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Real Estate Legal Fees to buy and sell property

Legal Fees

The fees charged by a law firm are directly correlated to the work done by the lawyer and his/her team in the preparation of the documents necessary to purchase or sell your property.

A lawyer’s fee should not be the sole determining factor as to what lawyer you should or should not use.  When making a decision as to what lawyer to use, you should consider whether or not you will be dealing directly with that lawyer or one of their assistants or conveyancers.  If you are paying for a lawyer’s fee, you will want to be dealing with the lawyer.  You will also want to consider the lawyer’s breadth of knowledge in the subject area.

Keep in mind that you are dealing with one of the most valuable assets you will ever buy or sell in your lifetime.  The difference between $100 – $200 in legal fees should not be the sole determining factor.

We, at the Edmonton Law Office, offer some of the most competitive and reasonable legal fees out there, especially given our knowledge in Real Estate Law and our willingness to work directly with our clients.

Disbursements

Almost everyone has this preconceived notion that a lawyer’s fees include disbursements; they do not.  Legal fees are charged by the lawyer for the lawyer’s work.  Disbursements, on the other hand, are almost always charged by third parties.

In most real estate transactions, the disbursements you will likely incur include things like registration of your transfer of land and registration of your mortgage.  The Alberta Land Titles Office charges you a fee for registering each of these on to the Certificate of Title.  In addition, property tax searches are required in the completion of your transaction; this means that the City or municipality is going to charge you a fee for obtaining a copy of this document.  The same applies when you obtain a certified copy of the title or do a title search at the Alberta Land Titles Office.

Below is a list of fees and disbursements you can expect to incur on your real estate transaction.

House Purchase (cash):
$699

House Purchase with Mortgage:
$899

Condo Purchase (cash):
$799

Condo Purchase with Mortgage:
$950

Mortgage Refinancing:
$699

Legal fees for other real estate transactions

Mortgage from Private Lender:
add $100

Additional (Second Mortgage(s)):
$499

Additional Payouts (Per):
$50 - $75

Additional Mortgage Draws (Per):
$100 per draw

Ordering a Real Property Report:
$50

Ordering a Title Insurance Policy:
$50

Registration of Caveat:
$50

Substantial Completion Certificate:
$50

Ordering a Compliance Certificate:
$50

Holdback Administration Fee:
$50

Transfer of Land only:
$350

Bridge Loan:
$100

Guarantee:
$75

Non-Conventional Mortgage:
Additional $100 fee applies

Rush transactions (within 7 days):
$250

Obtaining an Estoppel Certificate (condo):
$50

Disbursements and other charges

Mortgage Registration:
$50 + $1.50 per $5000 on the value of the property

Title Registration:
$50 + $2.00 per $5000 on the value of the property

Obtaining a Certified Copy of your Title:
$10

Searching for a Title (Title Search):
$10

Discharging of a Mortgage:
$5

Tax Searches and Tax Certificates:
Varying - Avg. = $25

Other disbursements and charges include photocopying, conveyancing fees, title insurance policies, obtaining real property reports and compliance certificates, etc.

Family selling home with the help of real estate lawyer Belal Najmeddine, who assists families home sales and purchases, mortgages and refinancing.

Learn more about real estate law in Alberta, including how to buy or sell a home, by arranging a free introductory consultation with an Edmonton Law Office real estate lawyer.

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