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.
What are disbursements?
Disbursements are things the real estate lawyer has to pay for to properly close your home, condo buying or selling deal. These include:
- Title searches
- Execution certificates
- Conveyancing charges
- Software charges
- Certification of Cheques
- File storage charges
Our Fixed Closing Costs at $999
With our quotes, all fees and disbursements are fixed at $999. 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 ($149). 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 $149 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 do. Also, many quotes will not include written reviews of Status Certificates or New Home purchases where required. Ours do.
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: $350
Total Closing Costs: $1349
Quote for the Sale of a Property: $799.00* for all Fees and Disbursements.
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.
*Our 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 a refund of up to $4000.00 in Provincial Land Transfer Taxes and a full exemption of the Toronto Land Transfer Tax.
*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 part lot 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.
*Our Fixed Sale Closing Costs above include all closing costs except the Law Society Transaction Levy and HST, where there is no Mortgage to Discharge. With one institutional mortgage to discharge add only $100.00. 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 all closing costs except the Law Society Transaction Levy and HST, where there is one Mortgage to Discharge. With one institutional mortgage to discharge add only $100.00. 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 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 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.
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.
If you are a first time home buyer you are eligible for an up front waiver of the first $4000 of the Ontario Land Transfer Tax and up to $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.