Tuesday, July 25, 2017 00:30

Lawyer-Video7

Q. What are some of the costs associated with the closing process?

A.  Title searching, there is a certain costs associated with that and there are disbursements to us. Pulling the documents depending on the amount of problems that may be with title those could amount to more than other deals. We search executions. We make requests to the utility companies to make sure there are no outstanding utility bills, sometimes that costs money depending on the utility provider. We search with the municipality for requested tax certificates,  so that’s another fee. Of course to register documents there is a fee that goes to the Government. All of those disbursement are subject to HST too so that’s another cost involved. You are sometimes going to have mortgage payouts, sometimes you are going to have real estate commissions to pay, of course your legal fees. All those are subject to HST. Those are what you can count on in any particular deal to have to come up with as part of your transaction.

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