BUYING A HOUSE

Purchase Transaction:

A guide to our services and fees when you are purchasing a house.
For any home buyer, especially if you are buying your first home, the process can be daunting and full of surprises. The better informed you are the easier and less stressful the process will be.
Your lawyer is in your corner helping you and keeping you informed throughout the process. Relax and enjoy the ride, knowing that your lawyer is here to guide you through and deliver the keys to your new property.
The following services we provide in a purchase transaction:
  • Drafting, reviewing and analyzing the Agreement of Purchase and Sale with its clauses/conditions/amendments – a contract between a property’s Owner with a Buyer
  • Providing legal and professional advice to Purchasers regarding various methods of holding title on the property.
  • Performing a crucial title and owner’s searches to ensure the legality of the transaction and to protect your interests.
  • Cooperation with Stewart Title – Title Insurance Company.
  • Direct cooperation with a bank and/or with a mortgage broker regarding your financing.

Land Transfer Tax

LTT is payable on most residential real estate transactions and is calculated based on the price of the home being purchased. Please note that the purchaser may be eligible for Land Transfer Tax rebate up to a maximum amount of $2,000.00 if he/she is a first time home buyer.
LTT is payable on most residential real estate transactions and is calculated based on the price of the home being purchased. Please note that the purchaser may be eligible for Land Transfer Tax rebate up to a maximum amount of $2,000.00 if he/she is a first time home buyer. The amount of the tax is due and owing on the closing date of the transaction and is payable to the Ontario Ministry of Finance.

Title Search

Prior to closing, your solicitor will conduct a search of title and owner(s) to ensure that you will have a valid title to the property you are purchasing. The cost for the search of the title will vary (usually $50.00 +) depending on the type of property you are purchasing. Additionally, an execution search must be performed against the registered owner(s) of the land (vendor) as well as any mortgagor(s) (purchaser obtaining a mortgage). The cost of the execution certificate is $11.50 per person. A preliminary search is performed when conducting the search of title and again on closing.

Title Insurance

Obtaining title insurance in a purchase transaction is unquestionably advisable due to the following reasons:
  • To protect your interest from losses incurred as a result of unknown/covered title defects.
  • Protection against fraud, forgery and false impersonation affecting the validity of your title.
  • Tax arrears and municipal utility charges.
  • Title insurance is required and accepted by most of the banks, institutions and private lenders.
  • Violations of municipal zoning legislation.
  • Title Insurance decreases title searches’ costs and etc.
The insurance company provides coverage for:
  • Residential property;
  • Vacant land;
  • Cottages;
  • Condominiums;
  • Cooperatives;
  • Leased land;

Office Expenses

Disbursements include photocopies, courier, postage, software fee, cheques certification, etc.
* The disbursements quoted are estimates only and may vary depending on the municipality, H.S.T., where applicable, is in addition to the disbursements quoted.

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