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Real Estate Lawyer Fees

Real Estate Lawyer Fees

Real Estate Lawyer Fees Ontario: How Much Will I Pay?

When you are buying or selling real estate, it is important to know how much you will be paying in legal fees. The real estate lawyer fees Ontario vary depending on the lawyer that you choose and most will charge a flat fee, but there are some general guidelines that you can follow. In this blog post, we will discuss the different factors that influence real estate lawyer fees Ontario, and give you an idea of closing costs and how much you can expect to pay.

How much are Real Estate Lawyer Legal Fees?

The real estate lawyer fees in Ontario can range from $700 to $2000+. The real estate lawyer fees will depend on the value of the property, the type of transaction, and whether or not there are any complications. Typically, real estate lawyers will charge a base fee for legal services and that does not include disbursements such as but not limited to, title search, travel expense, courier expense, and other expenses that will be further discussed below.

What are Disbursements?

Disbursements are the costs that the real estate lawyer incurs on your behalf while working on your file. These fees are paid to third parties and can include: title search, travel expense, courier expense, software charges, rush transactions, title insurance, and land transfer tax. Lawyers can charge additional fees for a rush transaction meaning, for example, if the lawyer’s office receives mortgage instructions from the lender close to the closing date. It is important for clients to contact their mortgage broker and have the instructions prepared well in advance of the closing date.

Courier expenses are for when documents are to be delivered to the other lawyer or the lender. Travel expense is for when we take the cheques to the bank on the closing day to certify and deposit where necessary.

What Fees are Involved with a Mortgage?

Mortgages are a type of loan that is secured against the property. The real estate lawyer typically charges between $200 to $300 to discharge a mortgage. We include one mortgage as part of the lawyer’s fees. If there is more than one mortgage then there is an additional fee will be added.

What is a Title Search?

A title search is an important part of the real estate transaction as it ensures that there are no debts or liens registered against the property. The title search fee is typically around $100, but can be more depending on the complexity of the search.

What is Title Insurance?

Title insurance is insurance that protects the lender or buyer in the event that there are any problems with the title of the property. The lawyer will purchase a title insurance policy on your behalf. The real estate lawyer fees for title insurance will depend on the value of the property and is often the most costly disbursement. Title insurance is required during purchase and refinance real estate transactions.

How Real Estate Lawyers Help with a Home Purchase?

A real estate lawyer can help you in a number of ways when you are purchasing a home. They will assist you throughout the closing process and answer any questions you may have. In addition, real estate lawyers can help to resolve any title issues that may come up during the purchase process.

A real estate lawyer help you with the following, but not limited to:

  • Conduct a title search on the property
  • Obtain a title insurance policy
  • Create a Statement of Adjustments
  • Receive Mortgage Instructions
  • Draft and review all legal and mortgage documents
  • Calculate the land transfer taxes that are due on the closing date
  • Prepare and execute the financial transactions on the closing date
  • Coordinate to get your keys on closing day

How do Real Estate Lawyers help with a Home Sale?

A real estate lawyer can help you when you sell your home similar to how they help with a purchase. If you have an existing mortgage or mortgages on the property a real estate lawyer will obtain a mortgage payout statement from the lender and assist with discharging the mortgage.

Real estate lawyers will help you with the following when selling your home:

  • Review the agreement
  • Draft the transfer/deed of land
  • Deal with any issues related to the title
  • Help negotiate terms and conditions
  • Make sure property taxes are paid
  • Draft and review all legal and mortgage documents
  • Retrieve a mortgage payout statement
  • Prepare a cheque for you after the mortgage and all other fees have been paid off
  • Pay Real estate agents commission using the additional funds

How do Real Estate Lawyers help with a Refinance?

When refinancing your mortgage, the process is similar to when purchasing a home. However, when refinancing your mortgage, the transaction is directly with the bank. The real estate lawyer will be acting on behalf of you and the lender.

Real estate lawyers will help you with the following, but not limited to:

  • Draft and register the new mortgage
  • Conduct a title search on the property
  • Obtain Title Insurace
  • Draft and review all legal and mortgage documents
  • Prepare cheques and execute the financial transactions on the closing date

Why choose The Closing.ca?

We are professional and experienced in residential closings. We are transparent with our legal fees and have no hidden costs. Whether you are purchasing a property, selling, or refinancing, we have the knowledge and experience to help you close your real estate transaction. After the transaction has closed, we will provide you with a final report including all the important documents, registered documents, and any other documents you request. We provide the final report to you in a timely manner as that is always our priority.

Contact us today to speak to an experienced real estate lawyer who will happily answer any questions you may have whether you are purchasing a property, selling a property, or refinancing your property.

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TheClosing.ca is a real estate law firm based
in Toronto, Ontario. Our knowledgeable staff is
here to assist you with every part of your real
estate transaction.
TheClosing.ca is a real estate law firm based in Toronto, Ontario. Our knowledgeable staff is here to assist you with every part of your real estate transaction.

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  • All communications with your lawyer & law clerk via phone and/or email
  • One in-person or virtual signing appointment
  • Review of the Agreement of Purchase & Sale
  • Communication with the realtor’s office for commission payments
  • Preparation of all legal closing documentation
  • Discharge of one mortgage (If Applicable) 
  • All internal disbursements such as photocopies, faxes, couriers etc.
  • A stress-free closing day!

As with every law firm, disbursements are extra.  In real estate transactions, these fees differ and depend on the type of transaction. These can include fees for title search, title insurance, deed registration, certified cheques and so forth.

Nothing is due until the closing day itself.  Disbursements and the lawyer fees are drawn from the closing proceeds (if selling) or from the down-payment cheque (if buying).

Contact us for any questions or a detailed quote. 

What’s included in the fixed one-time fee?

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