PURCHASE TRANSACTION

Purchasing a home or condominium?
The Information We Require to Get Started!

  • Provide us with the Agreement of Purchase and Sale (if purchased from a builder) including any amendments or give our contact information to your real estate agent so they can fax us a copy of your offer.
  • Let us know who your lender is. Also give the lender our contact information including address, fax and telephone number so they can send us mortgage instructions.
  • We need to know how you are taking title to your new property? Single names, joint tenants, partnership, tenants in common, percentage of investment, etc.
  • General information: Correct spelling of your name, birth dates, telephone numbers
  • Will you be attending to sign or do you need a power of attorney?
  • If you have a mortgage we will need a fire insurance binder. You should address this issue at least two weeks prior to closing and you should tell your insurance broker or company our information so they can contact us or fax us an insurance binder.
  • Tell us if this first time new home purchase because you may be entitled to a Land Transfer Tax Rebate.
  • Do you have an RRSP Home Ownership Plan?
  • Will you need bridge financing. If so we can deal with just let us know early on in the process.
  • If you send us a fax or email with the above required information that will take most of the burden off you and make our job easier.

COSTS
Purchase Without a Mortgage $525.00
Purchase With One Mortgage $625.00
Sale With No Mortgage Discharge $475.00
Sale With Mortgage Discharge $525.00

Typical Disbursements

  • $70.60 for registration of each Transfer/Deed
  • $70.60 for registration of each mortgage
  • $114.49 for title searches
  • Generally $87.50 for execution searches
  • Generally $50.00-$80.00 for courier charges
  • $20.00-$25.00 for photocopies, faxes and postage
  • $20.00-$30.00 for bank drafts
  • $322.92 for title insurance (home purchase under$500,000.00 + one mortgage), $282.00 for title insurance (condo purchase under $500,000.00 + one mortgage.

Generally a purchase will cost about 1,250.00 inclusive of all disbursements, GST and title insurance. A Sale will generally cost about 558.95 with all GST and disbursements.

Land Transfer Taxes

These can be calculated as Follows:

First $250,000.00 x .01 - $275.00
Next #150,000.00 x .015
Over $400,000.00 x .02

Toronto will now add a land transfer tax which is roughly the same as the Ontario Land Transfer Tax. More details will be provided on the Toronto Land Transfer Tax as these become available.

WILLS AND ESTATES

Simple Will $150.00 plus GST
Two Simple Mirror Wills Husband and Wife $250.00 plus GST
Each Power of Attorney $75.00 plus GST

Higher fees will be applicable to more complicated wills.

LITIGATION MATTERS

Are charged at $225 per hour. The fee will depend on the number of hours expended on your behalf. There are disbursements in litigation matters including filing fees, process server fees and court reporter fees which are in addition to the hourly rate charged

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© 2007 Darrin V Gruenig. Produced by LN DESIGN