic","gradient":""},"footnotes":""},"categories":[280,281],"tags":[],"class_list":["post-17213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-home","category-mortgages"],"acf":[],"_links":{"self":[{"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/posts\/17213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/comments?post=17213"}],"version-history":[{"count":7,"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/posts\/17213\/revisions"}],"predecessor-version":[{"id":17695,"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/posts\/17213\/revisions\/17695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/media\/16784"}],"wp:attachment":[{"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/media?parent=17213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/categories?post=17213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hypotheques.ca\/staging\/en\/wp-json\/wp\/v2\/tags?post=17213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}