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Get answers to your questions about the real estate law governing the purchase of a home
What is the next step after I have signed the contract?
Provide our office with a copy of the contract, or have your Realtor send it to us (if applicable). Purchasers need to notify their lender that our office is acting on their behalf and provide them with our contact information, which they need to send us the mortgage instructions. Once we have prepared the mortgage documents, we will be in contact with you to set up an appointment to sign. When acting
How do I get my keys?
If you are using a Realtor to buy or sell your home, they will deal with the exchange of keys. If no Realtor is involved, the exchange of keys is usually done directly between the buyer and seller or the lawyers.
What is included in the money the lawyer's office has asked me to bring to my signing appointment (Purchasers only)?
There are a few different things included in the shortfall calculation. Property tax adjustment, condo fee adjustment (if applicable), our estimated Statement of Account, and late interest (if applicable) are usually part of the calculation. Your lawyer will provide a detailed breakdown of all costs at your signing appointment.
When will I get my final documents?
Purchasers -a minimum of six weeks after closing, longer if the sale happens during the peak Real Estate season.
Sellers - reporting on a sale transaction is done at the time of closing.
What do I need to bring to my signing appointment?
We will let you know in advance of your appointment. Everyone needs to bring two pieces of ID (one of which must include a picture).
How much should I expect to pay for legal fees?
Our fee for a standard purchase and new mortgage is $895.00 + GST and disbursements. Disbursements are expenses we pay on your behalf which include but are not limited to: municipal and land searches, couriers, copies and registration costs at the Land Titles Office. We estimate disbursements to be approximately $500.00. To be safe, we will anticipate the total account to be $1,600.00. Please note that this does not include title insurance costs. If your lender requires us to obtain a title insurance policy to complete their funding requirements, the cost for the policy will be added to your account. Title insurance costs start at $229.00 + GST.
It is important to note that if this is a newly built property, there is a possibility that additional fees could be incurred, due to the increased complexity that occurs with new construction.
We also collect 3 days interest on the Cash to Close should there be any issues at the time of closing that prevents us from obtaining mortgage funds or paying the Cash to Close. Any excess funds held in Trust will be returned to you on closing or final reporting.
Our fee for a standard sale and discharge of a mortgage is $750.00 + GST and disbursements. The estimated disbursements are $350.00, bringing the total account to an approximate $1,100.00. This does not include the cost to order a Real Property Report and Compliance, (required if you do not have one and providing this is still required by the contract), or the cost of ordering Condominium Documents, which is now required as part of the standard realtor contract unless specifically not included.
Both of the above estimates assume there are no unusual circumstances. Costs can increase depending on a number of factors, including your lender, registration costs, the need for title insurance or a Real Property Report, condominium documents, etc.
Need more information on our real estate legal fees?
For more detailed information on our real estate legal fees, please contact us by phone or online. If you are looking for a quote or making comparisons with fees charged by other law firms, make sure you are comparing all-in costs, not just legal fees.
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