When you purchase real estate in Manitoba, there are a number of legal fees and closing costs required to close that transaction before you get the keys to your new home. What makes up the bulk of these costs are the Land Transfer Taxes payable to the Province; interest adjustment payments to the vendor; and any property tax adjustments. The legal fees portion of the closing costs will be the smallest of them all, while the taxes payable in the Province of Manitoba can add up to quite a bit.
The general rule of thumb is one-and-a-half to two percent of the purchase price is what’s necessary to cover all of your closing costs. So in real numbers, for instance, on a $250,000 purchase you’ll probably need $4,000–$5,000 in the form of a certified cheque when you go to visit your lawyer.
Your mortgage specialist from Sparrow Team will take the time to review all of these costs with you to give you the numbers you can expect to pay when you go to visit your lawyer. However, for additional information, you can visit Jeremy M. Feuer Law Corporation, our in-house real estate law firm, for a full explanation and a breakdown of all these costs.