PEI Closing Cost Calculator

In an effort to make legal services more transparent and accessible, my firm provides this closing cost estimate using my self-made calculator below. Bear in mind, however, I am a lawyer, not a software engineer, so if you run into any issues using it please let me know. And my paw-ralegal is a dog, so she wasn’t much help… As a result, you should always review and confirm your closing costs with me, Filip, to ensure your estimate is accurate.

Furthermore, this calculator includes most fees and charges typically paid at closing. However, it does not estimate pre-closing fees such as home inspection, appraisal, etc., nor does it estimate any property tax, utility, rent, or other adjustments that are unknown until a lawyer is engaged. Also, you are not obligated to use this calculator. It is provided for convenience but if you prefer to review all your closing costs with us, you can contact Filip directly and arrange a free phone consult to review.

Closing Cost Calculator | Golden Pines Law
Purchase Details
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Slide to set price, or type an exact amount above — $1,000 increments
Financing & Property Type
Mortgage financing? If you are borrowing money from a bank or lender to help pay for the property, select yes. This adds a mortgage registration fee and may affect the legal fee tier. Is this purchase being financed with a mortgage?
B Lender or private mortgage? A "B Lender" or "Alternative Lender" is a non-traditional financial institution or a private individual lending the funds. These mortgages involve more complex documentation, resulting in additional legal work and fees. Additional legal for non-traditional lenders
First-time home buyer? First-time buyers in PEI may be exempt from the 1% Land Transfer Tax if the property will be their principal residence, they have lived in PEI in the preceding 6 months, they are citizens or permanent residents of Canada, and they have never previously owned a home anywhere. Eligibility is confirmed by your lawyer at file open. May qualify for the PEI Land Transfer Tax exemption
Title insurance? A one-time premium that protects you against title issues such as boundary issues, survey discrepancies, or fraud, among others — both at the time of purchase and into the future. Strongly recommended on all purchases and mandatory whenever a lender is involved. Strongly recommended — protects against title defects
Condo or mini home? Condos and mini homes involve additional documentation — such as the condo declaration and bylaws, among others — that requires extra legal review and typically increases the fees slightly. Additional work and fees apply to these properties
Additional Circumstances
IRAC involvement? IRAC approval is required when purchasing above a certain threshold of land acreage, or in the case of a non-resident of PEI wanting to purchase land that is either greater than 5 acres or has more than 165 feet of shore frontage. The government fee is 1% of the purchase price (minimum $550), plus additional legal work to prepare and submit the application. Island Regulatory & Appeals Commission — application needed?
Fuel Adjustments at Closing
Oil heating on property? If the property has an oil furnace, the seller will fill the tank prior to closing and you will pay the seller for the oil. This estimate assumes a full tank (~$1,600). The actual amount is confirmed before closing. Estimated top-up cost (~$1,600)
Propane on property? If the property has propane tanks, you will pay the seller for the propane in each tank at closing, which are typically filled, plus a portion of tank rental fee. This estimates ~$360 per tank. The actual amount is confirmed before closing. Estimated top-up cost (~$360/tank)
Estimated Closing Costs
Enter a purchase price above to see your estimate.
Sale Details
$
Slide to set price, or type an exact amount above — $1,000 increments
Existing Encumbrances An encumbrance is any charge or claim registered against a property — such as a mortgage, a second mortgage, or a PPSA registration. These must be cleared (discharged) as part of the sale so the buyer receives clean title.
Mortgage to discharge? If there is a mortgage registered against the property, it must be paid out in full and formally discharged as part of the sale. Your lender provides a payout statement with the exact figure. Use your best judgment to determine the payout amount based on current balance owing plus the expected prepayment penalty. Mortgage being paid out from sale proceeds
Optional — for net proceeds estimate
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Second mortgage or assignment of rents to discharge? If a second charge is registered on title — such as a second mortgage or an assignment of rents — it must be separately discharged at closing, each requiring its own registration and related discharge fees.
PPSA registration to discharge? A Personal Property Security Act registration is a lender's claim registered against personal property (not real estate) which for our purposes almost always applies when selling a mini home. This must be formally discharged from the PPSA registry. Personal Property Security Act registration
Realtor & Other Fees
Realtor involved? If you listed your property with a real estate agent, their commission is paid directly from the sale proceeds at closing. The default is 5% plus HST — adjust this to match your listing agreement. Commission deducted from your proceeds on closing
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Non-Canadian resident seller? Non-resident sellers are subject to special rules under the federal Income Tax Act. On closing, we will withhold 35% of the sale proceeds in trust until a clearance certificate from the CRA is obtained. Additional legal steps and coordination are involved, plus there will be accountant fees for preparing and filing the necessary forms which are not included here. Additional legal requirements apply
Fuel Adjustments at Closing
Oil heating on property? If the property has an oil furnace, the seller will fill the tank prior to closing and the buyer reimburses you at closing. This estimate assumes a full tank (~$1,600). The actual amount is confirmed before closing. Seller fills tank — buyer reimburses at closing (~$1,600)
Propane on property? If the property has propane tanks, the seller fills each tank prior to closing and the buyer reimburses you at closing, plus a portion of the tank rental fee. This estimates ~$360 per tank. The actual amount is confirmed before closing. Seller fills tanks — buyer reimburses at closing (~$360/tank)
Estimated Closing Costs & Proceeds
Enter a sale price above to see your estimate.
Important — Please Read
The figures provided by this calculator are estimates only, based on the information entered above. They are intended as a general guideline to assist with financial planning and do not constitute legal advice. Actual closing costs may vary depending on the specific circumstances of your transaction, including property tax adjustments, actual mortgage payout figures, water and sewer charges, title insurance premiums, lender requirements, actual fuel levels, and other items that cannot be determined without a full review of your file. Only a thorough discussion with a lawyer can confirm your closing costs accurately.

Ready to Move Forward?

I would be happy to walk you through your closing costs and answer any questions about your transaction. Reach out today to get started.

Contact Filip for a Free Phone Consult Today