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Purchase Fees

Purchase and Sale of your Home

So you are thinking of selling or purchasing a home. The next step is to contact a lawyer to make sure your sale or purchase goes as smoothly as possible. You should review the offer to purchase and sale with your lawyer before you sign.

Real_estate_signYour lawyer will need to review all the conditions and clauses contained in the Agreement of Purchase and Sale. Your lawyer will need to know whose name(s) and birth dates of those persons to be on title – the manner you are taking title (as joint tenants or tenants in common) – the name of the mortgage company (if applicable) – you will need to get insurance on the house before the mortgage company will advance any funds -whether you need a survey or title insurance. The lawyer may meet with you to explain these things to you or as I do, send you a very lengthy letter outlining all the above and more. Do not be afraid to ask questions if you don’t understand something!!!

 

The Law Society of Upper Canada (Ontario) has 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. 

 

FEES & DISBURSEMENTS OF PURCHASE

TO acting for your purchase and one mortgage; reviewing the executed agreement of purchase and sale; performing/reviewing a search of title;  submitting requisitions on title and reviewing responses thereto; searching for executions;  all correspondence with the title insurance company, and to completing its required forms and documentation, and to reporting to the title insurer after closing; examining the draft deed; reviewing the statement of adjustments; preparation of an Affidavit pursuant to the Land Transfer Tax Act; all necessary telephone and written correspondence; meeting with you to sign all necessary documents; closing the transaction and to registering the Transfer/Deed of Land; reporting to you;

TO acting for you as well as the lender with respect to placing a new first mortgage; receiving and reviewing mortgage instructions; preparation of required documentation; all correspondence with the mortgagee and to providing any required draft documents prior to closing; receiving funds from the mortgage advance into my trust account; registering the mortgage and to submitting a final report to the mortgagee;

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.

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 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.

Fees includes acting on the purchase and on one mortgage.  Additional mortgages, payout of debts, preparation and/or registration of other documents, any other services and/or services after closing may be an additional cost.

Please contact our office for further information.

 

Costs:

  • Lawyers fees Purchase (Please Call For Quote) plus HST and Disbursements;
  • Land Transfer Tax (a percentage of the purchase price paid to the Ontario Gov’t);
  • Surveyor’s Costs for Survey (Client responsible to Order and Pay for directly with surveyor);
  • $100.00+ approx. for search fees and disbursements – Teranet Fees (the bank requires a thorough search of the property);
  • $150.00 – $451.00+ for Title Insurance (based upon purchase price);
  • $75.27 to register deed;
  • $75.27 to register each mortgage;
  • $120 for Planning & Zoning Compliance Letter (NFalls);
  • $60 for Tax Certificate & $40 for tax verbal NFalls:
  • $23 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-$16/name for Sheriff search on vendors and purchasers:
  • $65 for LawPro Insurance levy (if Title Insurance not obtained);
  • Condominium Status Certificate (if Required);
  • Costs to obtain Similar Name Execution Creditor’s Lawyer’s Clearance Letter (if required);
  • Applicable HST.

Check with lawyer for other costs specific to your home.

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