Real Estate Lawyers in Toronto

REMOTE SIGNING: We are pleased to advise that during the pandemic we are keeping our clients and staff safe by remote signing on our real estate transactions. There will be no need to come to our offices for signing.

We know that buying a home in Toronto is expensive, and how important it is to know your expenses so you can budget. That is why we let you know, up front, all of your closing costs with no surprises. With us, you will not need to fill out an online Form or wait for a quote. You will have it right here.

As you are aware, or may have become aware during this home buying or selling process, there are a lot of expenses and uncertainty as to what they will all amount to, especially your total closing costs.

Different real estate lawyers have different ways of quoting your closing costs. Some will charge a fee for their legal services, on top of which they will add their costs of completing the transaction (these are called disbursements), on top of which will be your title insurance, HST, registrations and land transfer tax. In this type of quote you will not know what your total cost is because the real estate lawyer cannot know what your disbursements are. Disbursements vary a great deal but on an average purchase they may be between $350 and $600. You would then only find out exactly what your disbursements are on final closing. These will be added to the fee to determine your total for the real estate lawyer’s work and his costs.

Disbursements: How Much Does a Toronto Real Estate Lawyer Have to Pay

Disbursements are things the real estate lawyer has to pay for to properly close your home, condo buying or selling deal. Law Society Regulations require that some of these must be included in any Fixed Closing Cost Quote.These include, for example,:

  • Conveyancing charges
  • Software charges
  • Couriers
  • Certification of Cheques
  • Copies
  • Faxes
  • Postage
  • File storage charges

Our Fixed Closing Costs at $999

With our quotes, all fees and disbursements are fixed at $999 except for disbursements permitted to be in addition to the quote in accordance with Law Society Regulations 4.2-2.1. Please see below for details. All you add on are the costs of Title Insurance and your land transfer taxes and registrations and H.S.T. Registrations are the costs of registering your deed and mortgage on closing ($77.62 x 1 or $155.24 if you are getting a mortgage). We believe this approach gives our home buyers the true total cost of buying and certainty in an area in which they need it. We were one of the first real estate law firms in Toronto to take this approach with our closing costs and our clients greatly appreciate it. All you need to do to know your total closing costs is add your land transfer taxes and registration fees of $78.79 x 1, or $157.58 if you are getting a mortgage, and HST. If you are comparing quotes, make sure that your quotes catch all of the above.

For example, some quotes will not include such extra charges as Couriers which can easily be $70-$100 or so. Ours include these.

Some quotes will not include SOFTWARE charges of up to $250 or so. Ours include these.

Also, many quotes will not include written reviews of Status Certificates or New Home purchases where required. Ours include this.

We would also note that while we do understand the costs are important, it is most important that you receive a proper assurance as to your title. This will always be our primary concern and will not be compromised out of cost considerations. That is why, for example, we still hire a professional Conveyancer to do complete some title searches at the registry office rather than merely conduct them online to save costs.

Total Fees and Disbursements, put Simply:

All fees and Disbursements: $999*
Title Insurance: $377**
Total Closing Costs: $1376

Quote for the Sale of a Property: $999.00* for all Fees and Disbursements, including paying out your Mortgage.

No Registration costs, Search costs, Land Transfer Taxes or Title Insurance costs.

Our focus is real estate and our fixed closing costs include all closing costs on most purchases. Title Insurance protects against Old/ No Surveys, Fraud and Forgery, Unpaid Taxes and Utilities, Zoning Violations and other potential title concerns.

*These fixed closing costs on purchases apply to all standard single-family residential Whole Lot Land Titles purchases in the GTA for up to $500,000 and acting on one institutional mortgage and up to two purchasers and two vendors. Total Land Transfer Taxes and registrations depend on the purchase price and are not included. The 15% Ontario Foreign Buyers taxes also not included. Please see below to calculate your Land Transfer Taxes. You may also be eligible for an instant refund of up to $4000.00 /  in Provincial Land Transfer Taxes and a full exemption ( up to $8475) of the Toronto Land Transfer Tax.

**For property in excess of $500,000 additional premiums are charged by Title Insurance and further fees may be involved.

*Our purchase quotes include any H.S.T. on the Title Insurance. H.S.T. applies only to the fixed closing costs above. Government Document Registration Charges, Teranet search Charges, Status Certificates, Payments for Creditor Letters regarding similar name executions and Fees Charged by the Government are not included. Title insurance costs may vary but will not exceed the figure above for a property up to $500,000. Occupancy Closings, if applicable, are not included.

The only disbursements on top of those above comply with LSUC Rule 4.2-2.1:  HST, Land Transfer Tax and Government Document Registration Fees as noted, fees charged by government agencies., Teranet fees, costs of condo status certificate and lawyers creditor’s letters. We would be happy to give you an estimate of these on your transaction if you would like.

In accordance with Law Society Requirements with respect to fees paid by the Title Insurers for the arrangement of Title Insurance we would advise that part of the total costs of Title Insurance include a fee paid to ourselves as your lawyers for arranging the title insurance policy. The amount of the fee paid by the Title Insurer will depend on the type and cost of the policy but the total amount you will be paying for title insurance will always be included in our fixed closing cost quote.

*Our Fixed Sale Closing Costs above include paying out and existing institutional first mortgage and all closing costs except the Law Society Transaction Levy and HST for a property up to $750,000.  Additional mortgages, liens, executions or search is required make such payments are not included. Government Document Registration Charges, Teranet part lot search Charges, Status Certificates, Payments for Creditor Letters regarding similar name executions and Fees Charged by the Government are not included.

Our Refinance costs include paying out and existing institutional first mortgage and all closing costs except the Law Society Transaction Levy and HST for a mortgage up to $750,000 . Government Document Registration Charges, Teranet Charges, Status Certificates,  Lender Required Title Insurance, Bank Wire Fees ,Payments for Creditor Letters regarding similar name executions and Fees Charged by the Government are not included.

The only disbursements on top of those above comply with LSUC Rule 4.2-2.1:  HST, Land Transfer Tax and Government Document Registration Fees as noted, fees charged by government agencies., Teranet fees, costs of condo status certificate and lawyers creditor’s letters. We would be happy to give you an estimate of these on your transaction if you would like.

Please note that all of our quotes do not apply to tenanted or commercial properties. Please call us to discuss what may be involved in such transactions. Please also note that it is required that we received the agreement at least seven business days prior to closing and any mortgage instructions five days prior to closing. Additional charges may apply to investment properties, commercial properties, bridge loans, or other work outside the scope of a standard real estate transaction. Please also note that Covid-19 related Bank Wiring Charges may also temporarily apply. Please feel free to call us for a detailed fixed closing cost quote for such unusual transactions.

A standard transaction is one completed in accordance with the terms of the agreement of purchase and sale without any title problems, delays in getting mortgage instruction or payout statement, extension requests, liens to discharge, executions to payout and lift, disputes as to division or payment of funds, legal actions or disputes between the vendor and purchaser or significant legal issues which do not normally arise in a typical real estate transaction. We are happy to note that the vast majority transaction close without any such issues.

Our Title Transfer costs include all costs except Government Document Registration Charges, Teranet Charges, Status Certificates, Payments for Creditor Letters regarding similar name executions and Fees Charged by the Government are not included.

Please note that prices, costs and quotes are subject to change.

Land Transfer Tax Calculator

Click below to calculate your Land Transfer Tax then just add the Ontario registration charge of $149. You will have the total Land Transfer Taxes and registration charges on your purchase.

https://www.ratehub.ca/land-transfer-tax

If you are a first time home buyer you are eligible for an up front instant waiver of the first $4000 of the Ontario Land Transfer Tax and up to another $4475 of the Toronto Land Transfer Tax. If you prefer, please feel free to call or email us for a calculation of your total Land Transfer Tax.

NON RESIDENTS
** An additional tax of 15% of the full purchase price applies if any buyer is a FOREIGN NATIONAL (not a Canadian Citizen or Permanent Resident of Canada) for properties purchased in the Greater Golden Horseshoe area (i.e., some Jurisdictions in Ontario are exempt).

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