Real Estate Real Cost Fee Schedule
Real Estate Real Cost Fee Schedule
Suite 200, 223 Brock St. N., Whitby Ontario, L1N 4H6 (in downtown Whitby just north of Highway 2, Dundas St.).
Toronto Office: Suite 704, 4711 Yonge Street (just north of 401 at Sheppard Subway)
FAX: 905-430-0772 MAIN TELEPHONE: 905-430-8880 AJAX: 905-428-8000 TORONTO: 416-492-0989 PETERBOROUGH: 705-755-7363
The above is what we charge as a fee and expenses are extra. For private mortgages prices vary depending on what is involved. Call first to check our price on any private mortgage For the above transactions on an all inclusive basis our bill will be lower than that of almost every lawyer in our area who advertises as having a low or all inclusive cost for their services. Our fee includes initial follow up after closing in the event of problems. We do not abandon our clients after closing and will advise you on what steps to take if there are problems with your house. Purchase expenses include execution name searches, title search, registration costs, title insurance and other expenses. Land Transfer Tax (Ontario Sales Tax) which on average is about 1% of the purchase price is the biggest expense but there is a break from that for first time home buyers. See the calculation formula* below. It is usually safe with us to budget $1300 for the total legal cost of a purchase including everything but Land Transfer Tax. If you compare this with the lawyers who advertise "all inclusive" pricing you will see that the cost is less with us.First time buyers can get an Ontario exemption from Land Transfer Tax which saves up to $2000.00. The first time buyer exemption was extended from just new homes to resale homes where the agreement to purchase is signed after December 13, 2007. The tax does not have to be paid and this significantly reduces closing costs. For Toronto purchases the Land Transfer Tax approximately doubled as the City of Toronto now has a matching tax. First time buyers are exempt from the Toronto tax for purchases up to the first $400,000. There are also some additional closing costs which may appear as a result of adjustments of the purchase price on closing. Be prepared and call us to review what extra closing costs are likely to appear. An example of this is an adjustment for property taxes where the purchaser may have to pay back to the vendor overpayments of property taxes. Also if the house is heated by oil or uses propane there is an adjustment credit to the vendor for the cost of fuel in a full tank. There are a number of extra charges for new homes usually set out in your purchase agreement. We review new home agreements in advance with no cost or obligation. With Title Insurance you pay a one time premium and will immediately save you more in closing costs than what it costs.SAVE $100 ON TITLE INSURANCE WITH MURRAY MISKIN. STEWART TITLE ALLOWS LAWYERS TO CHARGE A $100 FEE FROM THE REGULAR PREMIUM. THIS REALLY IS $100 FROM YOUR POCKET. WE GIVE THIS MONEY BACK TO YOU BY REDUCING THE COST OF YOUR TITLE INSURANCE POLICY. SOME LAWYERS NOT ONLY CHARGE THIS FEE BUT HIDE IT FROM YOU. THE AVERAGE PROPERTY PURCHASED WILL HAVE A $251 CHARGE FOR TITLE INSURANCE. THE PREMIUM IS HIGHER FOR HOMES OVER $500,000. IF YOU ARE PAYING A HIGHER FEE FOR STEWART'S TITLE INSURANCE THE COST BENEFIT OF USING STEWART OVER OTHER INSURERS GOES TO YOUR LAWYER. WE SAVE YOU MONEY AND WE DO NOT HIDE FEES FROM YOU. beware: when another lawyer quotes you an all inclusive fee they add on additional expenses and taxes. On average you will pay more per transaction than if you proceed through our office. FOR A COMPARISON OF OUR FEES CLICK HERE
**Refinancing: Sometimes lenders require us to pay off a number of client credit cards and other bills which adds to our work. We prefer not to have to do this. We do charge a fee for each of those bill payments we are required to make. When refinancing please try to avoid this situation so that you may deal directly with bill payments from mortgage funds or if possible in advance. Electronic Registration and title insurance have changed many of the traditional disbursement costs. MOST of the traditional search and certificate expenses do no apply where there is title insurance. Please call Arlene for further details especially if you are buying or selling in an area where e-reg*** is not available. ***E-REG: Available in the Durham, York, Peel and Halton and Simcoe Regions plus Toronto and most of Peterborough County. It is being introduced in many other areas and eventually will cover all of Ontario. It is not available in Haliburton, Northumberland or Victoria Counties. We use it for searches and closings where it is available. E-Reg saves the expense of having a person who is paid to be at the Registry Office for title searches and closings. On-line searches are done from our office by internet. Expect a disbursement of about $75 for land registry cost attendance where on-line registration is not yet available. On-line title searching is done from our office quickly at a substantially reduced cost. Registration cost for deeds and mortgages is $70.50 each where electronic registration is used but otherwise is $60. We are able to do on-line title searches for properties that are under the Land Titles system but for some properties we still must have a title search done at a higher cost at the registry office.
TITLE INSURANCE IS AVAILABLE WHEN YOU ARE PURCHASING AND YOU ONLY PAY THE PREMIUM ONCE WITH COVERAGE CONTINUING AS LONG AS YOU OWN YOUR PROPERTY. THERE IS ALSO TITLE INSURANCE AVAILABLE JUST TO COVER NEW MORTGAGES AT A LOWER COST. IF YOU BUY WITH NO MORTGAGE THE TITLE INSURANCE CHARGE IS LESS. WITH TITLE INSURANCE YOU DO NOT HAVE TO PAY THE $50 LAW SOCIETY TRANSACTION LEVY AND SEVERAL OTHER EXPENSES. GETTING THIS COVERAGE WILL RESULT IN YOU SAVING MONEY ON CLOSING COSTS PLUS GETTING THE MAJOR ADDED SECURITY OF TITLE INSURANCE. GETTING TITLE INSURANCE ELIMINATES THE NEED FOR MANY OF THE ABOVE DISBURSEMENTS AND OFTEN THE NEED FOR A RECENT SURVEY. IF THERE IS NOT A GOOD SURVEY OF THE PROPERTY THE SAVINGS ON NEW SURVEY COSTS WILL NOT ONLY PAY FOR THE COST OF THE INSURANCE BUT FULLY OFFSET OUR LEGAL FEE AS WELL. WE WILL DISCUSS OPTIONS WITH YOU AS SOON AS WE BEGIN OUR WORK ON YOUR PURCHASE OR MORTGAGE. CALL AND ASK FOR OUR FREE TITLE INSURANCE BROCHURE WHICH WE SEND TO PURCHASERS WHEN WE OPEN A FILE. FOR REAL ESTATE EXPENSE QUESTIONS REQUIRING DETAIL BEYOND THIS SCHEDULE CALL OUR OFFICE AT 905 430-8880 AND SPEAK WITH ARLENE AT EXTENSION 119 OR DIRECTLY WITH MURRAY MISKIN AT EXTENSION 111 OR EMAIL: realestate@adrworks.com . WE WILL HELP YOU CALCULATE HOW MUCH MONEY YOU WILL NEED TO COMPLETE THE TRANSACTION AND BETTER UNDERSTAND ACTUAL EXPENSES AND THE CHOICES YOU WILL HAVE TO MAKE. Sale Disbursements include on average about $225 in expenses and GST at 5% on our $500 fee. You can budget $775.00 for the total legal cost on a sale unless you have more than one mortgage. This includes a Law Society Transaction levy of $50 plus courier costs, discharge registration and other expenses. Many banks include the registration of a mortgage discharge in their own fees which you pay when you pay off the mortgage. Watch out for lawyers who may double charge you a discharge registration fee when one is charged by your bank. Check the bank's discharge statement for that and to understand penalties the bank is charging.We will not charge higher fees than our published price without prior discussion and notice in writing to you.WE ACCEPT ALL MAJOR CREDIT CARDS FOR FEE PAYMENTS COMPARE US TO LAWYERS WHO CHARGE FIXED FEES |
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