Real Estate Lawyer – FAQs
- How much is your Legal Fees for Purchase or Simple Transfer
Cash Purchase Legal Fees is $450 Flat. You would need to add Law Office Disbursements of $180 and Searches of $180. Therefore total Legal Fees & Disbursements for a Cash Purchase would be $810 + HST
If you have mortgage then you would add $99 Legal Fees. Therefore total Legal Fees and Disbursement for a purchase with Mortgage would be $909 + HST.
- How much is your Legal Fees for Sale or Refinance or Second Mortgage
Legal Fees for a sale is $450 Flat. You would need to add Law Office Disbursements of $315 which include all expenses such as courier charges, Bank Drafts, Photocopy, faxes, Phone Calls, and one payout. Therefore total Legal Fees & Disbursements for a Sale or Refinance or Second Mortgage would be $765 + HST
If you have additional mortgages or payouts then add $99 Legal Fees including disbursement per payout.
- Discount? Special Offers
We give referral fees or 10% or $100 which ever is higher on every second transaction we do for the client. Therefore if we do sale and purchase together then we will give $100 off on the second transaction. This discount can be applied to the file or we can give cash back to you on your referral.
- Any other Charges a Purchaser has to pay?
The Purchaser would be expected to Pay for Land Transfer Tax, Title Insurance is a one time payment of 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. and Registration Cost of $75. These costs are not Lawyers Fees or Law Office Disbursements and therefore the seller as per the invoice or bill received by the Lawyer pays them.
- What are Closing Costs for a Purchase?
Closing Costs for a purchase are Legal Fees and Disbursements of a Lawyer, Land Transfer Tax, Title Insurance, Registration Costs, Fire/House Insurance Costs.
- What are Closing Costs for a Sale?
Closing Costs for a Sale are Legal Fees and Disbursements of a Lawyer and your Realtors Commission.
- What are Closing Costs for a Refinance or Second Mortgage?
Closing Costs for a Refinance or Second Mortgage are Legal Fees and Disbursements of a Lawyer and your Mortgage Broker’s Commission which is usually $2,000 to $3,000.
- How to Easily to Calculate Closing Costs for a purchase.
The easiest way to estimate your Closing Costs for a purchase is to add 2.5% of your purchase price as your closing costs. So if you are buying $500,000 home then your closing cost could be estimated to be $12,500 which includes your Legal Fees, Legal Disbursements, Land Transfer Tax, Title Insurance, Registration of Transfer or Mortgage(s).
- What is Title Insurance?
Title insurance is a protection which insure losses related to the property’s title or ownership.
10. Do I have to get Title Insurance?
It is always advisable to get title insurance and moreover lender always insist to get one.
- Could there be additional Legal Fees & Law Office Disbursements?
Yes & No
No Additional Legal Fees will be charged other than the fees quoted.
Yes for any Additional Legal services rendered additional Legal Fees and Law Office Disbursements would be charged as an extra. It is important to remember that three hours are allocated per Real Estate File, which includes review of documents, meeting with clients for signatures and explaining to them the natures of the legal documents, preparation of documents, submission of documents, issuing payments to the seller, buyer, Land Transfer, Tax, Title Insurance, Realtor, Broker and reporting to client & Lender. In more complex cases where additional agreements are drawn up such as Islamic Mortgages, Rent to Buy Agreement or where client was unable to secure mortgage within time, extensions request would amount to addition. Please refer to list of services included in Flat Legal Fees.
almost all Real Estate files are completed within
- Legal Services included in Flat Legal Fees of $450?
- Allocation of exclusive 3 hours per file in our Calendar;
- Acting for our client in matters relating to purchase, Sale or Refinance;
- Reviewing the executed agreement of purchase and sale;
- Performing a search of title and reviewing the same;
- Submitting requisitions on title and reviewing responses thereto;
- Searching for executions;
- Do 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;
- Reviewing the documentation provided by the builder including warranties, declarations and vendor’s and purchaser’s undertakings, and to verifying enrolment with Tarion Warranty Corporation;
- Preparation of an Affidavit pursuant to the Land Transfer Tax Act;
- Correspondence with the Condominium Corporation and to obtaining a Status Certificate and Certificate of Insurance and to reviewing the same;
- All necessary telephone and written correspondence;
- Meeting with client, including free home signing, evening and Weekend appoints to sign all necessary documents;
- Closing the transaction and to registering the Transfer/Deed of Land;
- Making all payments as well as performing all banking tasks including sending certified cheques as well depositing payments to the Seller, Purchaser, Land Transfer Tax, Title Insurance, Registration Fees, Realtor’s Commission and Broker Commission.
- Reporting to client and Bank/ Lender;
Mortgage – Additional Legal Fees.
- Acting for the Client as well as for the Lender Bank or Financial Institution with respect to a mortgage on the property;
- Receiving and reviewing mortgage instructions;
- Preparation of the Mortgage, direction and other necessary documents;
- All correspondence with the mortgagee and submitting a preliminary report;
- Registering the Mortgage in the Office of Land Titles;
- Receiving the mortgage advance into my trust account;
- Submitting a final report to the mortgagee enclosing the required documentation;
- All Banking and payments relating to Mortgage.
- Submitting Final Report to client and Lender with respect to the Mortgage.