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How much do real estate lawyers charge? “How much is the land transfer tax refund for first-time home buyers?”

How much do real estate lawyers charge?“How much do real estate lawyers charge for a residential purchase or a sale?” 

“How do the rates break down?” 

“How much is title insurance?” 

“How much is land transfer tax?”

“How much is the land transfer tax refund for first-time home buyers?”

These are questions our real estate clients ask us all the time. Although the rates vary from lawyer to lawyer and from property to property depending on the complexity of the transaction and other things, I asked a local real estate lawyer about his standard rates for processing residential real estate transactions. They are below.

I always recommend to my clients hiring a lawyer who specializes in real estate transactions. Professional real estate lawyers specialize in this area of law and are able to identify any issues and resolve them quickly and expertly.

 

Residential Purchase

Fee: $595.00

HST: $  77.35

Disbursements: $300.00

Total Legal Account: (approx.) $975.00

Title Insurance: (approx.) $350.00 (House) $160.00 (Condo.)

Land Transfer Tax (depends on price, formula below)

Registration costs: $71.30 each document

- Deed and, usually, one mortgage = $142.60

 

Residential Sale

 

Fee: $495.00

HST: $  64.35

Disbursements: $250.00

Total Legal Account: (approx.) $810.00

Registration costs: $71.30 each document

- Usually one mortgage discharge = $  71.30

 

Mortgage only

Fee: $425.00

HST: $  55.25

Disbursements: $220.00

Total Legal Account: (approx.) $700.00

Title Insurance: (approx.) $160.00

Registration costs $71.30 each mortgage $  71.30

 

Calculating land transfer tax

  • 0.5% of the value of the consideration up to and including $55,000,
  • 1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and
  • 1.5% of the value of the consideration which exceeds $250,000, and
  • 2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.

First-time homebuyers can receive a refund of up to $2,000. More information here.

 

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