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Co-ownership Agreements & Trust Arrangements
Our Conveyancer is Awesome.
Our Real Estate Lawyers Answer the Phone.
We are pleased to offer fixed flat-rates for our legal fees. For those services not listed, please contact us and we will work with you to achieve a reasonable rate.
Purchase (with mortgage)
Sale (clear title)
Sale (one mortgage)
Please note that there are often third party charges that are not included in our fee quotes above. Typical third party charges include land title search and registration fees (or discharge fees in the case of a sale), LOTR (transparency registry) fees, trust administration fee, third-party conveyance technology fees, couriers, municipal property tax search, strata forms, survey and / or title insurance (if required). These can range from $250 for a sale to $500 for a purchase plus mortgage.
Additional fees of $150 may apply for each of the following: new construction, rush closings (if we have not received realtor instructions and mortgage instructions at least 5 business days before closing), non-major bank mortgages, same-day purchase and sale closings, and purchases by corporations and trusts.
These rates apply to residential conveyances in which a binding contract of purchase and sale has been entered into, prepared by a realtor or lawyer. The law is complex and there may be situations that warrant different fee arrangements. This is rare and we will openly discuss this with you to avoid surprises.
Land Owner Transparency Registry. Recently, the BC government implemented the Land Owner Transparency Act. The purpose is to create a registry of information about individuals who are deemed to have an indirect interest in land in B.C. In most cases, this has little effect on you. However, if you are purchasing land through a corporation, a partnership, or a trust, we are required to dig a little deeper to identify the underlying individuals. This information is then housed in a searchable, public database. There may be additional fees and disbursements where you are purchasing land through a corporation, partnership, or trust.
Property Transfer Tax. When budgeting, don’t forget property transfer tax (PTT). When you purchase property, we must file a property transfer tax return and, unless you qualify for an exemption (such as a first time homebuyer exemption), you must pay property transfer tax. In most cases, this is: 1% of the fair market value up to and including $200,000, 2% of the fair market value greater than $200,000 and up to and including $2,000,000, and 3% of the fair market value greater than $2,000,000.
GST. Don’t forget about GST for new homes. In many cases, this is reduced, if you qualify for a new homeowner’s grant.
Adjustments. Finally, note that there will be proprty tax and utility adjustments, based on the day in the year (out of the total days in the year) that you take possession of the property. We will show all of these numbers in our statement of adjustments so there are no surprises.
Unsure? Call us!
Reach out to our conveyancer or real estate lawyers anytime.
We’re here. We work hard to ensure your transaction is smooth and timely.
We’ll take care of you. You’ll see.