Legal Costs in Real Estate
Posted on 27. Jun, 2011 by Manu Sharma in Buying, Market Insights, Selling
A good lawyer is a key part of any residential real estate transaction. You will want to meet with your lawyer as early as possible to go over details around the proposed contract, costs, title related matters, title insurance and financing among other things. I spoke with a few Ottawa real estate lawyers to put together the below numbers and information around real estate fees for residential transactions.
Costs will vary from firm to firm however budget approximately $1,000 in legal fees. There will also be additional government charges for Land Transfer Tax (LTT), and registration costs. The LTT is calculated by the price of the property, and whether you are a first time buyer. Registration fees will be around $100 per document which will apply to both the Deed and Mortgage.
Your lawyer will also handle a number of expenses that they will pay on your behalf, and bill you for at closing. These include search of title costs, title insurance costs, and the cost of various certificates and off title searches such as tax or utility arrears, for which you will want to budget about $800.
Make sure you speak with your real estate lawyer early about your real estate intentions to avoid any surprises throughout the transaction process.
