Mortgage closing costs refer to the various fees and expenses that are incurred during the process of completing on a real estate transaction and obtaining a mortgage loan. Closing costs are incurred by the buyer or owner (refinance).

Breakdown of expenses:

1. Legal Fees – approx $2500. You must engage a lawyer or notary public to gather fees and arrange title transfer.
2. Appraisal Fee – approx $300 and up (depending on property size, value and location) This is to confirm the value of the property.
3. Title Insurance – Lenders either require a survey certificate or lenders title insurance and quote to be obtained from your legal representative.
4. In British Columbia, there is a land transfer tax, payable to the Province of British Columbia and this is 1% on first $200,000; 2% on $200,000 to $2,000,000; 3% $2MM to $3MM and an additional 2% on $3MM above. BC Tax Calculator Link attached: Estimate your property transfer tax

Please consult a lawyer for further details.