Real Estate Lawyer Fees in Toronto
When buying, selling, and refinancing a property, there are a lot of costs involved—the initial investments and the essential real estate lawyer fees. Real estate transactions require the services of a reputable real estate lawyer to ensure the financial obligations and legal rights of either party are protected.
For the buyer and seller, a real estate lawyer can help with drafting a purchase contract, negotiations, resolving any legal issues, conducting a title search, reviewing the statement of adjustments, and coordinating all closing transactions. Real estate services with a knowledgeable and experienced lawyer can help make the process smoother.
What Is Included in Real Estate Lawyer Fees?
Real estate lawyers’ fees vary across the country based on the following factors
- Local and Provincial Laws
- The Location of the Property
- The Value of the Property
- The Type of Transaction
As costs can range from $700 to $2,000 in Ontario, many reputable real estate law firms will charge a base fee that includes several components of the real estate process, including disbursements.
A real estate lawyer can help you when you sell your home similar to how they help with a purchase. If you have an existing mortgage or mortgage on the property a real estate lawyer will obtain a mortgage payout statement from the lender and assist with discharging the mortgage.
Title Transfer Costs
The title transfer cost refers to the fees involved with transferring property ownership from one party to another as seen with real estate transactions. It is also performed when refinancing a mortgage. Some real estate law firms offer a fixed Title Transfer cost to cover all tasks, duties, and legal documentation required.
Title searches protect both the buyer and the seller in real estate transactions to ensure that there are no liens against the property by any legal documents. This involves searching for deeds, tax documentation, divorce records, public records, and county land records. Title searches are generally charged by real estate lawyers in the range of $90 to $150.
A real estate lawyer in Toronto must also perform a search to ensure there is no writs of execution registered in relation to the property owners. This is a specialized court order enforced by a legal judgment for any monies owed to the seller to be transferred to the courts, not the seller themselves.
Conveyancing fees involve land registration fees, transfer fees, local title searches, and other related tasks required to legally transfer property ownership. The conveyance document outlines the purchase price, transfer date, and all legal obligations of both parties. There are real estate firms that charge a separate fee in relation to the conveyance which can sometimes be $350 in addition to other fees.
Legal software programs are exclusive to real estate lawyers to enable easy and smooth transactions for research, laws, and real estate forms. These software programs can be added to some fees in addition to other related charges, up to $250 per case. For others, the software charges are part of the Law Society Regulations allowance within the fixed closing costs.
Couriers and Postage
Courier and postage fees refer to the service of transferring documents between legal representatives and other related professionals. From delivering certified cheques and contracts and retrieving the signed documents, real estate lawyers are charged by independent courier companies. Some real estate law firms do charge extra per service while others include these charges in a fixed-cost quote.
Certifying Cheques, Copies, and Faxes
Be aware of extra charges for real estate transactions that require sending and receiving faxes, photocopying documents, and certifying cheques. In all legal dealings, these are essential tasks to complete all authorized matters. The Law Society Regulations stipulate these, and other charges, are to be included in any Fixed Closing Cost coverage quotes by a law firm, including a real estate firm.
File Storage Charges
One important component of real estate lawyer fees in Toronto is file storage charges. Proper management and documentation of separate entities of a real estate transaction should be organized and secured. These types of charges are part of the categorization of the disbursement fees charged by a real estate lawyer as ruled by the Law Society Regulations.
Contact Zinati Kay to Hire a Reputable Real Estate Lawyer in Toronto
The team at Zinati Kay – Real Estate Lawyers understands the delicacy of a real estate transaction for both the buyer and the seller. We can help ease the financial burden of closing costs by offering a fixed price of $999.00. This involves a number of fees and disbursements in accordance with Law Society Regulations.