Informing the Client
A real estate transaction will often be the most significant financial matter and commitment in a person’s life. At Chan Law, we are committed to ensuring that clients have access to a lawyer throughout the real estate closing process, whether it be by phone, e-mail or an in-person meeting. Indeed, we are happy to explain the real estate process at a glance and outline how it will unfold, so that clients can feel more at ease knowing what will happen in the future. Furthermore, we encourage clients to always ask questions and stay informed about all matters arising from their transaction from the very first day that we are retained to assist a client and straight through to the day of closing and beyond. We will also ensure that clients are able to meet personally with a lawyer who will explain the nature of each closing document before the client signs the document. We are here for you, every step of the way.
All-Inclusive Closing Costs
We are pleased to offer fixed and all-inclusive closing costs on all standard real estate transactions, which include our legal fees, office disbursements, registration costs, and HST. For purchases, our closing costs would include the cost to obtain a title insurance policy and the preparation of the transfer and one mortgage, while our closing costs for sale transactions would include the cost to discharge one mortgage. If you are seeking to purchase a condominium unit, we will review the status certificate and other condominium documents at no additional cost to you. Likewise, if you have placed a conditional offer on a new construction home from a builder, we will gladly review the Agreement of Purchase and Sale within the allotted amount of time permitted.
In this way, we can provide a clear and transparent understanding of the costs involved and the services we provide to our clients at the beginning of the real estate closing process, so that there will not be any surprises or unexpected fees appearing on the day of closing. We invite you to contact our office to learn more about the closing costs for a purchase or sale of a property, and the cost for a refinancing of a mortgage.
Other Potential Costs
As real estate transactions can occasionally be more complex in certain situations, there may be other costs that may be incurred to address and meet additional requirements that may be required by the nature of the transaction itself or by the mortgage lender, such as preparing a second mortgage, preparing a survivorship application, preparing an Assignment of Rents, and preparing similar name declarations. In such cases, we will discuss the nature of these costs with the client prior to closing.