Here at Costa Law, our Real Estate Group is recognized and well respected in the communities in which we practice. Although real estate is a much more complex area of law then it was a decade ago, our attorneys have the experience and skills necessary to handle the most complex issues. We have successfully guided our clients through title searches, surveys, zoning requirements, the purchase and sale of residential property, the purchase and sale of commercial property, and more. Our real estate lawyers work hard to understand our clients’ goals so that we can tailor our services and our approach to their needs, in order to achieve a positive legal result. We take pride in our work and deliver efficient and creative solutions to the most complex problems.
Getting your home deal closed is no simple task. There are people working tirelessly to ensure that you get the home of your dreams. Unsurprisingly, none of them work for free, which is where closing costs come in. Buyers and sellers often must pay certain costs, some of which can be negotiated. Because you need to work with a real estate lawyer, you must be prepared to pay some legal fees and what is commonly referred to as disbursements. The total closing costs can be anywhere between 3 and 5 percent of the price of your home. Both buyers and sellers pay these fees, even though sellers pay typically lower closing fees than buyers. It’s important to understand these costs beforehand when involved in any real estate transactions.
Real estate lawyer fees vary from law firm to law firm and property to property. It depends on the type of transaction involved and its complexity. When you’re looking to refinance, buy or sell property anywhere in Toronto or beyond, it’s important to work with lawyers who specialize in real estate transactions. This is because you’re always assured that they can identify issues and resolve them fast.
In most cases, you will pay a base fee whose amount will depend on the type of home you’re buying or selling, and then you’ll also be charged for disbursements. We’ll break down the different types of fees you’re likely to pay a real estate lawyer in Toronto below:
In real estate transactions, lawyers are paid professional fees for drafting documents such as title deeds and preparing contracts like the mortgage agreement, and also conducting property searches. These legal fees usually vary depending on the property, and they do not include any taxes.
For a residential purchase transaction, the legal fees can start from $1,050. Sale transactions usually attract a lower legal fee starting from $600. If you are refinancing a property, expect to pay legal fees starting from $750. Other transactions such as transferring a title deed or a new home interim occupancy closing can start from $300.
Other than the legal fees, the real estate lawyer may also charge disbursements, which is basically the out of pocket expenses that are incurred by the law firm. They include things like registration fees conducting searches, or HST.
At Costa Law Firm, we are very transparent when it comes to our legal fees and disbursements. We never charge clients any hidden fees or unexpected costs. It’s important for us to retain our client’s trust, which is why we always give clients the expected costs before beginning any transaction. We even offer a free quote to clients which includes the legal fees we’ll charge and a proper estimate of the disbursements. We know how fast real estate transaction expenses can add up, and that’s why it’s important for us to remain reasonable when charging our clients these fees. If you need legal help when buying, selling, refinancing or any other real estate transactions, be sure to call us.
Real estate law is a branch of civil law that covers the right to possess, use, and enjoy property. This area of law also covers an owner’s interest in property, the transfer of interest in property, the financing of real property, deeds, mortgages, and leases. Real estate transactions – purchases, sales or leases – are the subject of both federal and provincial laws. The Agreement of Purchase and Sale with respect to real estate is a contract, and as such, it must be made in writing in order to comply with the Statute of Frauds. This agreement brings with it all the obligations, responsibilities, and procedures of contract law, and spells out the rights and obligations of each party to the transaction. With the recent introduction of a paperless, electronic land registration system, Costa Law can assist you with your property transactions, regardless of how complex they are.
Here at Costa Law, our attorneys want to help you find the perfect home or property for you, and ensure that you make informed decisions throughout your purchase. This is why we start by thoroughly examining your needs, wishes, and budget, and then guide you every step of the way. We can also help eligible first-time home buyers save money by obtaining a full or partial refund of the Land Transfer Tax (LTT), and the Municipal Land and Transfer Tax (MLTT). Our real estate lawyers will give you advice that is tailored to your individual needs, and help answer any questions you may have.
Selling your house or property involves many steps. Regardless of whether you are a first-time vendor or not, you are likely to have numerous questions about the current market value, need for an appraisal, paperwork involved in completing the sale, inspections, closing date of the transaction, and more. Our team of real estate lawyers will help you sell your home and answer any questions you may have.
Buying or selling a residential or commercial property is a very significant investment, which is why it is important that the transaction is completed properly, through courteous, reliable, and professional representation. Real estate transactions may become especially complex when they involve detailed commercial leases. At Costa Law we handle both residential and commercial transactions, regardless of how big or complex they may be.
The purchase and sale of a condominium units is of provincial jurisdiction and requires a detailed consideration of the Condominium Act. This Act consists of many provisions and regulations which govern the purchase, sale, formation, and maintenance of condominiums. The Act outlines the rights and obligations of the purchasers, sellers, managers, and boards. The Act is extremely complicated and involves many provisions. That is why we encourage condominium owners to seek legal guidance if they have any questions about the purchase and sale of condominiums.
Real estate contracts often require the title of the property that is being sold to be marketable. This means that the seller must have proof of title to the property he or she is selling. As an alternative, purchasers now have the option of obtaining title insurance as an alternative to a new survey of the property. Title insurance can have a lot of benefits. It can eliminate the need to obtain municipal tax, zoning, and building certificates, as well as protect against property owners against any claims arising from title defects. A title insurance policy gives the buyer a peace of mind and protects your title to your new property against any survey title defects, fraud, forgery, liens and other problems.
Once an Agreement of Purchase and Sale is accepted, our real estate attorneys will work diligently to complete the transaction, and ensure that your interests are protected by:
Real Estate Law involves a wide variety of legal issues, and can be quite complex. In order to avoid unwanted litigation expenses, we recommend that you consult with our legal team at an early stage in your transaction. Not only will this save you time and money in the long-term, but it will ensure that your real estate transaction runs smoothly.