If you’re buying a house in British Columbia, you’ll need to take into account a whole range of fees associated with the purchase, including your lawyer fees. If you’re buying in Alberta, you’ll want to check out our blog post all about Calgary lawyer’s fees when buying a home.
In our blog post, we break down the fees you might not know about and might not have factored into your purchase.
What can I expect to pay in lawyer’s fees?
Our fees for a home purchase in British Columbia (including Kelowna and Whistler) are $995 plus GST and disbursements. We’ve reviewed the price list of other law firms across Kelowna and Whistler. Fees range from $995 to $1,600.
The total amount you’ll pay your lawyer depends on (but is not limited to) the value of the property, the amount of the mortgage and complexity of the transaction.
What does a real estate lawyer do?
At One80 Law, we take care of:
- Reviewing the purchase documents like the Purchase Agreement, Certificate of Title and Property Disclosure Statement
- Arrangements with your lender to enable you to move funds and get a mortgage.
- Timely closing of the transaction, so that the house is yours in accordance to the purchase agreement
We’ll discuss these documents with you, explain them and answer any questions you may have. Importantly, we’ll point out anything about the purchase that you might not have taken into account so that you’re fully aware of your future obligations. This could include aspects like the municipal bylaws and zoning that may affect the property.
If you have questions about your purchase contract, check out our blog post Understanding Your Real Estate Contract, or book an appointment with us today.
What are disbursements?
On top of lawyer’s fees, you’ll have to pay disbursements. A disbursement is an out-of-pocket expense that your lawyer incurs on your behalf, and you repay them for it.
For example, title insurance, real property report, property disclosure statement, title transfer fees are all examples of disbursements. At One80 Law, we pay these fees on your behalf and then you reimburse us on closing.
These costs are essential to ensure that we can provide you with the right legal advice about your purchase and have the property transferred to your name.
Do I have to pay Property Transfer Tax?
Property Transfer Tax is a tax payable in British Columbia on the transfer of real estate. You’ll need to pay it on the completion date, so make sure you’ve factored this into your finances.
The amount of tax depends on the market value of the property which ranges from 1% to 3%. Please talk to us for specifics if you need more detail about what you’ll pay in Property Transfer Tax.
Get a Legal Partner You Can Trust With One80 Law
Purchasing a home is one of the biggest milestones in life, so the importance of trusting your legal partner can’t be overstated. The more prepared you are, the better off you will be once you settle in. Working with a real estate lawyer from One80 Law Group can help you avoid the shock of hidden fees and processes that you did not expect.
Book your appointment today to close the sale of your house and confidently make it feel like home.