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Generally speaking, money is held in trust for your transaction until your transaction is closed. In these cases, there is no extra charge to keep funds in trust for you. However, some cases may require that funds be held in trust for long periods of time or past the closing date of your transaction, in which case there may be extra charges for such.

Title insurance offers protection for the policy holder against certain title defects, fraud, and other risks as set out in each specific policy and subject to the disclosed exceptions. In simple terms, title insurance may protect a homebuyer against certain types of financial loss originated by issues that can affect the property title up to the total purchase price.

As pre-construction agreements are not exactly standardized, the contract you are signing with the builder can vary considerably and several fees can be added on top of the purchase price and be charged to you on closing. Some of these fees are unpredictable and can reach tens of thousands of dollars. If you are purchasing a condo unit, you have ten days from the signature of your agreement to have it reviewed by a lawyer. As such, we suggest that you contact us immediately upon signature of your agreement so any issues can be addressed before your agreement goes firm. If the property you are purchasing is not a condo unit, you may not have a cooling-off period. In this case, we suggest having your agreement reviewed prior to signature or ensuring there is a condition that provides you time to obtain legal advice and to cancel or modify the agreement if there are any concerns.

For the majority of cases, the legal fees quoted at the start of your transaction represent the final fee charged to you on closing. However, in some cases, there are further developments on your file that could not be anticipated at the start, such as additional mortgages, change of lenders, extra appointments, name executions and clearance letters, title defects, extra discharges, etc. If unusual or unexpected issues arise on your file, we reserve the right to change the fee to accommodate the extra work.

No, legal fees are usually considered part of the closing costs, but they are not all of them. The biggest portion of the closing costs is usually Land Transfer Tax, but there are several other costs involved in a purchase transaction that are charged to the buyer, such as title search costs, Land Registry Office fees, tax certificates, title insurance premiums, etc.