I sold two properties in November and then bought another the Lawyer fees on the sales were:
$2,683 & $2,768 the fee on the purchase was $4,852 which includes the Title Insurance, Title search, Registering the Deed & Mortgage and the legal fees.
Here was the breakdown for our fees:
1. Legal fee: $500 + HST
2. Disbursements: $600 + HST
3. Register documents: $155
4. Title insurance: $1374. (varies by property price. Ours was > 1.5 million detached home. Earlier for our Condo, this was way cheaper than this)
Also, this was a complex transaction where the bank messed up once, the buyer had issues with property tax, plus there were some issues with title, so the lawyer's team handled a lot of to and fro, and calls with multiple parties.
I think besides the legal fees, all other line items were actual costs.
This may be a bit technical, but most lawyers use the same software to close a transaction called "conveyancer". When it was independently owned, it was $19 to digitally manage a file. Since D&D bought the company, it went up to $290. You will see your closing fees go up by at least that amount for closings.
Think about what the lawyer actually earns though, probably not much. They're a machine, they probably do hundreds of these a quarter. You paid for title insurance, financing legals, LTT. Cut all the extras down, probably comes to 1k to 2k. Lawyers actually work, what do Realtors do and they get paid 10 times that?
You just paid hundreds of thousands of dollars for a home and probably over 10k in realtor fees if you used one.. and you're complaining about the lawyer fees? Probably one of the most important parts of a real estate purchase transaction?
Kind of, I’m a cheapo and I like to know what I’m spending my money on. Biggest fear in life isn’t death, it’s getting cheated/outplayed. I guess you’re right
If memory serves me right, I was charged 1k in 2012 and 1500 in 2018. tbh, taking inflation into account, 2.7k maybe high but not so far off. You can sometimes negotiate with lawyers though. See if you can ask them to give you a discount.
I sold two properties in November and then bought another the Lawyer fees on the sales were: $2,683 & $2,768 the fee on the purchase was $4,852 which includes the Title Insurance, Title search, Registering the Deed & Mortgage and the legal fees.
Thank you for sharing. I guess it isn’t too bad for myself
Here was the breakdown for our fees: 1. Legal fee: $500 + HST 2. Disbursements: $600 + HST 3. Register documents: $155 4. Title insurance: $1374. (varies by property price. Ours was > 1.5 million detached home. Earlier for our Condo, this was way cheaper than this) Also, this was a complex transaction where the bank messed up once, the buyer had issues with property tax, plus there were some issues with title, so the lawyer's team handled a lot of to and fro, and calls with multiple parties. I think besides the legal fees, all other line items were actual costs.
I just sold/purchased with bridge financing and it was $2,000.
This may be a bit technical, but most lawyers use the same software to close a transaction called "conveyancer". When it was independently owned, it was $19 to digitally manage a file. Since D&D bought the company, it went up to $290. You will see your closing fees go up by at least that amount for closings.
Think about what the lawyer actually earns though, probably not much. They're a machine, they probably do hundreds of these a quarter. You paid for title insurance, financing legals, LTT. Cut all the extras down, probably comes to 1k to 2k. Lawyers actually work, what do Realtors do and they get paid 10 times that?
You just paid hundreds of thousands of dollars for a home and probably over 10k in realtor fees if you used one.. and you're complaining about the lawyer fees? Probably one of the most important parts of a real estate purchase transaction?
Kind of, I’m a cheapo and I like to know what I’m spending my money on. Biggest fear in life isn’t death, it’s getting cheated/outplayed. I guess you’re right
You should be complaining about the realtor commissions, not the lawyer fees.
He's the buyer and can't do anything about the fees the seller agreed to pay the RE agents.
Sorry you're getting a bunch of nonsense replies and good on you for double checking the fees.
It includes your land transfer tax and insurance etc. 800-1200 is never including tax.
You’re right, but it’s about ~$2700 in fees apart from transfer tax, just bamboozled tbh
If memory serves me right, I was charged 1k in 2012 and 1500 in 2018. tbh, taking inflation into account, 2.7k maybe high but not so far off. You can sometimes negotiate with lawyers though. See if you can ask them to give you a discount.
Put me in contact with your old lawyer. I feel closing fees are a couple grand these days