Buying a home is a very exciting but sometimes stressful process. For most people it is their largest single investment. We want to make the process as stress-free as possible by helping home buyers understand some of the costs involved in buying a home as well as the process to go from having an accepted contract of purchase and sale and an approved mortgage to becoming the property’s owner and receiving the keys to their new home.
Different lawyers have different ways of quoting your closing costs. Some will charge a fee for their services, on top of which they will add their costs of completing the transaction (these are called disbursements), on top of which will be your title insurance, HST, registrations and land transfer tax. In this type of quote you will not know what your total cost is because the lawyer cannot know what your disbursements are. Disbursements vary a great deal but on an average purchase they may be between $350 and $600. You would then only find out exactly what your disbursements are on final closing.These will be added to the fee to determine your total for the lawyer’s work and his costs.
With our quotes, all fees and disbursements are fixed. All you add on are the costs of Title Insurance and your land transfer taxes and registrations and H.S.T. Registrations are the costs of registering your deed and mortgage on closing ($142.60). We believe this approach gives our buyers the true total cost of buying and certainty in an area in which they need it. We were one of the first firms to take this approach with our closing costs and our clients greatly appreciate it. All you need to do to know your total closing costs is add your land transfer taxes and registration fees of $142.60 and HST. If you are comparing quotes, make sure that your quotes catch all of the above. For example, some quotes will not include such extra charges as Couriers which can easily be $70-$100 or so. Ours do.