When selling your home:
The following is a list of some of the typical closing costs when selling a home:
- real estate commission plus 5% GST
- lawyer’s fee (discuss this with your lawyer)
- miscellaneous charges incurred by your lawyer; e.g., courier services, title search, ordering copies of encumbrances, photocopying, fax charges, etc.
- your portion of any property taxes if possession date is before June 30th unless you are rural
- mortgage discharge fees for any mortgage on your property (your bank and Land Titles both will have discharge fees)
- any penalty for discharging your mortgage earlier if you have a closed mortgage
- interest on your mortgage between possession date and when Land Titles office registers the transfer
- interim financing costs if you are also purchasing a home
- costs of discharging any judgements, builders’ liens against your home
- all utilities will have to be paid up to the date of possession
When buying a home:
The following is a list of some of the typical closing costs when buying a home:
- lawyer’s fee (discuss this with your lawyer)
- miscellaneous charges incurred by your lawyer such as for title searches, tax search, attending at Land Titles to register documents such as transfer of title or mortgage, photocopying, courier services, etc.
- buyer’s portion of property taxes
- fee to verify zoning and obtain zoning memorandum if necessary
- Cost of new survey if not available from the seller
- Fee for title insurance if required
- Land Transfer Tax (See below – to be used as a guideline only)
The registration fee is $70. Land transfer tax is calculated based on the fair market value of realty on the date of registration and is calculated as follows:
On the first $30,000 N/A
On the next $60,000 (ie. $30,001 to $90,000) – 0.5 %
On the next $60,000 (ie. $90,001 to $150,000) – 1.0 %
On the next $60,000 (ie. $150,001 to $200,000) – 1.5 %
On amounts in excess of $200,000 – 2.0%
The following link will bring you to a Manitoba Land Transfer Tax calculator to help you determine the applicable land transfer tax
