Bunning and Farnand LLP offers services in real estate law to Orleans/Ottawa and the surrounding area. We have successfully closed over 25,000 purchases, sales, and mortgages since our inception. Our law firm deals with all major new home builders, and all banks, and also handles corporate relocations for D.N.D., R.C.M.P., and other corporate relocation companies. Several years ago, the automation of the province’s registry system was completed in every county. This enables us to act on purchase, sale and mortgage transactions anywhere within Ontario.
Although most legal matters are standard to us, there are occasions when a matter becomes unusual or substantially more complicated than usual. Where these situations occur, we reserve the right to increase our fees, and on rare occasions this can increase our standard prices quoted. Where these situations occur, the circumstances and any additional costs will be fully explained.
Interested in purchasing a home? We’re here to help.
We would be pleased to represent you in your real estate transaction. Please contact us today by phone or email and we would be happy to provide you with a free quotation.
Refinancing a Home
We have competitive rates for refinancing. These rates vary widely depending on the lender and other complexities. As an example, bank mortgages are usually simple and less complex than trust company mortgages and/or mortgages with a private lender. We would be pleased to provide you with a quotation.
Commercial Real Estate
We act for clients purchasing and selling commercial real estate. Our fees vary with the complexity of the transaction. Please contact our office to discuss the details of your transaction.
Purchasing a Home
Bunning & Farnand is here to help 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 (without any extra charges) for properties located in the Ottawa area 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.
Effective June 1, 2019, our all-inclusive fee, which includes government registration fees, title insurance up to $500k and HST of approximately $162, is $1,875 (plus land transfer tax if applicable) to purchase a single family home or a condominium unit, with one mortgage. Single family homes or condominium units costing more than $500,000 are subject to a small additional charge by our title insurance provider.
Our standard purchase fee applies to standard purchase files. It does not include complex bridge financing documents.
Selling a Home
Our all-inclusive fee, which includes HST of approximately $96.00, for a standard residential real estate sale transaction is $900. Most mortgage companies now register the Discharge as part of their mortgage discharge fee. Where we are responsible for registering the Discharge there is an additional cost.
Land Transfer Tax
The cost of land transfer tax for a condominium unit or a single family home varies with the price being paid. The tax for purchases up to $250,000 is 1% of the purchase price less $275.
For purchases costing $250,000 to $400,000 the tax is 1.5% of the purchase price less $1,525.
For purchases costing over $400,000 on a single family home, the tax is 2% of the purchase price less $3,525.
The maximum amount of the refund is $4,000. No land transfer tax would be payable by qualifying first-time home buyers on the first $368,000 of the value of the consideration for eligible homes. First-time home buyers of eligible homes greater than $368,000 would receive a maximum refund of $4,000.
Rental Real Estate
Our fee for purchasing a single family home or condominium unit which is going to be rented out is usually the same as for an owner-occupied home ($1,825). However, some lenders require extra registrations for a rental property, such as an Assignment of Rents or a PPSA registration. There is a small, extra charge for these extra registrations.
Please note: If you are buying a brand new housing unit from a builder for immediate use as a rental property, 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.
Our fees and costs for multiple unit residential buildings vary with the complexity of the transaction.