For most of us purchase or sale of our house is the biggest financial transaction we undertake. The stakes are high. We simply cannot afford to have errors made by the lawyer closing the deal for us. You need a lawyer who has a proven track record of success and expertise in the field of real estate transactions.
Yet, having an experienced and knowledgeable lawyer on your side is only part of the perfect experience we offer to our many clients every day. In undertaking such large transactions, we also need to be fully informed and clear about every step of the way, the process involved, the figures, and the quality of title. We take pride in the quality of service we offer: we take our time and review the agreement of purchase and sale with our clients carefully. We will ensure that you fully understand the details of your mortgage loan. We will clearly explain the nature of title insurance policies and what is and is not covered.
We also recognize our professional obligation to our clients about our fees and disbursements. We are fully upfront and transparent about what you should expect to pay on closing.
In most transactions the total amount you end up paying to the real estate lawyer will be composed of several components. These components can be broken down into following:
- Legal Fees;
- Land Transfer Tax (in purchase and title transfer transactions only).
Legal fees: this is the fee that lawyer charges for his or her work – for the time that the lawyer and his or her staff put in for completing the transaction.
Disbursements: disbursements are expenses the law firm incurs throughout the process – from opening the file until closing. They include courier fees, banking fees, search fees, registration fees, and title insurance premium (where applicable).
Land Transfer Tax: this is only payable by persons or companies acquiring title to a property.