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Jillian Jarvis
Broker



direct:613-850-4663
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Stephen R. Polowin B.A., LL.B. 

Suite 1100-141 Laurier Avenue West, Ottawa, Ontario K1P 5J3
Tel: 613-569-9500 Fax: 613-569-9522

Stephen R. Polowin B.A., LL.B.

Tel: (613) 782-3219

srp@abplaw.com

Elaine S. Hua, (Hon.), LL.B.

Tel: (613) 569-9500
 eh@abplaw.com

With over 25 years of experience in residential and commercial real estate transactions, our real estate lawyers and assistants are very well equipped to give you the timely professional advice and service you need for both the financial and legal aspects of your transaction.

The following is an estimate of the legal fees, disbursements and other costs that you can expect to incur with your purchase. Please note the information contained in this circular is only to aid in an understanding of what transpires with a purchase transaction; this handout is not intended as a specific statement of your particular purchase. The legal work involved with each purchase transaction will vary slightly according to its specific terms; therefore, we encourage you to contact us if you have any questions about these fees or disbursements.

LEGAL FEES        
Legal Fees on Purchase
(Including mortgage review)
$750.00 To $1,200.00 Varies depending on the nature of the transaction
G.S.T. on Fees $52.50 To $84.00  
  $802.50   $1,284.00  
         
DISBURSEMENTS        
Transfer/Deed Registration $70.70   $70.70  
Mortgage Registration $70.70   $70.70  
Execution Searches $44.00   $44.00 This fee applies only if one person is on title.
Title Search $180.00   $180.00  
Title Insurance $185.25   $185.25 Fee is higher for properties over $500,000.00.
Other Disbursements $50.00   $50.00 e.g. photocopying, faxes, courier charges, etc.
  $600.65   $600.65  
         
Total Fees & Disbursements $1,403.15   $1,884.65 (not including Land Transfer Tax - see below)

ONTARIO LAND TRANSFER TAX

This tax is an additional disbursement cost which is based on the purchase price of your home and remitted to the Minister of Finance in the Province of Ontario. First time home buyers may be eligible for an exemption of up to $2,000.00 on this tax; please call us for further details. Below is an outline of the Land Transfer Tax one would typically except for the following purchase prices:

Purchase Price Land Transfer Tax Purchase Price Land Transfer Tax
$150,000.00 $1,225.00 $350,000.00 $3,725.00
$200,000.00 $1,725.00 $400,000.00 $4,475.00

LEGAL SEARCH OF TITLE

We will complete a series of legal inquiries, searches of records and fact-check to make sure that on closing, you really own your property and that you will be allowed to live there (in other words, confirm that the present use of the property is legal.) We will also prepare and review several documents (e.g. mortgage documentation) and explain the purposes of the documents you have to sign.

ONTARIO NEW HOME WARRANTY PROGRAM

There is mandatory enrollment in this Warranty Program for all newly-built properties. Please speak to the Builder for details regarding the Warranty and the enrollment fee which you will be required to pay. The enrollment fee is dependent on the purchase price of your property and can range from $460.00 to $860.00. For further particulars, refer to the Program's website: www.newhome.on.ca/onhwp.

FINANCING YOUR PURCHASE

Often the bank which will be providing the financing for your purchase will also hire us to do the legal work on your mortgage. It is common in home purchases for the purchaser's lawyer to perform certain legal services for the mortgage lender ("mortgagee"). This arrangement saves duplication of legal expenses and is more convenient for all parties but it means we will act for both you and the mortgagee.

If your financing amounts to more than 75% of your purchase price, then you will be required to obtain CMHC Insurance. This premium is calculated based on the amount of financing being advanced and is added to the mortgage. An additional amount added to the mortgage is the P.S.T. chargeable on the CMHC premium. Most financial institutions automatically deduct these amounts from the total mortgage loan to be given. For more details or particulars regarding CMHC insurance, please speak to your mortgage broker or bank's lending officer directly.

CLOSING FUNDS

Before the closing date of your purchase, you will have to provide us with sufficient funds by certified cheque or bank draft to complete your purchase transaction. These funds including the amount owing to the vendors plus legal fees, disbursements, extra expenses and taxes. We will provide you with an itemized estimate of the amount you will owe prior to the closing date.

THE CLOSING DATE

Shortly on or before your scheduled closing date, you will meet with us in our office to review and sign all the necessary documentation and provide the closing funds required to complete your purchase transaction. Typically, you will be required to re-attend at our offices to pick up your keys at 5:00 pm on your closing date. As such, you will need to ensure that you make the appropriate moving arrangements to account for the delivery of your keys at that time of day.

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