Lawyer's fee for house buying


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mumdxbcan   
Member since: Jul 07
Posts: 469
Location:

Post ID: #PID Posted on: 06-02-08 21:17:57

Any one knows what is lawyer fee while buying house

Can some one write roughly figure?

Like is it $800-1000 or $8000-10000

What that fee include ?

Like Registration of house etc..

Is it called Legal Fee?

Thanks



sudesingh   
Member since: Jul 04
Posts: 2085
Location: Toronto

Post ID: #PID Posted on: 06-02-08 23:10:17

It's more like the 1000-1500

Includes:
Lawyers fees
fees for transfer of Hydro, Gas, water connections
registration

Additionally you'll be looking at land transfer tax, any adjustments the seller has made like pre-paid property tax or condominium fees (if)

If you've kept 8000-10000 aside, I could use some :D


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mumdxbcan   
Member since: Jul 07
Posts: 469
Location:

Post ID: #PID Posted on: 07-02-08 09:21:18

Thanks Sudesh

But I suppose this Land transfer tax is depend on Province
and in Alberta or say Calgary this is not required, correct ?

Any idea ?



nari   
Member since: Dec 07
Posts: 66
Location:

Post ID: #PID Posted on: 07-02-08 11:58:23

Do i need to engage the services of a laywer if i am considering to buy a new property from a developer.

Thanks



vimpatel   
Member since: Jun 06
Posts: 188
Location: Toronto/GTA

Post ID: #PID Posted on: 07-02-08 16:50:33

Quote:
Originally posted by nari

Do i need to engage the services of a laywer if i am considering to buy a new property from a developer.

Thanks



It is advisable to do so. Contracts/Agreements from builders tend to include a lot of conditions. I would advise getting a lawyer to look over the details for your best interests.


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Rajeev Narula   
Member since: Mar 05
Posts: 409
Location: Mississauga

Post ID: #PID Posted on: 07-02-08 19:44:31

In Ontario, you need a lawyer to close a home purchase irrespective of whether you are buying a resale or new from developer.

The lawyer fees for "purchase" for home under half million dollar is usually around 1100 including disbursements & title insurace and exclusive of registration, taxes (if any) and title search fees.


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pratickm   
Member since: Feb 04
Posts: 2831
Location: Toronto

Post ID: #PID Posted on: 09-02-08 10:12:49

Quote:
Originally posted by Rajeev Narula
The lawyer fees for "purchase" for home under half million dollar is usually around 1100 including disbursements & title insurace and exclusive of registration, taxes (if any) and title search fees.


I have a question about the title insurance - the other day, I was going through all the original paperwork and I didn't find anything related to title insurance.
I found the title search results, etc. but not title insurance papers.
Is it mandatory to have title insurance?
Is it possible that the lawyer did not get title insurance at all, or does the title insurance paperwork stay with the mortgage company/lender?


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