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office @ bcwlawoffice.com

Mortgage Refinancing Fees

The Law Society of Upper Canada (Ontario) have changed the Rules concerning the way Lawyers advertise Fees for Residential Real Estate Transactions. Our office have always maintained complete transparency and congruence between the fees we advertise and our final account to the client. Our prices have not increased but the way the Law Society requires us to advertise our Fees gives that appearance. Please call our office for any additional information or clarifications you require.

MORTGAGE

Acting on client(s) behalf in connection with first mortgage including receiving instructions, attendance at the Registry Office and searching the title, obtaining Tax Certificate, Sheriff’s Certificate, and Title Insurance Policy; Preparing of mortgage and attending on the execution and registration thereof, receiving and disbursing funds, certifying title to the mortgage company, to arranging for insurance coverage in the name of the mortgagee and reporting to them and to all other incidental telephone calls and correspondence

Fees: 

The Law Society of Upper Canada (Ontario) has changed the Rules concerning the way Lawyers advertise Fees for Residential Real Estate Transactions.

In order to advertise fees for Residential Real Estate transactions, Lawyers are now required to advertise Fees inclusive of overhead costs, staff costs, photocopy costs, facsimile costs, telephone and long-distance costs, Delivery costs, Travel costs, Courier costs, Bank fees, other search and closing costs, Third party charges, etc.

Although, this has the appearance of an “All Inclusive Price”, it is really not, as the client is still responsible for a clear majority of the Disbursements associated with a Real Estate Transaction including the additional costs of Harmonized Sales Tax (HST), Land Transfer Tax, Registration Fees, Fees charged by Government, Teranet Fees, Cost of Condominium Status Certificate, Payment for letters from creditor’s lawyers regarding similar name executions, Title Insurance Premium. In our opinion, this can only result in more confusion for the consumer-client.

We also believe that providing an “All-Inclusive” price as now required by the Law Society may be unfair to some, if not most of our clients, as it averages costs between clients rather than charging each respective client for what it actually costs them.  Costs between clients can be very different.  For example, some transactions will need multiple courier deliveries most will require none but all clients will end up paying.

Since 1995, our office has always maintained complete transparency and congruence between the fees we advertise and our final account to the client. It is with deep regret, we have chosen, after 22 years, not to advertise our “Fees” on our website.

If you require more information or a Quote in connection with your particular Real Estate Transaction, please call or email our office. My Staff and I would be most happy to help you in this regard.

 

Fees includes acting on the refinancing and on the discharge of the first mortgage.

Fees do not include the additional costs of Harmonized Sales Tax (HST), Land Transfer Tax, Registration Fees, Fees charged by Government, Teranet Fees, Cost of Condominium Status Certificate, Payment for letters from creditor’s lawyers regarding similar name executions, Title Insurance Premium.

Payout of debts, preparation and/or registration of other documents, any other services and/or services after closing or may be an additional cost.

Please call our office for additional details.

 

Payment Methods:
Cash, Credit Card, Debit Card, Cheque, or Money Order,

 

COSTS:

  • Lawyers fees (Please Call for Quote) plus HST and Disbursements including one mortgage;
  • Surveyor’s Costs for Survey (Client responsible to Order and Pay for directly with surveyor);
  • $50.00 – $100.00+ approx. for search fees and disbursements – Teranet Fees (the bank requires a thorough search of the property – This can be more in rare cases);
  • $158.00+ for Title Insurance based on mortgage amount
  • $75.27 to register mortgage;
  • $75.27 to Register Discharge (If not included in Discharge Fees of Financial Institution)’
  • $75.27 per Registration of other documents, if needed;
  • $120 for Planning & Zoning Compliance Letter (NFalls);
  • $60 for Tax Certificate & $40 for tax verbal NFalls:
  • $22.60 for Water Compliance letter Nfalls;
  • $30.00 per courier Package;
  • $40.00 Photocopy, Telephone, Long-Distance, Facsimile, Misc. Expenses;
  • $20.00-$25.00 Conveyancing Program Charges
  • $12.00-$16.00/name for Sheriff search on vendors and purchasers:
  • $65 for LawPro Insurance levy (if applicable);
  • Costs to obtain Similar Name Execution Creditor’s Lawyer’s Clearance Letter (if required);
  • Condominium Status Certificate (if Required)
  • Applicable HST.

 

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