Which item is typically included in buyer closing costs in NS real estate transactions?

• A. Legal fees
• B. Mortgage principal
• C. Monthly mortgage payment
• D. Condo fee rebate

Answer: (A)

Closing costs for a buyer are the one-time expenses paid to complete the purchase and transfer of ownership. In Nova Scotia, these typically include the lawyer’s conveyancing fees, title search and registration costs, title insurance, and any adjustments for prepaid taxes or utilities. The item that is typically included among these is the legal fees charged by the lawyer for handling the closing, preparing documents, and coordinating registrations.

Mortgage principal is the amount borrowed and is not a closing cost; it’s repaid over the life of the loan. A monthly mortgage payment is an ongoing expense, not a closing-cost item. A condo fee rebate is not a standard closing cost; it would be a seller adjustment or a rebate issue, not part of the buyer’s usual closing costs.