Home purchase & closing funds checklist.
Ontario, non-first-time homebuyer. Enter your purchase details and the worksheet calculates land transfer tax, PST on mortgage insurance and the cash you may need at closing.
1. Purchase & mortgage details
The mortgage insurance premium is assumed to be financed into the mortgage; Ontario PST on the premium is payable in cash. Down payment is the purchase price less the base mortgage, before the premium.
2. Ontario land transfer tax
This worksheet is set up for a non-first-time homebuyer, so the rebate defaults to $0. Do not enter a rebate unless eligibility has been verified. London's municipal land transfer tax is $0. Other transfer-related surcharges, if applicable, are separate.
3. Itemized closing costs
Check each item off when confirmed.
| ✓ | Expense / item | Estimated / actual ($) | Notes |
|---|---|---|---|
| Ontario land transfer tax (automatic, net of rebate) | $8,075.00 | London, Ontario | |
| PST on mortgage default insurance (automatic) | $1,744.00 | Cash at closing | |
| Lawyer / legal fees (including applicable HST if quoted) | Enter quote | ||
| Title insurance | Enter quote | ||
| Registration / disbursements / searches | Enter quote | ||
| Property tax / utility / condo fee adjustments | Lawyer to confirm | ||
| Appraisal / inspection / survey (if payable at closing) | Exclude amounts already paid | ||
| Other closing costs or applicable surcharges | Enter details in notes | ||
| Total itemized closing costs | $9,819.00 | Includes LTT + PST once |
4. Cash-to-close reconciliation
Some closing-cost lines are $0 or not yet estimated. Obtain the lawyer's itemized quote before confirming funds.
5. Buyer / lawyer document checklist
6. Notes, follow-ups & sign-off
Estimate versus actual: this checklist uses actual itemized costs, including land transfer tax and PST exactly once, rather than a flat percentage allowance. Zero entries represent amounts not yet entered, not necessarily costs that will be waived. Certain fees may be paid before closing and should not be counted twice. Additional non-resident taxes, HST on applicable fees, newly built property taxes or rebates, and special arrangements may require separate review.
For educational budgeting and client preparation, not a lender's final funding statement or legal/tax advice. Confirm all figures and eligibility with your mortgage lender and closing lawyer. Ontario provincial LTT schedule: Ontario Ministry of Finance. Assumes an Ontario resale residential purchase in London and no additional municipal land transfer tax.
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