Closing Costs
Closing Costs Explained
Legal fees, title insurance, adjustments, and the other cash you need on possession day beyond the down payment.
Bradley Dao · March 25, 2026
Closing costs are the expenses you pay on possession day that are separate from your down payment. They are not optional, they are not financed, and first-time buyers routinely underestimate them. Plan for 1.5% to 2% of the purchase price.
What you will pay
Legal fees and disbursements. Your lawyer handles the title transfer, mortgage registration, and the payout of the seller's mortgage. In Saskatchewan expect roughly $1,200 to $2,000 all in, including the ISC land titles registration fees (Saskatchewan charges no separate land transfer tax — the title transfer fee is about 0.3–0.4% of value, handled by your lawyer).
Title insurance. A one-time premium, usually $250 to $450, that protects you and the lender against title defects, survey problems, and certain kinds of fraud. Most lenders require it.
Sales tax on your insurance premium. If your down payment is under 20%, your mortgage carries a default insurance premium. The premium itself is added to the mortgage, but the provincial sales tax on it is not — in Saskatchewan that is 6% of the premium, payable in cash at closing. On a typical file that is a few hundred to just over a thousand dollars.
Property tax and utility adjustments. If the seller prepaid property taxes for the year, you reimburse them for the portion covering your ownership. This can be a credit or a charge depending on timing.
Home inspection. $400 to $600, paid before closing when you order it.
Appraisal. $350 to $500 if your lender requires one and does not cover it.
Moving costs and immediate setup. Not a legal closing cost, but real — movers, utility hook-ups, and anything the home needs on day one.
A worked example
On a $400,000 purchase with 10% down in Saskatoon:
| Item | Estimate | | --- | --- | | Legal, disbursements, title registration | $1,700 | | Title insurance | $350 | | PST on insurance premium (6% of ~$11,160) | $670 | | Home inspection | $500 | | Tax adjustment | $300 | | Total | ~$3,520 |
How to be ready
Get your lawyer's estimate and your broker's premium-tax figure in writing at least a week before closing, and have the full amount — down payment plus closing costs — with your lawyer in certified funds a few days ahead. The closing costs calculator on this site will give you a working number to plan around.
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