For closing a purchase transaction, our legal fees start at $750.00 plus HST. This is for Purchase transaction only. The firm reserves the right to increase fees where the property value is more then $500,000.00 or where excessive time is spent on file. For property valued above $1 million , the fees for purchase is $1150.00 plus HST and up. This does not include expenses.
Weather you want to change percentage of ownership of your jointly held property, or you would like to add /delete title owners from the property, our legal fee for Transferor(s)/ Transferee(s) starts at $750.00 plus HST plus expense. Note that you may require more than one lawyer to close the transaction, depending upon your family relation/status. The fee includes refinance where applicable.
* Our legal fees described above does not include litigation/ dispute resolution between parties, if required. We reserve the right to increase the legal fees for any unreasonable extensions or complications, after hour service or excessive time spent on the file. The fees quotes apply to properties valued at $500,000.00 or less.
When you intend to purchase a property directly from the seller and when there is no real estate agent involved, you need to prepare an offer to purchase the property based on the information provided to you by the seller. We charge a fee of $450.00 plus HST for preparation of the draft agreement of purchase and sale/ review of the same. Contact for more details. Any drafts for the amendments are subject to $150.00 plus HST increase in legal fees.
When you buy a commercial real estate property, there are wide range of issues to consider. For review of the Agreement of purchase and sale, our legal fee is $550.00 plus HST ( one hour limitation apply).
For a commercial real estate property, depending upon the type of the property being purchased , our legal fee starts at $1,150.00 plus HST plus expenses.
commercial real estate property has unique issues to consider when you sell /mortgage your property. From tax consequences to complying with various representations of vendor, each step must be considered carefully to avoid unforeseen consequences.
All charges above is limited to commercial properties valued at $500,000.00 or less.
To calculate LTT payable in a property out side Toronto, please visit http://www.teraview.ca/en/pltt-calculator.
To calculate MLTT payable on the property purchased in Toronto, please visit http://www.teraview.ca/en/mltt-calculator. This is in addition to the LTT payable on purchase of property in Ontario (Ontario Land Transfer Tax).
If you are a first time home buyer, you may be eligible for LTT first time home buyer rebate of up to $4000.00 . For more information, see below articles.
The above registration charge is payable to the Ontario Land Registry on closing , per instrument. eg. Transfer, Charge, Notice of Assignment of Rents , etc.
In Ontario, Lenders require and we prefer Title Insurance policy to close a purchase and mortgage transaction. Most properties in Ontario are title insured. The said policy is issued in lieu of Survey and other off title searches and covers the owner as well as Lender from losses , that could result from title defects that may be found out later , including for identity fraud . You will receive more information when you retains us. Visit http://www.stewart.ca for more info.
When you buy a property or mortgage a property, a lawyer is required to conduct title and writ search on the property , for your benefit as well as for the mortgagee and title insurance company. The cost varies from property to property and number of vendors and mortgagors....
A condominium status certificate is only required if your property is a condominium unit and you are either purchasing or mortgaging the property. Unless agreed upon by the parties, this cost is bearable by the purchaser and has to be paid upfront for making an application to the Condominium Corporation / management . There might be additional convenience fee charged by the corporation for online submission of request.
Payable by Vendor
In addition to above, the Vendor provides a Statement of Adjustments for items paid for by the Vendor and to be adjusted on closing. We will provide a copy for your review as soon as it is received by us. The closing cost is accordingly adjusted.