Expert: Derek Hamilton - 2/2/2009

Question
QUESTION: Bought new house by my friends and I with different closing dates. The first friend closed in Jan 2009, costed Canadian $7500 total closing cost, now two more friends to close and not sure if that was the fair cost for closing and could lawyer's fees be different for different lawyers, Friend#1's lawyer did not break up and made it clear how $7500 was used.How could you help us in this matter, first time home buyer and very confused.

ANSWER: Hi Dechen,
 Depending on the size of a Law firm and any unforeseen problems with the property, most Law firms will be very competitive to close on a property transaction. Make sure the Lawyer is a "Real Estate Lawyer"!! You can ask your Lawyer over the phone what you can expect to be paying? $750.00 is very typical for him or her to arrange everything including all documents for financing and searching title and making sure there are no liens on the property and dealing with the deposit,Land Transfer Tax,arranging for keys etc... I have seen prices ranging from $500.00-$1000,00.
Some transactions are easier than others ? Sometimes you are Selling a property and Buying a property and both are closing on the same day. Because the lawyer is doing two properties they can offer you a deal of approx.$1200.00-$1500.00? If you need a name of a good Real Estate lawyer let me know.
Hope this helps and good luck with your new home!
Derek Hamilton
25 years of service excellence!


---------- FOLLOW-UP ----------

QUESTION: Derek, Thank you for your excellent response, could you refer me a good and reliable real estate lawyer in Toronto or Milton.
Thank you Dechen

Answer
Dechen,
I will give you two Lawyer's names.

Clarke Merritt
Barrister & Solicitor
3300-20 Queen St W Tor.On
M5H 3R3 416-971-3305
He is my personal Real Estate lawyer.

Ken Picov
110 Eglinton Ave.W
416 488-2100
He doe's a lot of business through our office.
Sutton Group-Bayview Realty Inc.

Derek Hamilton