jordan@jtoverholt.com
+1-226-926-9007

BUYING A PROPERTY

One of the biggest investments you'll ever make.

BUYING A PROPERTY

$1,575.00 Single-Family Residence Purchase Package + Title Insurance + Land Transfer Tax

Our Single Family Residence Purchase Package includes:

  • An initial appointment to discuss your upcoming real estate purchase transaction.
  • A review of your Agreement of Purchase and Sale.
  • A full title search of the property (budgeted at a cost of $210.00 – please see below for more details).*
  • A review of mortgage instructions for one new mortgage (if applicable).**
  • The drafting of all necessary closing documents.
  • A second appointment to sign your closing documents.
  • The delivery of closing funds to the seller’s lawyer.
  • The registration of your deed and one new mortgage (if applicable).**
  • The delivery of your keys.

Note that this quote is for the work involved in a straightforward purchase of a single-family residential property. Should any adverse event arise on or before closing, additional legal fees may apply.

* The Single-Family Residence Purchase Package includes a budget of $210.00 for the requisite title search. If your property requires a more expensive title search, any cost above the budgeted $210.00 will be added to your invoice over and above the cost of the Single-Family Residence Purchase Package. At the same time, if your title search comes in at a cost of less than $210.00, we will pass those savings onto you. Please remember that the title search is often the most unpredictable cost in a purchase transaction, and, as a result, we’ve budgeted high to be on the safe side. Oftentimes, clients end up saving money on this package component.

** The Single-Family Residence Purchase Package includes a budget for the receipt, review, document preparation, and registration of one new mortgage. If you require the registration of additional mortgages, lines of credit, bridge loan security, assignment of rents, etc., additional legal fees and disbursements will be added to your invoice over and above the cost of the Single-Family Residence Purchase Package.

$1,625.00 Residential Condo Purchase Package + Title Insurance + Land Transfer Tax

Our Residential Condo Purchase Package includes:

  • An initial appointment to discuss your upcoming real estate purchase transaction.
  • A review of your Agreement of Purchase and Sale.
  • A review of your status certificate.*
  • A full title search of the property (budgeted at a cost of $160.00 – please see below for more details).**
  • A review of mortgage instructions for one new mortgage (if applicable).***
  • The drafting of all necessary closing documents.
  • A second appointment to sign your closing documents.
  • The delivery of closing funds to the seller’s lawyer.
  • The registration of your deed and one new mortgage (if applicable).***
  • The delivery of your keys.

Note that this quote is for the work involved in a straightforward purchase of a residential condominium unit. Should any adverse event arise on or before closing, additional legal fees may apply.

* It costs $100.00 to order a status certificate. However, if you or your realtor have already ordered a status certificate, and if that status certificate will be less than 90 days old on your closing date, JTOverholt can use it for the purposes of closing and save you this additional $100.00 cost.

** The Residential Condo Purchase Package includes a budget of $160.00 for the requisite title search. If your property requires a more expensive title search, any cost above the budgeted $165.00 will be added to your invoice over and above the cost of the Single-Family Residence Purchase Package. At the same time, if your title search comes in at a cost of less than $165.00, we will pass those savings onto you. Please remember that the title search is often the most unpredictable cost in a purchase transaction, and, as a result, we’ve budgeted high to be on the safe side. Oftentimes, clients end up saving money on this package component.

*** The Residential Condo Purchase Package includes a budget for the receipt, review, document preparation, and registration of one new mortgage. If you require the registration of additional mortgages, lines of credit, bridge loan security, assignment of rents, etc., additional legal fees and disbursements will be added to your invoice over and above the cost of the Residential Condo Purchase Package.

How Much Will It Cost To Purchase A Rental/Investment Property?

The purchase of a rental/investment property will be similar to the cost of the Single-Family Residence Purchase Package or Residential Condo Purchase Package (depending on property type), but with additional disbursements for additional searches that your lender will require (like tax, building/zoning, and fire searches) and the cost of registering an Assignment of Rents.

Because each lender has different requirements, it’s impossible to include a quote for these additional items in a package price. However, for your budgeting purposes, you should work under the assumption that the purchase of a rental/investment property will cost an additional $350.00 in searches and registration costs on top of the aforementioned package prices.

What Is Title Insurance?

Title insurance is an insurance product that protects homeowners from title fraud and other out-of-the-ordinary closing complications.

Although title insurance is not mandatory when purchasing property in Ontario, JTOverholt, like most other Ontario real estate lawyers, will not complete a real estate transaction without it.

Because the cost of a title insurance policy varies with a transaction’s purchase price and mortgage amount, please click here to obtain an approximate policy quote based on your unique circumstances. And please remember that said quotes are subject to change by the title insurer at any time.

What is Land Transfer Tax?

Land Transfer Tax is a tax paid by anyone that purchases real estate in Ontario, paid at the moment the deed is registered by the purchaser’s lawyer. Immediately after such registration, the government withdraws the Land Transfer Tax from the purchaser’s lawyer’s bank account.

To calculate the amount of Land Transfer Tax you’ll need to pay to purchase your property, follow this link. Also, remember that if your property isn’t located in the Greater Toronto Area, you can safely ignore the additional Toronto Land Transfer Tax so noted on said Land Transfer Tax calculator.

Where Do We Meet To Sign The Closing Documents?

Forget fighting through downtown traffic so you can drop into our office for a ten-minute signing appointment. Instead, enjoy the ease of us coming to you.

As your closing date approaches, we’ll contact you to book an appointment, and then we’ll meet you wherever you want within the greater London area (your place of business, your home, or even a coffee shop) to collect your signature.

Or, if you’d prefer, we have a downtown office we’d be happy to meet you at instead. It’s totally up to you!

Once your transaction has been completed, we’ll arrange direct delivery of your keys too!