# Condo Closing Costs / Home Inspection?



## realist (Apr 8, 2011)

I think I got these numbers from a real estate agent website and I was wondering how accurate they are? We are considering buying a condo within the next year (hopefully!) in the $300k-375k range. Are there other closing costs I should be thinking about? Do people actually do home inspections on condos?

Closing Costs / Estimate/ Typical
Lawyer: $1,500.00 $500-1500
Disbursements $250.00 TBD
Land Transfer Tax $6,000.00 1.50%
Home Inspection $600.00 $250-600
Adjustments for Utilities? $100.00 / ?
Sum: $8,450.00


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## Spudd (Oct 11, 2011)

That sounds about right as far as I know. 

I don't know if people generally do home inspections on condos or not. It seems less necessary than on a house. I hear bad things about the windows on condos with a lot of glass, so if I were buying one of those, I think I'd go for the home inspection.


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## the-royal-mail (Dec 11, 2009)

Those costs are outrageous.

But anyway, yes, the sums mentioned sound about right.

Good point about the glass. How old is the bldg? Have you heard about the stories about falling glass in Toronto? Apparently some of these condos are made quite cheaply. $600 inspection might be worth it for peace of mind. Give it some thought.


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## financialnoob (Feb 26, 2011)

If you're a first-time home buyer, you may be eligible for up to $2,000 in refunds on the land transfer tax.

http://www.rev.gov.on.ca/en/refund/newhome/index.html


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