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You might negotiate a flat rate fee with your lawyer — Axess Law’s fees are all flat rates — but otherwise no.
Closing costs are fixed fees that add as much as about 5% to the cost of a home. They include land transfer taxes, plus Toronto’s municipal land transfer tax, title and fire insurance, and registering title to your property. Legal fees and your share of property taxes and utilities are included. For high-ratio mortgages with less than 20% down, mortgage default insurance is added to your costs. HST of 13%, minus any rebates you qualify for, is due for new or substantially renovated homes.
As the closing day draws near, your Axess Law lawyer will contact you to finalize the amount you need to bring to our office to conclude your home purchase.
Having your agreement of purchase and sale reviewed by Axess Law’s virtual real estate lawyers or in person ensures you make an informed decision. We explain all the details before you make legal commitments and point out terms and conditions you may want to alter.
Our real estate lawyers go over condo status certificates for details your realtor skipped over, like whether the reserve fund for major repairs is adequate or if the condo corporation has legal problems.
Building a new home? We have real estate lawyers nearby who can check pre-construction purchase contracts or assignments for sale for legal issues you may encounter.
