Your down payment is not the whole number. On closing day you also pay costs that surprise a lot of first-time buyers in Ontario. Here is what to plan for.

What you pay on closing day

• Down payment, less the deposit you already paid with your offer.

• Land transfer tax. Ontario charges it on every purchase. First-time buyers may qualify for a refund, up to a set limit. Toronto adds its own tax on top, but Burlington, Oakville and Hamilton do not.

• Legal fees and disbursements. Your lawyer registers the transfer and handles the mortgage.

• Title insurance. Usually arranged through your lawyer.

• Adjustments. If the seller has prepaid property tax or utilities, you reimburse them for the days after closing.

• Moving and setup costs. Not part of closing, but part of the cash you need that month.

Ask your lawyer for a statement of adjustments a few days before closing so there are no surprises. And ask your mortgage broker or bank early how they want the funds delivered, since many lawyers require a bank draft or wire.

I send every buyer a one-page checklist of these costs when we start looking, so the number is known before we write an offer. Want a copy? Call or text me at 289-206-6430.