You should know the costs involved in completing your transaction. We would be pleased to discuss with you at your convenience the expected fees, other charges, and required disbursements. Generally, in a transaction where the purchase price is less than $400,000 and the mortgage amount is less than $300,000, you should expect to pay the following:
(a) on a sale, where you have clear title to the property:
|other charges and GST||$95.00|
Services include reviewing interim agreement, conducting title search and tax search, preparing estimate of cash proceeds, examining RPR and compliance and preparing Affidavit of conformity, preparing and registering Vendor’s caveat, preparing form of transfer, meeting with Vendor to review and discuss transaction, delivering transfer to Purchaser’s lawyer in trust, receiving proceeds and paying same to Vendor, preliminary and final report to Vendor.
(b) on a purchase, with a cash purchase price:
|other charges and GST||$130.00|
Services include reviewing interim agreement, conducting title search, obtaining tax certificate, preparing estimate of cash required, examining RPR and compliance, reviewing certificate of insurance, receiving transfer in trust, meeting with Purchaser, LTO registration, paying funds to Vendor’s lawyer, preliminary report to Purchaser, correspondence with Vendor’s lawyer to obtain copy of title evidencing discharge of pre-existing mortgage and encumbrances, final report to Purchaser.
(c) on a mortgage re-financing (includes cost of representing the Lender):
|other charges and GST||$115.00|
Services include reviewing mortgage commitment, conducting title search, obtaining tax certificate, preparing estimate of cash proceeds, examining RPR and compliance, reviewing certificate of insurance, preparing mortgage and all other documentation required by the Lender, meeting with Purchaser, registering mortgage at Land Titles Office, obtaining payout statement from existing Lender, reporting to new Lender and obtaining mortgage funds, paying out existing mortgage, preliminary reports to Lender and Borrower, correspondence with old mortgage lender to obtain discharge of pre-existing mortgage, registering discharge of pre-existing mortgage, final report to Lender and Borrower.
(d) on a purchase and new mortgage (includes cost of representing the Lender):
|other charges and GST||$220.00|
Services include all services set-out above in representing the Purchaser, Borrower, and Lender.
There may be other charges specific to your transaction, and you may be required to pay a portion of current property taxes, as well as interest to the vendor if the transaction is not completed on the date prescribed in the interim agreement.