July 30, 2012
What are legal fees?
“What are legal fees? Do they include the lawyer’s professional services fee?”
This week’s featured answer:
Yes, the legal fees include the Lawyer’s services, which is an umbrella of multiple jobs he or she must do to make sure the real estate transaction is completed securely and properly.
The legal fees, just to name a few, usually cover such matters as:
1) Performing a search on title of the property you are buying.
2) Registering the new property in the land registry system (placing the applicants on title).
3) Reviewing all the contracts that you have or will be signing in the real estate transaction.
4) On the closing date, transferring the funds from the bank to the seller, or buyer, depending on who they are representing.
5) In most instances making sure that you get title insurance.
6) If buying a condo unit, the Lawyer should be reviewing the condominium status certificate, which is conditioned in the Agreement of Purchase and Sale when putting an offer on the property.
Depending how complicated or how straight forward the transaction is, the fee can go up or down.
Best is to get a quote from several Lawyers and ask them what services are included in their fee.