PURCHASE
TRANSACTION
Purchasing a home or condominium
What information does you lawyer need to get started?
* Copy of the Agreement
of Purchase and Sale including any amendments
* Who are you getting your mortgage from? Bank, Trust Company etc (mortgage
instructions)
* How are you taking title to your new property? Single names, joint tenants,
partnership, tenants in common, percentage of investment, etc.
* General information: Correct spelling of your name, birth dates, telephone
numbers
* Will you be attending to sign or do you need a power of attorney?
* Fire Insurance Company
* Is this a first time new home purchase?
* Do you have an RRSP Home Ownership Plan?
* Will you need bridge financing?
* Do you have a status certificate if you are purchasing a condominium?
COSTS
$399.00 plus GST and disbursements
(purchases which require a mortgage)
$200.00 plus GST and disbursements for each mortgage
$500 plus GST and disbursements
for an all cash transaction
Typical Disbursements
* $70.70 for registration
of each Transfer/Deed
* $70.70 for registration of each mortgage
* $50.00-$150.00 for title searches
* $50.00-$90.00 for execution searches
* $65.00 for tax certificate
* $25.00 for water certificate (may not be applicable for condos)
* $15.00-$30.00 for courier charges
* $10.00-$15.00 for photocopies, faxes and postage
* $20.00-$25.00 for bank drafts
* $270.00 for title insurance (home purchase under$500,000.00 + one mortgage),
$216.00 for title insurance (condo purchase under $500,000.00 + one mortgage
Chart to calculate Land Transfer Tax
Effective
Value of $1,000’s
June 1, 1989 gg
Consideration
X
X
Less
____________________________________________
0- 55,000
.005
5
$0
55,001-250,000 .010 10
$275
*250,001 and up .015 15
1,525
400,000 and up .020
20 3,525
___________________________________________
* commercial properties
* Legal costs may vary for all transactions over $500,000.00