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.
Your 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!!!
- Lawyers fees Purchase ($675 plus HST and Disbursements);
- Lawyers fees Sale ($625 plus HST and Disbursements);
- Lawyers fees Refinance ($625 plus HST and Disbursements – additional fees may apply);
- Land Transfer Tax (a percentage of the purchase price paid to the Ontario Gov’t);
- Surveyor’s Costs for Survey (if requested);
- $100.00+ approx. for search fees and disbursements (the bank requires a thorough search of the property);
- $150.00 – $451.00+ for Title Insurance
- $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 Hydro Compliance letter NFalls;
- $23 for Water Compliance letter NFalls;
- $12-$16/name for Sheriff search on vendors and purchasers:
- $65 for LawPro Insurance levy (waived if obtain Title Insurance);
- $30-35 for closing fees;
- Courier Fees ((If required) $30/pkg)
- $40 for misc. expenses;
- Applicable HST.
Check with lawyer for other costs specific to your home.