Buying conversations revolve around the down payment. But it isn’t the only sum you need, and one of the heaviest amounts doesn’t even show up on signing day.
What gets paid at the notary
On signing day you pay the notary fees, the land registry publication costs and the tax adjustments. That last one catches people out: if the seller already paid the year’s municipal and school taxes, you reimburse the part covering the months you’ll own the property.
Depending on the file, add title insurance, an updated certificate of location if one is needed, and home insurance that has to be in force at disbursement.
The welcome tax comes later
The property transfer duty, Quebec’s “welcome tax”, isn’t paid at signing. The municipality usually sends the bill a few months after the purchase.
It’s the cost buyers forget most, precisely because it arrives after the move, the furniture and the first payments have already drained the account. It’s calculated in brackets, on the price paid or the municipal assessment, whichever is higher.
What the lender wants left over
Many lenders want a reserve left after closing, often one or two months of payments. Emptying your accounts to maximise the down payment can weaken your file instead of strengthening it.
The right question isn’t just “how much can I put down?” It’s “how much will I have left the day after signing?” Ask for a written estimate of the costs before you submit your offer. Not after.