Our closing costs for real estate closings as set out herein is provided to you as an estimate only. With third party service providers increasing their prices at short notice or with no notice, it has become quasi-impossible for us to give you the usual "all inclusive" pricing for a real estate closing.
We thank you for your understanding and cooperation.

CLOSING COSTS ON THE PURCHASE OF COMMERCIAL REAL ESTATE PROPERTIES INCLUDING MIX-USE PROPERTY (I.E. COMMERCIAL AND RESIDENTIAL PROPERTIES)

Our legal fees for acting on the purchase of a commercial property is $2,495.00 plus H.S.T plus disbursements. This fee includes our services for providing you with an experienced opinion on the agreement, examine the buyer’s expectations and making such recommendations as may be warranted, conducting on and off title searches, reviewing any Environmental Site Assessments reports (ESA Phase I and II), ordering specific inquiries for commercial acquisitions and ensuring that buyer takes title to the property free and clear of any liens and encumbrances save and except for those specifically assumed.

DISBURSEMENTS SPECIFIC TO COMMERCIAL ACQUISITIONS
In addition to the disbursements that apply on a standard residential purchase transaction, such as title search, execution searches, conveyancer fees, wire transfer charges, fax, photocopy, courier, expect additional charges in connection with searches generally mandated on a commercial acquisition, such building and zoning search, tax and water certificates, PPSA inquiries, Health Act and Environmental clearances, bankruptcy/insolvency searches, corporate profile report (if applicable), TSSA search (if applicable), pending litigation search, securing a tax certificate, water certificate, etc.

COMMERCIAL MORTGAGE REGISTRATION AND OTHER SECURITY REGISTRATION
Where a mortgage is required, additional legal fees of $995.00 plus H.S.T plus disbursements will apply. Any other additional security other than a charge, will trigger additional fees of $495.00 to $695.00 for each form of security to be registered exclusive of H.S.T and disbursements (e.g. notice of assignment of rents, notice of security interest, PPSA registrations, etc.)

TENANCIES BEING ASSUMED
Where tenancies are being assumed, and the leases are standard, an additional fee of $695.00 shall apply for the review of the first lease and $295.00 for each subsequent lease being assumed.

LICENCING AND OTHER SUPPLY AGREEMENTS
A legal fee of $495.00 plus H.S.T shall apply for the review of any licensing or supply agreements, for e.g. fuel supply and distribution agreements for assumption by the buyer.

LAND AND BUSINESS
Where a business is being acquired as part of the acquisition of the commercial land/property, an additional fee of $1,495.00 plus H.S.T plus disbursements shall apply for services rendered in connection with the business portion of the real estate acquisition and includes the discharge of one chattel mortgage against the assets of the business.

NEW BUILD CONDOMINIUM UNITS AND INTERIM CLOSINGS

In the instance you are purchasing a new build condominium unit and an occupancy closing is required, an additional fee will apply at interim closing. Our legal fees for interim closing are $595.00 plus H.S.T. and excludes disbursements.

NON-RESIDENT SPECULATION TAX

Effective October 25, 2022 the Ontario government imposed an additional 25% tax known as the non-resident speculation tax (NRST) for purchase of properties without any geographic limitation. This tax applies to foreign nationals or foreign corporations. We will be required to file appropriate information in this regard on your behalf: https://www.ontario.ca/document/land-transfer-tax/non-resident-speculation-tax
A fee of $95.00 inclusive of H.S.T will apply to file the Prescribed Information for Purposes of section 5.01 Form (the “PIPS”). Where a Buyer is a non-resident, kindly be advised that additional legal fees in the sum of $450.00+H.S.T will apply to process NRST applications.

VACANT LAND TAX – “UNDERUSED HOUSING TAX”

The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2023. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian owners. It is important to be aware of the status of the property, if you are a purchaser. The tax is a “municipal property tax”. Just like unpaid property taxes, it follows the property not the previous owner. Our Legal Fee to secure a clearance in favor of the Buyer, if applicable (e.g. property is mixed use i.e. commercial and residential) on account of the Underused Housing Tax is $249.00 plus H.S.T

LAND TRANSFER TAX
Please note that the formula for calculation of land transfer tax is as follows. Generally, for property valued between $55,001 to $250,000.00 land transfer tax payable is calculated as 1% of the purchase price less $275.00. For property valued over $250,001.00 the tax will be 1.5% of the purchase price less 1,525.00. Property valued over $400,000.00 will be taxed at 2% less $3,525.00. You can also calculate the land transfer tax payable by using the following link: https://www.nlcilawyer.com/ltt-calculator . If you are a first time Buyer and part of the property will be used as residential (e.g mix commercial residential use properties), may be entitled to certain first-time home buyer rebates*. A fee of $250.00 plus H.S.T shall apply for processing the applicable land transfer tax refund forms for first time home buyers to secure Ontario Rebates to a maximum of $4,000.00 and metro tax rebates up to $4,475.00.

REGISTRATION OF DOCUMENTS

The Ministry of Finance charges a fee for all document registration. In a standard Transaction, you will be registering a Transfer/Deed of Land and a Charge/Mortgage of Land. The fee for each document is $82.00. If a power of attorney will be used, please include an additional charge of $82.00 for registration of the power of attorney.

TITLE INSURANCE

Please note that title insurance on a purchase or refinance is required to prevent fraud or to protect you and/or your lender from any title related issues such as undisclosed encroachments, easements or building and zoning violations.
Costs of title insurance varies depending on the purchase price and the title insurer preferred by your lender. It is one time fee and will cover you as long as you own the property. Examining Counsel Fee, as may be applicable will further apply on the placement of title insurance and such fee will depend on the title insurance company selected.

RENTAL PROPERTIES

Where the property being purchased is a rental and there are tenants being assumed and your bank/lender requires the registration of additional security documents such as PPSA, notice of assignment of rents, additional charges will apply. Please feel free to speak with us for a customized quote

THIRD PARTY SOFTWARE CHARGE
Please note that effective January 2021, as a result of sudden recent significant hikes in software levy charges, we are no longer including software costs in our closing costs. A software levy charge of $249.00 plus tax is now payable on all real estate transactions.

TRANSACTION SURCHARGE FEE
The above fees apply for purchase and sale of residential resale properties valued less than one million Canadian dollars. Where the purchase/sale price is over the one million dollars threshold, a fee surcharge of $99.00 shall apply for each extra $100,000.00. A fee surcharge of $149.00 shall apply for each extra $100,000.00 over 3 million up to 5 million of the purchase price. For properties being purchased valued over 5 million dollars, please ask for a customized fee quote.

E.&.O.E.