Real Estate Page 2
Law Office of Kenneth W. Golish
Real Estate Practice
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Costs
A lawyer's fee is actually one of the smaller components in the cost of purchasing a home. In order to determine the cost of purchasing a home, you need to know about other charges. These add up as follows.
| Legal Fees |
$500 |
| Title Search fees
Every property is different and
so the cost of each search cannot be predetermined. |
$50-$150 |
| Executions at $11.00 per name searched, no less
than one for each purchaser and seller.
A judgment may be enforced by
filing a writ of execution with the local Sheriff's office. Such
a writ acts as a lien on property owned by the debtor. Thus it is customary
to check for executions against sellers and even prior owners going back
at least 20 years. It is also customary to check for executions against
new purchasers who are borrowing money by way of a charge/mortgage.
The lender requires this to protects its security. |
$22+ |
| Registration fee $60 for each document, usually two.
The cost of registering the transfer
document is the responsibility of the purchaser. Also, when the purchaser
is giving a charge/mortgage, the purchaser also pays for registering that
instrument as well. |
$120 |
| Municipal searches.
The cost of these vary with municipality.
Some or all such searches may be unnecessary if purchasing title insurance. |
$120-$200 |
| Transaction surcharge.
The Law Society of Upper Canada
imposes a surcharge on each real estate transaction. When a charge/mortgage
is given at the time of a purchase, it is considered only one transaction.
A surcharge is not payable when title insurance is purchased for the buyer
and lender in a transaction. |
$50 |
Land Transfer Tax*
|
Tax to Pay
|
Addtional Tax Rate
|
|
|
$ 0
|
+0.5% of amount over
|
$ 0
|
|
$ 275
|
+1% of amount over
|
$55,000
|
|
$2,250
|
+1.5% of amount over
|
$250,000
|
|
$4,475
|
+2% of amount over
|
$400,000
|
|
$1,225 |
| Title Insurance
The purchase of title insurance
may result in some savings on off-title searches, and significantly when
a survey would otherwise be required. |
$220-$300 |
| Survey
With the advent of title insurance,
a new survey would not be necessary in most purchases. |
$500-600 |
| Goods and Services Tax
GST applies to all legal fees
disbursements, but not to registration fees, title insurance and Land Transfer Tax |
$50-60 |
|
|
About Windsor
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380 Ouellette Ave
Suite 302
Windsor, Ontario CANADA
N9A 6X5
519-252-7867
Law Office of Kenneth W. Golish
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