Real Estate Retainer Agreement (Real Estate)
Thank you very much for your interest and confidence in Retaining our law firm SHAIKH LAW to represent you with respect to the above-referenced matter. We know that this matter is extremely important to you and we intend to make every effort to achieve the goals sought by you. The Following are the terms and Conditions of our Retaining services for the above-noted matter, you have selected. By submitting the form below you are hereby accepting our the terms and conditions for a retainer.
Terms & Conditions
The following Terms and Conditions form a binding agreement between the above-named Client (“Client”) and SHAIKH LAW FIRM (Registered as Shaikh Law Professional Corporation); Your signature herein or by registering online at our website indicates your acceptance of the following terms and conditions, a copy of these terms and conditions is also available on our website:
- This Agreement confirms that you have retained the Legal Services of SHAIKH LAW PROFESSIONAL CORPORATION and your lawyer on record will be Ali Shaikh to act on your behalf in relation to the above-noted matter and sets out below our agreement with you regarding the payment for our work on your behalf.
- You hereby further confirm by way of this Agreement that Shaikh Law, through its officers, will represent you before all forums, departments and to act on your behalf in relation to your selected matter hereinabove.
Scope of Work
- Our Real Estate Legal Fees include the following services rendered by our office:TO receipt of instructions for sale/purchase/mortgage; TO make one title searche or one parcel page search, any additional parcel page search will be charged separately at $63+ Tax per search and two execution searches are included, additional execution serach will be charged separately $63 + Tax; TO ascertaining how the purchasers wished to be described on title; TO preparation of the Transfer of Land; TO preparation of the Statement of Adjustments; TO determining the manner in which sale proceeds should be disbursed; TO attendance on execution of all relevant documents; TO receiving/forwarding the Transfer of Land and Statement of Adjustments to the Solicitors for the Purchasers or vendor; TO correspondence with the mortgagee prior to closing and to obtaining a statement for discharge purposes with respect to the previous mortgage; TO delivering discharge/sale funds forthwith after closing in accordance with the said statement; TO seeing to registration of the discharge and to obtaining a Certificate of Title and providing same to the purchasers’ solicitor; TO receipt of the cash balance required to close and depositing the same into our trust account; TO authorizing the release of keys for the premises; TO advising the real estate agent of the completion of the transaction and paying the balance of commission owing; TO all other related correspondence and communications and reporting to you herewith; TO acting for you with respect to a single or multiple mortgage(s); TO receiving and reviewing mortgage instructions; TO preparation of the Mortgage, direction and other necessary documents; TO all correspondence with the mortgagee and submitting a preliminary report; TO registering the Mortgage; TO receiving the mortgage advance into our trust account; TO submitting a final report to the mortgagee enclosing the required documentation & To do all acts that are deemed necessary as per the requirements of the Law Society governing the concerned office for completion of a Real Estate File, One Signing Appointment, Sale & Refiannce File One Mortgage Payout included , Printing, Faxes, Courier Charges are included.
What Law Office Disbursements are included in the Fees?
- We charge all-inclusive fees which include legal fees plus Law Office disbursements. Disbursements and expenses examples include charges for filing legal documents before the property register and the costs of signatures, title searches, photocopying, faxing, postage, bank Draft charges, tax certificates, long-distance telephone charges, delivery charges, travel expenses, computer research, outside professional retained on your behalf and any other amounts incurred by our office on your behalf such as courier services.
Time Spent on a Real Estate File & Fees Charged
- Our Real Estate Legal Fees includes spending two hours for Sale and Refinance and three hours for a Purchase file. The specified number of hours include up to 30 minutes for client interviews and meeting for signatures, telephone calls with you and with other people involved in your Real Estate File. An additional fee may be charged for any additional time spent on your file especially if we had to spend additional time due to a complication in your matter such additional charges may be charged based on the nature, importance, and urgency of the matters involved, the general conduct of the matter, the dollar amount at issue, the skill, labor and responsibility involved, and if a particularly beneficial result is achieved on your behalf. The Fees, Expenses and Taxes quoted by our Real Estate Calculator, or online are mere estimated figures only. Fees, Expenses and Taxes quoted by our Real Estate Calculator may increase without notice, generally speaking, our quotes do not change however we would strongly encourage to contact our office to confirm if our rates have changed or not. Our Lawyer’s Hourly rate is $360 per hour and if the Real Estate Matter is prolonged due to a complication then our Lawyers Hourly rate may apply.
Expenses Not Included in our Quote
- Purchase: Land Transfer Tax, Title Insurance, Government Registration Charges are not included in our Legal Fees and Disbursements. Sale: Law Society Levy and additional payouts are not included in our Legal Fees and Disbursements. Refinance: Title Insurance, Law Society Levy and additional payouts are not included in our Legal Fees and Disbursements. Stewart Assyst Electronic Instructions Charges $28 or Any new and All third party Charges to complete the transaction are not included in our Legal Fees and Disbursements. Title Insurance fee may cost $1 to a $1,000 (Example Property Value $900,000 then Title Insurance would be $900) or more depending on the price, condition or location of your property.
Statement of Account or Invoice
- Our statement of Account and transaction statement will be provided to our client to explain details of all payments made on their behalf as well as our fees charged. The estimated fees is based on the understanding that our office will not encounter unusual difficulties in the completion of your Real Estate transaction or an extension of the closing date is not required due to unnecessary difficulties. If in the event unexpected difficulties, complications or extensions arise then Shaikh Law hereby reserves the right to increase our fees based at our Real Estate Hourly rate of $360 per hour. An additional fee may be charged based on the nature, importance and urgency of the matters involved, the general conduct of the matter, the dollar amount at issue, the skill, labor and responsibility involved, and if a particularly beneficial result is achieved on your behalf.
Additional Work means Additional Fees
- The estimate total fees quoted at our website is based on a standard transaction where only one registration, or transfer and one registration of a mortgage or in case of sale only one discharge of mortgage, is required. Should there be additional registrations of mortgage or discharges, then additional Legal Fees of $90 + Tax will apply per registration and/ or discharge. Additional Charges would apply for weekend and after-hours appointments, please contact our office if you wish to have such charges waived. Review of Documents or Consultation in addition to first free 30 minutes is charged at $90.00 per hour + Tax. Home Visits are $90 per hour plus mileage at $0.75 + Tax.
- If in the event you decide to cancel the transaction prior to closing or otherwise decide to transfer the file to another lawyer, then you shall be responsible pay our full Fees and all disbursements made on your behalf.
Taxes & HST
- In addition to our fees and disbursements, you will be required to pay all applicable taxes required on the date of closing. In case of a purchase of property, we require sufficient funds a minimum of three days prior to your closing date by way of a certified cheque, bank draft, or money order to complete your transaction. This amount will include the amount owing to the vendors plus legal fees, disbursements and adjustments for extra expenses and taxes.
Duty of Client
- As for Sale & Refinance file, you are responsible to ensure that you provide to our office all required information at least one week in advance, including your mortgage statements, proof of last tax payment. As for a Purchase file, it shall be your responsibility to ensure that your lender and or Mortgage Broker has sent to our office mortgage instructions at least one week in advance and your realtor has sent us to offer to purchase or agreement of purchase at least one week before the closing date. We will commence work on your file two days before a closing or when we have received full and complete information. If in the event our office does not receive complete information within the prescribed time, we may charge additional fees for rush closing fees $450 + Tax. It is the client’s responsibility to provide our office with full, complete and accurate disclosure of information, thereby to enable our office to prepare accurate Real Estate documents.
Rush Fees & Change in Information Fees $450
- Rush Fees or Change in information Fee of $450 + Tax is only charged if the mortgage instructions or documents from client are received less than a one week before closing or due to change in information such as change in lender our office would have to redraft the documents for the client, otherwise this fees will not be applicable.
Discount to Existing Clients
- Our existing Real Estate Clients can avail a $45 discount on subsequent files or apply the discount to their referrals of friends or family. Referral by a registered Realtor with our office would automatically qualify our client for a $45 discount. In order to qualify for Registered Realtor discount, the Realtor must be registered with our office in our database. Please ensure to inform our office if you are eligible to qualify for a discount. All fees, expenses or charges quoted are exclusive of applicable taxes.