Closing costs

Legal fees, transfer fees, and disbursements payable on closing day that are in addition to the purchase price of the cottage.

Land transfer tax

A tax levied when land is transferred from one owner to another. This is payable by the purchaser.

Closing day or completion date

This is the date on which the sale of the property becomes final and the new owner takes title of the cottage.

Deed

A legal document that transfers ownership of the property to the new owner.

Survey

This shows the property boundaries and measurements. If you encounter a real estate term you don’t understand, be sure to talk to your real estate representative.