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
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.
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.
Effective January 1, 2021, our all-inclusive fee, (which includes government registration fees, title insurance up to $500k and HST of approximately $193.00), is $2,100.00 (plus land transfer tax if applicable) to purchase a single-family home or a condominium unit, with one mortgage. There will be a title insurance surcharge in excess of the first $500,00.00 of the purchase price because single-family homes or condominium units costing more than $500,000.00 are subject to a small additional charge by our title insurance provider. Our price may also include an additional charge at our discretion if the purchase price is over $600,000.00, 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.
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
First-time home buyers would receive a maximum refund of $4,000.00 if the value of the eligible home is greater than $368,000.00. No land transfer tax would be payable by qualifying first-time home buyers on the first $368,000.00 of the value of the consideration for eligible homes.
For spousal or next-generation transfers, our all-inclusive fee is $725.00.
If you are selling a home in Ottawa, consult Bunning & Farnand. Effective January 1, 2021, our all-inclusive fee for a standard residential real estate sale transaction is $1,100.00 (this includes HST of $106.00). 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.
For purchasing a condo or a single-family home for renting out, our all-inclusive fees would be $2,100.00 which includes HST of $193.00. 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 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.
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.