Pre-Construction Property in Ontario: Understanding Closing Adjustments and Costs

Learn how adjustments work when buying a pre-construction property in Ontario, where these additional costs are often required on top of the purchase price. In many transactions, buyers are responsible for charges such as utility installation fees, development charges, educational levies, lot levies, grading fees, and municipal taxes. These amounts can add up to thousands, or even tens of thousands of dollars, making it essential to understand your agreement before signing.

A real estate lawyer can review the contract, request that certain adjustments be capped or removed, and help you prepare for the full range of expenses. Since these adjustments are separate from standard closing costs like land transfer tax and title search fees, careful budgeting in advance can help you avoid financial surprises at closing.

Whitby real estate lawyer Jaimin Panesar, of Devry Smith Frank LLP and Woitzik Polsinelli LLP, focuses on residential and commercial real estate transactions, as well as estate planning and administration. Called to the Ontario Bar in 2024, Jaimin brings a practical, detail-oriented approach to each matter, supporting clients through every stage of a transaction with clarity and confidence.

For legal advice when purchasing a condo unit, contact Jaimin at 289-220-3281 or [email protected].

Disclaimer: This video is not legal advice. Consult with a qualified legal professional for advice tailored to your circumstances.

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