Closing costs are the costs payable by the home buyer or seller, required to pay in order to complete and close a mortgage transaction.

In Ontario, when a home buyer is closing on a home purchase they should expect to pay the Ontario land transfer tax and Toronto land transfer tax (if applicable), legal fees for a lawyer to represent the borrower(s), as well as disbursement, in conjunction with their down payment.

In Ontario, when a home owner is refinancing or renewing their mortgage, or obtaining a second mortgage or private mortgage, the closing costs will be comprised of legal fees and disbursements, and in some cases a lender fee and broker fee.