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CLOSING COSTS ON A RESIDENTIAL PURCHASE TRANSACTION

Purchase price not exceeding $1,000,000.00 - The Standard Transaction Fee Quotation)​

DEFINITION

A “Standard Transaction” is defined herein as a transaction which encompasses the  preparation of one Transfer/Deed of Land and the registration of one (1) mortgage with no other legal complications.

LEGAL FEES

Purchase fee $795 + H.S.T. Fee for Preparation of the first Mortgage $150.00 + H.S.T.

DISBURSEMENTS
Disbursements are out of pocket costs that are incurred by your solicitor in order to ensure that you and your lender have good title. These normally include title search through Teraview, courier  charges to pick up bank draft from your lender or for delivery of closing package to the vendor solicitor, photocopies, faxes, postage and check certification (please note that most Banks are now charging $10.00 per check certification).

$350.00 +H.S.T. approximately

Disbursements also includes payments made to the Minister of Finance for conducting  execution searches against the Vendor to ensure the Vendor is judgment free and against yourself as Borrower(s) as required by the Bank.

NEW BUILD CONDOS
In the instance you are purchasing a new build condo and an occupancy closing is required  our legal fees for closing are $495.00 + H.S.T.


NON-RESIDENT SPECULATION TAX
Effective April 21, 2017 the Ontario government began levying an additional 15% tax known as the non-resident speculation tax (NRST) in the Greater Golden Horseshoe region. This tax applies to foreign nationals or foreign corporations. Due to this new tax our office will require additional information to file the PIPS 5.0.1. Form on the Buyer’s behalf. Where a Buyer is a non-resident, kindly be advised that additional legal fees in the sum of $250.00+HST will apply to process  the NRST files.

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. $ as per calculation table Land Transfer Tax calculated in accordance to the above. Please note that if you are a first-time home buyer and the Property purchased is in the GTA, you may be eligible to Land transfer tax rebate up to $5,725.00. Please advise our office if you qualify for same.


REGISTRATION OF DOCUMENTS
The Ministry of Finance also charges you for registration of your documents. 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 $77.31. If you are acting under a power of attorney please include  an additional charge of $77.31 for registration of the power of attorney. $154.62

TITLE INSURANCE
Please note that title insurance on a purchase or refinance is compulsory 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 required by your lender.


PLEASE REMEMBER THERE ARE ALWAYS CERTAIN ADJUSTMENTS WITH RESPECT TO PROPERTY TAXES AND, IF YOU ARE BUYING A CONDOMINIUM UNIT, COMMON ELEMENT EXPENSES ADJUSTMENTS.

As you are aware the disbursements vary from file to file. However, our office hereby makes the commitment to you that provided that there are no complications on your Standard Transaction, our fees and basic disbursements will NOT EXCEED $1,295.00 EXCLUSIVE OF H.S.T. Of course, you must pay in addition thereto, your land transfer tax and registration costs payable to the Minister of Finance and the costs of placing title insurance on the property. THERE ARE NO HIDDEN COSTS. Kindly note that all prices are based on current fees and charges levied by the Ministry of Finance for access to the Teranet system, existing title insurance premiums, law society dues and other service providers our firm relied upon for providing the quotations herein. NLCI strictly reserves the right to change all fees and charges without prior notice.


TRANSACTION LEVY FEE
Your lawyer is required to pay the Law Society Transaction Levy Fee on each sale transaction. This is a charge that your lawyer will pass on to you. $65.00 + H.S.T.


REGISTRATION COSTS

The purchaser will pay the fee for registering the  Transfer/Deed of Land in its name. However, if you have any mortgage(s) to be discharged or any other liens and encumbrances that affect title that need to be deleted from the parcel register, you may be required to pay for the registration of the required documentation to clear the title. The fee for registration of any document on title is currently $77.31. To register a discharge of charge, you will  be required to pay $77.31 on closing to the Ministry of Finance, if you are acting under a power of attorney please include an additional charge of $77.31 for registration of the power of attorney. Similarly, the Ministry will charge you an extra $77.31 to register another discharge. The registration costs payable to the Minister of Finance other than the one registration fee of $77.31 for the registration of a Discharge of Charge is not included in our Standard Transaction fee quotation.

©2008 NLCI Lawyer