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Fees and Closing Costs

MICHAEL J. MORRIS

Barrister & Solicitor

 

Phone (519) 740-3888 or Toll free 1-866-656-386                                                                                                Fax (519) 624-4238

 

 

Fixed Closing Costs with Title Insurance Mean A Guaranteed Bottom Line – No surprises

All values are inclusive of search costs, & disbursements including Title Insurance

 

On  a standard Sale

 

Flat charge including disbursements....................................................................... $665.00**

 

 

On a standard Refinance/New Mortgage

 

Flat charge including disbursements and title insurance........................................... $620.00

 

 

On a standard Purchase/Mortgage

 

Flat charge including disbursements and title insurance........................................ $1,199.00

 

·          IMPORTANT NOTE: All prices are for standard transactions and may vary depending on non-standard or unusual matters not normally encountered.


·          When calculating cash requirements in preparations for closing remember that on closing of any purchase Land Transfer Tax is payable as set out in our chart and calculated by the following method:

 

Purchase Price

 

Calculation of Land Transfer Tax

 

0 to $55,000

.005 x Amount

$55,001 to $250,000

(.01 x Amount) minus 275

$250,001 to $400,000

(.015 x Amount) minus 1,525

Greater than $400,000

(.02 x Amount) minus 3,525

 



·          All government taxes, charges and levies such as GST, HST, Land Transfer Tax and Registration Costs and all quasi-governmental fees and levies such as the Law Society of Upper Canada transaction levy (where applicable) are not included in flat charges

·          Should a status certificate be required on a condominium purchase there will be an additional $100 (including GST) charge to obtain it.

·          Preparation and registration of extra documentation beyond the usual deed and mortgage and closing documents are billed extra.  The cost of additional title insurance riders to handle unusual circumstances, if any, required in addition  to standard coverage are also billed extra.

·          * For mortgage refinance transactions, an additional charge of $25 per extra payout will apply to your transaction for every payout after the second. For more information, please contact our office.

·          **All sale transactions are subject to Law Society of Upper Canada Real Estate Transaction levy ($65 after Jan. I, 2010)

·          Title insurance surcharges on transactions of more than $500,000 will apply and be payable by the purchaser.

                                                                                                                                                               

 

 

 

 

 

 

Prices may be subject to change from time to time.  Contact our office for confirmation that prices are current or for further details.