When you buy or sell a property, you will incur additional 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 (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 $165, is $1875 (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.
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 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
First-time home buyers would receive a maximum refund of $4,000 if the value of the eligible home is greater than $368,000. Please note that $4,000 is the maximum refund amount possible. 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.
If you are selling a home in Ottawa, consult Bunning & Farnand. Our all-inclusive fee for a standard residential real estate sale transaction is $975. You will be paying an HST of $106.00. 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 fees would be $1,875 plus HST of $165. In case of extra registrations 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.