The costs associated with buying a home.

Legal Fee: $1100.00 and up
Disbursements: $450.00 – approx. These are expenses that the lawyer pays on your behalf, e.g., courier.
Land Transfer Tax: $ (To be confirmed by the lawyer)
Document Registration: $142.60 approximately
Title Insurance: $300.00, approximately
Property Tax Adjustment/Holdback: As adjusted by the lawyer.

Please Note: Depending on the transaction’s closing date, there may be a substantial tax holdback, which is NOT included in our budgeted figure below.

PST on the Mortgage Insurance Premium: $
Down Payment: $
Less Deposit on purchase: $
You can budget for approximately $ This will be bridged
The BRIDGE math is Down payment + 1.5% Closing costs – Deposit = Bridge amount
Or $54,000 + $11,850.00= $65,850 – $45,000.00 = $20,850.00

NOTE: Should there be a shortfall from the bridge amount and what the lawyer needs, please let me know, and I will help.

The bridge amount is not always sufficient due to the high cost of land transfer tax, property tax adjustment, and other legal expenses.

The default payment frequency for all mortgage registrations is monthly, regardless of your chosen payment option. However, the lender will honour the payment frequency you selected on your Pre-Authorized Debit (PAD) Form.

The Lawyer’s Responsibilities

• Your lawyer will provide the final closing amount, which includes legal fees, disbursements, land transfer tax, document
  registration fees, title insurance, and adjustments. This figure is typically available five business days before the closing date.
• The lawyer will prepare the mortgage documents, fulfill solicitor conditions, review the title search, search for executions,
  and ensure property taxes are up to date.
• Once the documents are ready, the lawyer will schedule an appointment for you to sign. Do not expect to hear from your
  lawyer earlier than three days before the closing date

The Buyer’s Responsibilities:

• Verify Identity: Bring two original pieces of valid Canadian ID, one with a photo (e.g., a valid driver’s licence or passport). Foreign passports are not
  acceptable for most lenders. A credit card issued by a major Canadian bank is acceptable as a second ID.
  
  Property Insurance:
  Your lender requires proof of property insurance (a binder letter). When arranging insurance, provide:
• Your floor plan or MLS listing
• Your lender’s name and lawyer’s contact details

Lender Information:
Computershare Trust Company of Canada
c/o Paradigm Quest Inc.
1800 – 390 Bay Street, Toronto, ON M5H 2Y2
Phone: 1-877-637-4911
The insurance agent will send the binder letter directly to your lawyer.

• Utilities:
  Notify utility companies (water, hydro, gas) and the City of Ottawa about the ownership change for the property.

Closing Day – the day you receive your keys

• On the closing day, your lawyer will transfer the funds to the seller’s lawyer. Once the keys and funds are exchanged and
  the mortgage is registered, the lawyer will release the keys to you.
• Important: You typically receive your keys late in the afternoon. Do not book your moving truck for the morning of closing.
  Instead, plan to move the day after closing.

Post-Closing:

• After closing, your lawyer will send a reporting letter with copies of all relevant documents for your records.
• Contact your lawyer or me if you have any questions post-closing; we are here to support you.
  As always, I am here to support you and answer your questions.