What are the closing costs for buying a house in Saskatchewan?
This answer covers the law of Saskatchewan.
Closing costs in Saskatchewan are the one-time amounts you pay on top of your down payment when the purchase completes. Your costs generally include the provincial transfer fee, the registry fees to register your mortgage, and your own lawyer's account. Which of these is largest depends on your purchase.
Saskatchewan has no land transfer tax listed in CMHC's provincial fact sheet; instead there is a provincial fee to transfer property that is based on the property's value. In a standard Law Society offer-to-purchase template, each party pays their own lawyer, and the purchaser pays the Land Titles Registry fees to register the property in the purchaser's name and to register the purchaser's mortgage. Fee schedules change, so confirm the current transfer fee with the Information Services Corporation before you finalize your budget.
Other items, such as property tax and utility adjustments, insurance, and any tax on insurance premiums, depend on your purchase and your insurer. Ask your lawyer for a written estimate before closing. Insurance and utilities carry on after you move in, while transfer and registration costs are paid once.
Key takeaways
- Saskatchewan has no land transfer tax listed in CMHC's provincial fact sheet, but a provincial fee to transfer property applies based on the property's value.
- In a standard Law Society offer-to-purchase template, each party pays their own lawyer.
- The purchaser pays the Land Titles Registry fees to register the property in their name and to register their mortgage.
- Transfer and registration costs are paid once, while insurance and utilities continue after closing, so ask your lawyer for a written estimate before you close.