Real Estate Purchase – “Standard Transaction”: What is Included & What is Not

Our flat rate for a "Standard" Purchase Transaction (single residential home) includes:

  • preparation of standard purchase documents
  • preparation of one mortgage (mortgage instructions must be received within 72 hours prior to closing or rush charges apply) and usual lender required documents
  • title search for the property being purchased only (for properties located in Waterloo Region, Wellington County, Halton Region)
  • standard title insurance for properties under $500,000 (for any properties over $500,000 title insurance company surcharges will apply)
  • all usual photocopies, faxes & e-mails sent in the normal course
  • arrangement for the payment of file disbursements
  • corresponding with the solicitor for the other party
  • preparation, review and registration of closing documentation
  • meeting with you to sign the closing documents, arranging title insurance & reviewing the statement of adjustments
  • reporting to you and your mortgagee.

Multiple Unit complexes or commercial or industrial transactions involve higher (and more varied) levels complexity (as well as more documentation) so we would ask you to contact our office for a fee quote.

Our fees (on standard transactions or otherwise) do not include taxes and government disbursements such as registration costs (register a new mortgage on a purchase or discharge of an existing mortgage on a sale) and Land Transfer Tax.

Without limiting the generality of the foregoing, a standard transaction does not include:

  • work done or disbursements required to confirm or rule out similar name executions
  • the ordering additional mortgage statements
  • searching additional properties (not being the property being purchased) for financing purposes
  • negotiating and confirming extensions of the closing date
  • negotiating and confirming agreements necessitated by final inspection deficiencies
  • work necessitated by late changes in mortgage financing (to address funding/financing shortfalls or otherwise)
  • work necessitated by the failure of a transaction to close on its scheduled closing date (whether by reason of the default of the purchaser or of the vendor or otherwise)
  • extra registrations and documents to implement or secure bridge financing arrangements 

News item 2

posted 15 Apr 2012, 05:24 by Michael Morris   [ updated 7 Jun 2012, 06:48 ]

Standard Real Estate Sale: What is included?

The following are part of a standard real estate sale transaction;

  • receiving and reviewing your agreement of purchase and sale
  •  preparation of the transfer you will give to your purchaser on closing
  • ordering discharge statements for all existing mortgages not being assumed by the purchaser
  • preparing Statement of Adjustments
  • corresponding with the solicitor for the other party
  • preparation, review & registration of closing documentation
  • meeting with you to sign the closing documents
  • attending to closing of your transaction (delivering documents required by purchaser and receiving funds on your behalf)
  • attending to payout and discharge of existing mortgages after closing
  • reporting to you
  • photocopies, faxes & e-mails

Our flat rates/fees for standard transactions do not include HST, disbursements to government and quasi governmental organizations such as registration costs (register a new mortgage on a purchase or discharge of an existing mortgage on a sale) and Land Transfer Tax as well as the levy on all real estate transfers.

News item 1

posted 15 Apr 2012, 05:24 by Michael Morris   [ updated 2 Jun 2012, 08:35 ]

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