Lawyers Fees When Buying a House: Closing Costs FAQ
Buying a home is undeniably exciting, but there's a lot of red tape involved.
Aside from saving, searching for a property and getting your mortgage lined up, you need to hire a number of specialists to help you throughout your home-buying journey. Some common examples include real estate agents, moving companies, home stagers (if you're selling your previous property) and, of course, real estate lawyers.
In certain Canadian provinces, like Ontario, all parties (both the buyer and the seller) need to hire a real estate lawyer to finalize conveyance. Unfortunately, real estate lawyers don't offer their services for free, so you'll need to factor their expenses into your budget.
This leads to today's question — what are the average lawyers fees when buying a house in Ontario?
We answer this question, and a number of other frequently asked questions, in the following paragraphs. Continue reading to learn more!
After you've learned about the legal fees related to buying a home in Ontario, you can contact your Surex insurance advisor to start comparing affordable home insurance quotes.
What does a real estate lawyer do?
Simply put, real estate lawyers help home buyers and sellers complete a variety of legal tasks and requirements during the home buying or selling process. Real estate lawyers play different roles depending on whether you're buying or selling a property.
What does a real estate lawyer do if you're purchasing a home in Ontario?
If you're buying a home in Ontario, your real estate lawyer can help you with the following tasks:
- Complete a title search
- Ensure the title is in place
- Write a Statement of Adjustments
- Register the property under the new homeowner's name
- Facilitate transactions on the closing day
What does a real estate lawyer do if you're selling a home in Ontario?
Real estate lawyers help home sellers with a number of the same tasks, but there are a handful of differences. You can expect your real estate lawyer to help you with the following tasks if you're selling your home:
- Complete another title search
- Make the necessary adjustments to the deed of the home
- Determine the closing costs
- Write a Statement of Adjustments
- Facilitate transactions on the closing day
The real estate closing costs can change depending on the complexity of these tasks.
This brings us to our topic of the day:
What are the average lawyers fees when buying a house in Ontario? — An in-depth guide for new homebuyers
As we mentioned earlier, you need to retain a real estate lawyer if you're buying or selling a house in Ontario. Because of this, you'll need to leave room in your home-buying budget if you want to cover the necessary legal fees.
So, how much are the lawyers fees when buying a house in Ontario?
It depends. The expected price of your legal fees can change based on a number of unique factors.
For instance, home buyers in Ontario can expect to pay anywhere from $1,200 to $2,400 for lawyer fees for buying a house in Ontario (a standard residential property purchase).
However, this cost can increase if a second lawyer gets involved in the process. This is something that home buyers should keep in mind while searching for a home in Ontario.
To confirm the price of your Ontario real estate lawyer fees, you can reach out to your real estate lawyer. Your real estate lawyer can provide you with all the information they need about their pricing options and other related fees.
4 questions to ask prospective real estate lawyers if you're buying a house in Ontario
Do you want to get the lowest lawyers fees when buying a house in Ontario? We thought you might. That's why we've put together a brief list of questions that you can ask prospective real estate lawyers while you're interviewing candidates.
We suggest asking the following questions:
- Do you specialize in real estate law? If so, how long has this been your area of expertise? If not, what makes you a suitable candidate?
- What are your estimated lawyer fees for buying a house in Ontario?
- Do you specialize in detached homes, condos, etc.?
- How familiar are you with the town or city the home is located in?
- Do you have any references?
Asking these questions can help you get a lawyer that can represent you for a reasonable real estate lawyer cost without skimping on the quality of their work.
Can a real estate lawyer help you find and compare home insurance quotes in Ontario?
No, your real estate lawyer cannot help you find or compare home insurance quotes. As mentioned earlier, real estate lawyers help home buyers and sellers take care of a variety of legal tasks related to the buying or selling process.
If you want to find and compare affordable home insurance quotes, you should consider teaming up with an experienced broker at a reputable online insurance brokerage like Surex.
Insurance brokerages are third-party companies that work with policyholders and home insurance companies. When you team up with an insurance brokerage, your broker can supply you with competitive quotes from a variety of providers. This gives you the ability to compare some of the best quotes on the market without calling each company individually.
Teaming up with an online insurance brokerage like Surex makes it considerably easier to find and compare the most competitively priced home insurance quotes in Ontario.
Save as much as 25% when you bundle with a Surex insurance provider
When you team up with Surex, you get access to more than affordable insurance quotes. You get to team up with your personal insurance advisor (our preferred title for insurance brokers). Instead of re-explaining your situation or re-asking your question to various brokers, you can cut to the chase with your personal advisor.
Contact us today to start comparing cheap home insurance quotes in ten minutes or less!
Not to mention, when you bundle multiple insurance policies with one of our advisors, like Aviva, you can save as much as 25% on your premium. Chat with your advisor today to learn more!
