Closing Costs and Closing Process

Closing is where the file moves from approval to funded ownership. The pages here explain the cost and document language that borrowers usually meet through their lender, lawyer, or notary.

Closing Workflow At A Glance

Use This Section When

• the offer is accepted and the file is moving toward possession
• you need to understand what cash is due before keys are released
• you are reviewing lawyer or notary paperwork, adjustments, or tax charges
• you want to know what happens between final approval and funded closing

Start Here

• Cash to Close
• Deposit
• Closing Date
• Closing Costs
• Lawyer Fees
• Appraisal Fee
• Land Transfer Tax
• Property Tax Adjustment
• Statement of Adjustments
• Title Search
• Standard Charge Mortgage

Common Reader Paths

• “What cash do I need besides the down payment?”: Closing Costs, Lawyer Fees, Land Transfer Tax
• “What total amount must I bring to closing?”: Cash to Close, Statement of Adjustments, Property Tax Adjustment
• “How is the final money calculation prepared?”: Statement of Adjustments, Closing Date
• “What happens before the deal is funded?”: Deposit, Title Search, Standard Charge Mortgage

Why This Section Matters

Borrowers often underestimate the cash needed to close or assume the lender handles every legal detail. In Canada, closing costs, title work, tax treatment, and adjustment calculations are a major part of the borrowing process.

Key Distinctions

• Deposit is early offer money, while cash to close is the final amount still required before the deal completes.
• Closing costs is the broad budget category, while the statement of adjustments is the deal-specific balancing document.
• Land transfer tax is a jurisdiction-sensitive transfer charge, while property tax adjustment reallocates an annual tax burden between buyer and seller.

Continue to Nearby Sections

• Use Title, Ownership and Legal Documents when the next question is about registration, title insurance, or ownership structure.
• Use Property Value and Appraisal if the financing structure depends on valuation.

In this section

• Appraisal Fee
  Valuation fee that may be charged on a purchase, refinance, or home-equity lending file.
• Cash to Close
  Total money the buyer must provide on closing day after combining the down payment, costs, and adjustments.
• Closing Costs
  Legal, tax, registration, and lender-related charges Canadian buyers must budget beyond the down payment.
• Closing Date
  Day the purchase funds, legal documents complete, and possession can usually transfer to the buyer.
• Deposit
  Upfront purchase money paid with the offer, separate from the final mortgage down payment.
• Land Transfer Tax
  Provincial or municipal property-transfer tax that can materially increase money needed on closing day.
• Lawyer Fees
  Legal costs for document review, registration, fund transfers, and other closing-file work.
• Property Tax Adjustment
  Closing adjustment that reallocates prepaid or unpaid property taxes between buyer and seller.
• Statement of Adjustments
  Closing statement that reconciles the purchase price, deposit, taxes, credits, and debits.