At final closing. In the case of a newly constructed building, both Assignment and Regular Closing are identical. The following is a summary of the items that must be paid in full at closing.

At closing, the Assignee may pay the Builder the following:

A. Estimated property taxes since the property has not yet been assessed;

B. Installation and connection charges for hydro/water/gas meters (approximately $500-$700 per meter)

C. City Fees/levies associated with development (potentially thousands of dollars)

D. Tarion New Home Warranty (fee ranges from $600 to $1,900. See Tarion website for fee structure).

E. Discharge of builder’s mortgages (approximately $200 – $300 per mortgage)

F. Law Society fee for a builder’s lawyer (approximately $100.00)

G. Cost of handling the Assignor’s deposit checks (approximately $250.00) for the Builder

H. A reserve fund of at least two months’ of occupancy fees – approximately $1000 – $3000.00.

The Agreement of Purchase and Sale may specify other amounts such as City Park fees, Library Fee or School Fee, etc. These costs are usually not financed through a mortgage.

Following are the additional fees the NEW BUYER pays:

• Buyers own Lawyers Legal fees and disbursements

• Land transfer tax (provincial and municipal).

• GST/HST payment. HST if not owner occupied. For Investment.

• Municipal levies.