Sale Fee Quote
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. Nevertheless, as usual, we endeavor to work with you to keep closing costs as reasonable as possible particularly when some of us are facing financial hardship during the covid-19 pandemic.
We thank you for your understanding and cooperation.
CLOSING COSTS ON A STANDARD RESIDENTIAL SALE TRANSACTION
Our legal fees for acting on the sale a residential property is $1,195.00 plus H.S.T plus disbursements. This includes fees in connection with the discharge of one mortgage of land (or line of credit) registered against the property with no other legal complications. Where no mortgage is involved, our fees are $995.00 plus H.S.T plus disbursements.
Disbursements are out of pocket expenses incurred by the law firm to clear title in favor of the Buyer to allow the Seller to complete the sale pursuant to the terms of the agreement. Disbursements not included are the costs of any discharge registration fees ($82.00 per each registration) execution searches ($14.00 per name), certificates, title search, etc.
Also excluded are any conveyancer fees, fax, photocopy, courier charges, large wire transfer charges or bank deposit charges that may apply to the transaction.
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. The tax is a “municipal property tax”. Just like unpaid property taxes, it follows the property not the previous owner. The Buyer will require a clearance from you in this regard. Our Legal Fee to secure a clearance in your favor on account of the Underused Housing Tax is $99.00 plus H.S.T
TRANSACTION LEVY FEE
Your lawyer is required to pay the Law Society Transaction Levy Fee on each sale transaction.
Your transaction will bear an additional levy charge of $65.00 + H.S.T.
ADDITIONAL MORTGAGES OR OTHER LIENS
For any discharge of additional charge/mortgage of land, liens (such as Revenue Canada liens, Notice of Security Interest for HVAC, etc.) additional fees of $395.00 plus H.S.T. plus disbursements for each additional encumbrance to be discharged shall apply.
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 H.S.T 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.
E.&.O.E. Please note that prices are now increasing from third party service providers and often at short or without notice. As such, we hereby reserve our rights to amend any fee quotes provided to you or posted on our website without notice. We apologize for this inconvenience and appreciate your kind understanding in this regard.