Legal Fees & Disbursements
Our Real Estate Lawyer Mississauga Fees start from $450. We charge Flat Legal Fees of $450 for Purchase or Sale or Transfer or Refinance. Our Disbursements and Searches for a Purchase file is $180. Purchaser must also budget for Land Transfer Tax, Title Insurance and Registration Charge of $75.
We offer a transparent breakdown of our Real Estate Lawyer Fees and Disbursements, unlike many other lawyers who would charge exorbitant Hidden Fees & Charges. As a result, we get numerous referrals and have built a long established relationship with our clientele.
LOWEST REAL ESTATE LAWYER MISSISSAUGA FEES QUOTED ONLINE
What Does Real Estate Lawyer Do
ROLE OF LAWYER IN BUYING A HOUSE
For most of the people, purchasing and selling their homes will be their most significant financial transaction they will come across during their life. Consequently, the importance to secure such an investment cannot be underestimated. Buying a home is a process that is very complex and full of decisions. It has a lot of severe and legal concerns.
At Shaikh Law, we take care of all the legal responsibilities for such a complex transaction, so our client does not have to worry about the any hidden Legal issues buried under extensive paperwork. Our Real Estate Lawyers in Mississauga will be providing 100% support to our clients to protect their interest in the Real Estate Transaction during their process of purchasing until our client has become the legal owner of the property.
The following steps briefly describe what to expect from your Real Estate Lawyer in Mississauga while purchasing a home.
REVIEW OF AGREEMENT OF SALE AND PURCHASE
Agreement or simply the Contract is a document of much importance which should contain all the concerns related to purchasing a home. It includes the price of the property to pay and how to pay, detailed description of the home to buy and other conditions of the process. The Contract should thoroughly be analyzed before the buyer signs it, and if he has any questions about the contract, he must ask his lawyer. New build constructions contracts are usually sent for Lawyer’s approval, but for a resale home, the parties typically approach a law office after the agreement has been signed. If the agreement has been signed, and all conditions to the agreement are satisfied, then the Lawyer may not be able to help the client but will surely identify any legal issues to protect their interest in the transaction.
Real Estate Lawyers will conduct a Title Search in every transactions. Sometimes they may have to do multiple title searches for the buyer, to ascertain any liens, charges, mortgages, caveats or notices such as notice for sale or power to sale by a bank. If the buyer is acquiring a loan, his lender will necessitate that a lawyer may look at the land records before the conclusion of the transaction and report to the bank of any concerns the Real Estate Lawyer may have. If the buyer is not going to get a loan, he should still have his Real Estate Lawyer check the records. His lawyer will:
I. Draw up mortgage papers
II. Make sure there are no claims registered against the property
III. Evaluate the judgments
IV. Evaluate the land transference tax due on closing
V. Certify that property taxes are up to date
After getting through all these, the lawyer will report to the buyer, the lender as well as provide copies of the title that has been issued by the Land Registry.
Title insurance protects against inborn vulnerabilities in real estate titles, but which may not be apparent from the title search. Your Real Estate Lawyer Mississauga cannot guarantee against latent defects in the title that are not registered hence are not easy to discover from a review of the public records. Such latent defects in the title of this sort may include bogus deeds, missing inheritors, clerical mistakes, issues with payment of land transfer tax, the boundary of the property and the like. However, a general title insurance policy will be protective against such defects. It is also important to ntoe that the Lender will make it a condition for financing to obtain lender title insurance to protect their interest. at the same time Purchaser is also strongly recommended to buy his Title Insurance Policy. We regularly get a question from our clients “Do we need title insurance” . Our answer to this question is if you do not buy title insurance you are committing “legal suicide” if the title is discovered to be defective. Besides, if a buyer purchases an owner’s policy at the same time as the mandatory lender’s policy, the title insurance company may give concession considerably in the cost of the buyer’s Title Insurance policy. Your Real Estate Lawyer will make arrangements for Title Insurance and will also confirm you have a legal title upon finalization of property trade.
Our Real Estate Lawyer Mississauga is registered and on the approved lawyer’s list with FCT (First Canadian Title) & Stewart Title but we can also work with other Title Insurance Companies such as Title Plus.
Besides the title work, most buyers would need a lot plan of the property from an expert surveyor or engineer. The basic purpose of the lot plan is to make sure that the home that is being bought is sited on the land that is going to be sold and that there are no obvious encroachments where any portion of a neighbor’s home is constructed on your property or vice versa. Your Real Estate Lawyer will also check the zoning is correctly applied to ensure if the residential property is sold then you get a residential zoning in your title.
Your Lawyer will also be responsible for acquiring a metropolitan lien certificate for the property, from the town or city where the property is situated, so that the status of due real estate taxes can be calculated in your statement. If the seller has over paid their property taxes then the amount will be adjusted to give a credit to the seller, if the seller has not paid the property taxes then the credit will be given to the buyer towards his purchase price. This is the responsibilty of the Real Estate Lawyer who would ensure that you only for the number of days you own the properyt and not for the entire year.
Before the closing, a final Trust Ledger showing the statement of accounts along with the copy of title, land transfer tax, as well as other reports will be provided to the buyer by the lawyer, which holds a brief description or detail of monetary aspects of the purchase transaction. Along with the final statement, the lawyer will explain many other documents to the buyer which may include the details of the loan. The Real Estate Lawyer is responsible for making arrangements for all necessary closing papers, fixing the schedule of closing, explaining all essential closing papers and letting them properly be executed and documented. After the buyer and the seller both have completed all the closing documentation, the Lawyer will record the title deed which is the mechanism by which the person selling home conveys title of the home to the buyer for the determined price. After finalizing the transaction and approving that all legal and financial requirement is met, the Lawyer will exchange legal documents and keys with the seller’s lawyer. It is important to note that keys to the buyer are not released until the seller’s lawyer receive payment for purcahse along with all supporting documents. Therefore it is possible that in some transactions the possession time mentioned in the agreement is 9am but the keys are released at 5pm on the date of possession. Therefore buyer needs to keep in mind that keys are usually not relased at the same time as mentioned in the agreement.
Real Estate Services
REVIEW & PREPARATION OF DOCUMENTS
SUBMISSION OF DOCUMENTS
PAYMENT TO PARTIES
Tax Tips : First Time Home Buyer
LAND TRANSFER TAX CREDIT
FEDERAL TAX CREDIT
First Time Home Buyer
STEP 2: HOW MUCH IS THE REAL ESTATE LAWYER’S FEES
As a First Time Home Buyer, you will come across various fee structures designed to confuse you in every manner and form. What is important is NOT to know the Real Estate Lawyer Fee but to know how much will he or she charge in addition to their Legal fees. The Real Estate Lawyer Fees is Legal Fees charged by the Lawyer, which can vary from $450 to $500 but the Law Offices will also charge additional costs, which are called disbursements. Disbursements are costs for telephone charges, Photocopy charges, courier charges, Bank Draft charges and much more. On Average, expenditures charged should range between $350 to $450. Our Real Estate Lawyer Mississauga Fees should Average between $450/- to $550 plus tax.
STEP 3: ASK FOR ADDITIONAL FEES AND CHARGES
In a Real Estate Transaction, it is one of the most important questions, and the buyer must make sure that they are acutely aware of other additional costs. It will be a horrible experience if you face a situation where you are expected to spend more than you have budgeted for your purchase. In almost all the quotes Real Estate Lawyer Legal Fees & Disbursements would not include;
- Land Transfer Tax.
- Title Insurance.
- Government Registration Cost
- Additional Time spent on the file, if the file is complicated.
You can get an estimated Land Transfer Tax for your purchase by using one of several online Land Transfer Tax Calculators or try our online Real Estate Calculator.
Many Lawyers will suggest that they include Title Insurance in their quote but unfortunately this, not 100% accurate. If you were to review the terms and conditions carefully especially small text, you would discover that they only provide you with an estimated amount. Title Insurance, is estimated $1 to a $1,000 property value. Example $500,000/- house would cost around $500 in title insurance. This is just a general Guideline, we will provide a copy of the Invoice received from Title Insurance Company to all our client.
Registration of Documents would costs around $175 for Registration of Transfer and Mortgage.
On average, a Real Estate Lawyer Mississauga and his staff would spend about 2 hours on a Real Estate file. If your Lawyer identified a problem or you have encountered an issue with your transaction such as a date extension or delay in seller moving out of the property then usually the Lawyer would charge you additional time spent on your file at his or her hourly rate. At Shaikh, our regular hourly rate is $350 per hour, but our Real Estate Lawyer Mississauga would only charge $90 per hour for any additional work.
Real Estate Lawyer Mississauga Reviews
We would like to Thank Ali for his excellent service. He accepted our file on a short notice, prepared all the documents over the weekend, although he did charge us a Rush Fees but it was no where close to what other lawyers were asking us, let alone many lawyers simply would not take the file on such a short notice. He was thorough with documentation and explained to us the entire process. He even came to our house to get the signatures at our request.
We did Sale and Purchase with Ali Shaikh and he was very helpful in explaining all the steps involved in the entire process. Sale and Purchase of our properties looked extremely complicated but it was made simply and easy. We met him at 7:30pm after our work and he was happy to get meet us. I would strongly recommend Ali Shaikh for Real Estate Transactions. Good Luck Ali for his new office in Mississauga!
Ali Shaikh Real Estate Fees are very competitive and reasonable. I was worried about the hidden fees and charges. He clearly indicated at the beginning that in addition to his fees there are other costs involved in a Real Estate closing. He provided me with a break up of expenses. In fact upon closing I even got a refund of excess amount paid to him. Ali is an honest person and I would strongly recommend to meet him.
Faiz Mouddin - Cantras International
I have used Shaikh Law for a number of my Commercial & Residential sale, purchase & Refinances. The staff at Shaikh Law is experienced, professional, efficient and knowledgeable and I a never had a problem with my transactions.
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