Working with a Lawyer

Buying a Home – Services Performed by your Lawyer
In closing the transaction, your lawyer will: make a full search of title; arrange for the satisfaction and discharge of outstanding claims against the property, report any problems to you before closing and receive your instructions; attend to the closing of the transaction, the registration of title documents and a final report to you. Below is a breakdown of the costs associated with a typical real estate purchase and the common disbursements incurred by your lawyer in completing the purchase of your new home:
 
Determining Land Transfer Tax
Land Transfer Tax is payable on most residential real estate transactions and is calculated based on the price of the home being purchased. Please note that the purchaser may be eligible for a Land Transfer Tax rebate up to a maximum amount of $4,000.00 if they are a first time home buyer.
 
What are Adjustments?
It is common in Agreements of Purchase and Sale to provide that the balance of the purchase price be paid on closing “subject to the usual adjustments”. Usually adjusted items include property taxes, fuel oil and in the case of Condominiums, common expenses. The Statement of Adjustments is usually prepared by the Vendor’s lawyer and contains various minor adjustments to the balance payable on closing. Your lawyer will approve and advise you with respect to the Statement of Adjustment which is designed
to ensure that all on-going expenses are paid by the Vendor up to the closing date so that you, the Purchaser, are liable for expenses only from the closing date forward. After closing, your lawyer will give you a report on title to the property along with a Statement of Adjustments.