Real Estate

How much are lawyer fees for closing a new construction?

  • Last Updated:
  • Aug 4th, 2021 7:37 pm
[OP]
Deal Addict
User avatar
Jun 12, 2003
2957 posts
114 upvotes
Markham

How much are lawyer fees for closing a new construction?

Hi guys

I was quoted $350 for occupancy closing and $1000 for final closing. The property is $900k.

Is this in the right ballpark?
6 replies
Deal Fanatic
Jan 15, 2017
5442 posts
5642 upvotes
Ottawa
The lawyer's fees seem to be in the right ball park. But that doesn't include all the "legal" fees and closing costs.
Deal Addict
Mar 10, 2014
3431 posts
3702 upvotes
$1000 for actual closing costs for a $900k property is low. Usually need to add the cost of title insurance, lawyer fees, office fees from the lawyer (photocopies, title search, etc.). Total closing costs are closer to $2K nowadays depending on the lawyer for a detached home. For a condo, you will need to add the occupancy expense on top.
Sr. Member
May 3, 2013
754 posts
457 upvotes
Toronto
chinaboy1021 wrote: Hi guys

I was quoted $350 for occupancy closing and $1000 for final closing. The property is $900k.

Is this in the right ballpark?
That is a pretty cheap price. Recently did a closing where the client found her own lawyer because she thought the one I recommended was expensive. She found one that was about $200 cheaper. The lawyer was not on top of the deal and ended up costing the buyer an extra $800. The buyer also has to follow-up with the land transfer tax as well cuz the lawyer messed that up too and the buyer doesn't want the lawyer to deal with it. Lesson she learned: cheaper is seldom better.
Deal Addict
Feb 15, 2013
1075 posts
531 upvotes
Toronto
this is what I paid.. closing was Feb 2021

"Our legal fees will be $750 and disbursement $295 plus hst in addition to this you have to pay land transfer tax registration and title insurance ."
Jr. Member
User avatar
Apr 5, 2017
107 posts
115 upvotes
Ask for a breakdown of the following:

Legal fees, disbursements, registration, title insurance, land transfer tax

Saying $1000 for final closing is too vague. It could be just the legal fee plus a lot in internal/external disbursements.

Top