COMMON CLOSING COSTS Funds to cover your down payment and closing costs will most likely have to be in the form of a bank draft or wire transfer to your lawyer’s trust account. Your lawyer will detail the exact amounts required for: ● Balance of down payment after initial deposit with offer. ● Mortgage Loan Administration and/or Appraisal Fees, if applicable. ● Credit report fees. ● Mortgage insurance premiums if applicable (CMHC). ● Land Transfer Tax and Title Registration Fees. ● Title insurance policy premiums. ● Legal fees. ● Pro-rated amounts for your share of any prepaid costs, such as utility bills and property taxes.
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