NO SURPRISE CLOSING COSTS for new homes $1,299.00*

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In response to numerous requests from my clients for certainty with respect to legal costs, I offer a fixed price closing package for purchasers of $1,299.00*.  The price, which is for a purchase with one mortgage, is inclusive of all fees; disbursements; and includes a title insurance policy issued by First Canadian Title.  I have over 25 years experience in residential real estate.  I oversee every file and conduct the closing interview myself.  I am available for personal interviews, by telephone, fax, or by e-mail to answer any questions you may have regarding this most important transaction.

In addition, of course, there is the Land Transfer Tax which I must collect and remit to the Province of Ontario.  The formula for purchases up to $250,000.00 is as follows:  1% of the sale price less $275.00.  From $250,000.00 to $400,000.00, the formula is $2,225.00 plus $15.00 per $1,000.00 for the amount over $250,000.00.  For example, the land transfer tax on a purchase of $330,000.00 would be $2,225.00 plus ($15.00 X 80 = $1,200.00) for a total of $3,425.00.  First time buyers may be entitled to a reduction in this tax of up to $2,000.00

Many buyers are not aware of what is involved after they have found the home they wish to purchase.  The price has to be agreed upon with the vendor, along with the closing date and other details.  I will review the Agreement of Purchase and Sale with you, if requested, without charge, if I am retained to complete the purchase.  After the deal is “firm”, that is, all the conditions such as financing have been met, I will begin work on the file.

I will conduct a title search; ensure there are no liens on the property for taxes or utilities; review the documents prepared by the vendors lawyer, and generally do everything to ensure that the transaction goes smoothly.  In addition, I will arrange for the purchase of a title insurance policy to protect against hidden defects in title, identity theft and fraud.

If you have an existing home to sell in order to purchase, you will incur additional legal fees and disbursements of $799.00 plus HST for a sale with one mortgage to be discharged.

If I can provide any further information, please contact me or my assistant, Sue.

*Plus HST