THE PURCHASER'S SOLICITOR is required:
1. to review the Agreement of Purchase and Sale, if requested.
2. to examine title within the period of time prescribed in the Agreement of Purchase and Sale. (Registry or Land Titles System).
3. to conduct all necessary searches and enquiries to ensure that his client ends up with a good marketable title to the property.
4. to be concerned with the mortgage or mortgages that his client has agreed to assume.
5. to draft the mortgage document when the purchaser is giving back a mortgage to the vendor.(VTB)
6. to request the draft deed.
7. to check the survey.
8. to review the statement of adjustments
9. to send out letters of requisition.
10. to prepare the tax certificate.
11. to collect the money needed to close the agreement.
12. to meet at the registry on closing day to close the transaction or close the Agreement electronically.
| Legal: | $450 + dispursements + 7% GST for service |
| Building & Zoning Compliance: | $75 |
| Title Search: | ~$100 |
| Tax Certificate & Estopple | $25 + $53.50 |
| Sheriff's Certificate: | $154 (~$11 per name) |
| Registration of Deed & Mortgage | $50 + $50 |
| Law Society Transaction Levy: | $50.25 |
| Compliance with Town, Hydro & Gas: | $75 ($10.50 + $21.40) |
| Compliance with Region and Conservation: | $40 and $100 |
| Land Transfer Tax: | See chart |
| Disbursements: Photos, transportation, postage, faxes, courier cert. checks. | ~$100 + 7% GST |
| Adjustments: Taxes, Oil in tank, Hydro, Water, Gas, etc. | |
| Survey (usually at Vendor's cost) | ~$800 to ~$3,000 |
| Title Insurance: | $200 or $250 + 8% |
| Lawyer's Mortgage Handling Fee: | $200 approximately |
| Appraisal Cost: | $250 to $800 |
| Application: | $150 to $235 |
| Cost of Aranging Mortgage (Mtg. Broker) | no charge |
| Loan to Value Ratio: | Resale Houses | New Houses |
| Up to and including 75% | 0.75% | |
| 80% | 1.25% | 2.00% |
| 85% | 2.00% | 2.50% |
| 90% | 2.50% | 3.00% |
| Mortgage Discharge Penalty (3 mos. or int. diff.) | ~$3,000 ++++ |
| Solicitor's Fee: prepare discharge | $150 |
| Registration Cost: to discharge Mtg. | $27 |
| New Houses: Ontario New Home Warranty Program ONHWP | $650 for $250K* |
| Education Levies on new homes | ~$1,200 - $2,000 |
| Adjustments: Unused taxes, Oil in tank, Hydro, Water, Gas, etc. | |
| Water Meter Installation Charge | $225 |
| Planting of a tree charge | $250 |
| GST: 7% of Purchase Price minus Rebate if applicable | |
| Security for damage to any services | $1,000 |
* $550 up to $150K, increasing $50 for each subsequent $50,000 (or part thereof) to a limit of $950 for homes priced over $500,000.
There is a condo surcharge of $100 for lowrise units and $150 for highrise units. The ONHWP fees are subject to both 7% GST & 8% PST.
* Application form
* Application fee
* Source of downpayment and salary letters
* Copy of offer
* Copy of listing and picture of property
This is to be used as a guideline only (1997 prices).
Get information on:
Properties; Maureen's background; the services she provides and information related to Real Estate below.
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