Frequently Asked Questions – Real Estate
1. What is the next step after I have signed the contract?
Provide our office with a copy of the contract, or have your Realtor send it to us (if applicable). Purchasers- Notify your Lender that our office is acting on your behalf and provide them with our contact information so they can send us the mortgage instructions. Once we have prepared the mortgage documents, we will be in contact with you to set up an appointment to sign. Sellers- We will prepare the documents and call you to set up an appointment to sign.
2. How do I get my keys?
If you are using a Realtor to buy or sell your home, they will deal with the exchange of keys. If no Realtor is involved, typically the exchange of keys is done directly between the buyer and seller.
3. What is included in the money the lawyer’s office has asked me to bring to my signing appointment (Purchasers only)?
There are a few different things included in the shortfall calculation. Property tax adjustment, condo fee adjustment (if applicable), our estimated Statement of Account, late interest (if applicable) are some of the things considered when doing our calculation. The lawyer will provide you with a detailed breakdown of the figures at your signing appointment.
4. When will I get my final documents once my transaction has closed?
Purchasers – Generally, you should anticipate a minimum of six weeks for your reporting package to be mailed to you. This wait time could be longer during the peak Real Estate Season. Sellers – Reporting on a sale transaction is done at the time of closing.
5. What do I need to bring to my signing appointment?
As every deal is different, we will let you know when we arrange the signing appointment what you are required to bring. Two pieces of ID (one of which must be picture) are required for every real estate transaction.
6. What should I expect my legal fees to be?
Our fee for a standard purchase and new mortgage is currently $850.00. Our fee for a standard sale and discharge of mortgage is currently $650.00. These fee amounts do not include disbursements or G.S.T. Disbursements are expenses we pay on your behalf, such as Land Titles registration costs, couriers, title insurance, and searches. We may also have to collect an amount for interest payable pursuant to your real estate contract. We try to over-estimate what we hold back (sale) or collect (purchase). So ALL IN, expect $900.00 for fees and disbursements on a sale, and $1,300.0 for fees and disbursements on a purchase – assuming no unusual circumstances. (Again, the amount may increase depending on your lender, registration costs, the need for title insurance / Real Property Report, etc.) Any excess funds are returned to you on closing or final reporting.
For more detailed information on our fees for standard real estate transactions, contact our office. Note: if you are calling around for quotes, be sure that you ask for the “all in” cost, as opposed to getting just the legal fee amount.
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The above is intended for information purposes only and is not intended to provide legal advice. No solicitor-client relationship is established in the absence of a retainer or retainer agreement.
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