Real Estate
Real Estate Law Attorneys in Ottawa
When you buy or sell a property, you will incur legal fees and disbursements. From legal advice to drawing up contracts, we offer a whole range of real estate law services in Ottawa. Bunning & Farnand has successfully closed over 25,000 real estate cases that include:
Residential real estate
Commercial real estate
Mortgages
Private mortgages
Second mortgages
We are a preferred choice among new home builders, banks and we handle corporate relocations for D.N.D., R.C.M.P. and others. As the province registry system is automated in every county, we can act on the sales, purchase and mortgage transactions across Ontario.
Purchasing a Home
The procedure of buying a home involves managing a range of legal requirements and paperwork.
Bunning & Farnand is here to help you with the services of real estate lawyers in Ottawa and beyond. In response to client requests, our firm now charges, (for a standard residential real estate transaction of a single-family home with one mortgage,) an all-inclusive fee for properties located in the Province of Ontario which, along with the cost of the Ontario land transfer tax, is the total cost to purchase a single-family home or condominium unit costing under $500,000.00.
Our all-inclusive fee, (which includes government registration fees, title insurance where applicable up to $500k, and HST of approximately $250.00), is $2,400.00 (plus land transfer tax if applicable) to purchase a single-family home or a condominium unit, with one mortgage. If the purchase price or the registered mortgage is above $500,000.00, a small additional surcharge is added by the Title Insurance company. Our price may also include an additional charge at our discretion if the purchase price is over $750,000.00, as in our experience, higher-end homes sometimes have additional issues.
Our standard purchase fee applies to standard purchase files. It does not include complex bridge financing documents.
Land Transfer Tax
If you are investing in a condominium unit or a single-family home, the cost of land transfer tax is as follows:
Up to $250,000.00 is 1% of the purchase price less $275.00
For purchases costing $250,000.00 to $400,000.00, the tax is 1.5% of the purchase price less $1,525.00
For purchases costing over $400,000.00 on a single-family home, the tax is 2% of the purchase price less $3,525.00
For spousal or next-generation transfers, our all-inclusive fee is $725.00.
If eligible, first-time home buyers receive a reduction in the land transfer tax from the Ontario Government. The maximum reduction is $4,000.00, which means that home purchases costing up to $368,000.00 are tax free, and home purchase above that amount get a reduction of the full $4,000.00.
Selling a Home
If you are selling a home in Ottawa, consult Bunning & Farnand. Our all-inclusive fee for a standard residential real estate sale transaction is $1,450.00 (this includes HST of $166.81). There may be an additional charge at our discretion if the sale price is over $600,000.00, as in our experience, higher-end homes sometimes have additional issues. If we are registering the Discharge, then there will be an additional fee.
Rental Real Estate
For purchasing a condo or a single-family home for renting out, our all-inclusive fees would be $2,350.00 which includes HST of $250.00. In case of extra registrations as required by your lender, such as an Assignment of Rents or a PPSA registration, there may be a small extra charge. If you are planning to rent out a brand new housing unit that you have purchased from a builder, then the entire amount of HST will have to be paid on closing, although as a landlord, you can apply after closing to obtain a similar rebate back from the CRA.
Refinancing a Home
Refinancing rates are dependent on the lender and other aspects. For example, institutional lenders are usually much easier to work with than the private lenders. If you would like a quotation, we are happy to provide a competitive price once we know who the lender will be.
Commercial Real Estate
We can help with commercial property sales and purchases. Depending on the complexity of the transaction, our fees will vary. Contact us for details on your transaction.
If in case a legal matter is unusual or complicated, we may increase our fees and on rare occasions, it can increase our standard prices quoted. We will explain the additional cost to you before taking up your case.
