Your legal fee is one line on a longer list. Here is everything a buyer typically pays on closing day, so nothing on the statement is a surprise.
Land transfer taxThe largest closing cost for most buyers, paid to the province when the home changes hands. It scales with the purchase price, and buyers in Toronto pay a second municipal tax on top. First time buyers may qualify for a rebate.
Legal fees and disbursementsYour lawyer’s fee, plus the out of pocket costs of closing: title searches, registering the transfer and the mortgage, and moving the funds. This is the part Philer quotes as one flat fee.
Title insuranceA one time premium that protects you against title fraud, survey problems, and defects that a search cannot surface. Most lenders require it. The premium depends on the price of the home.
Adjustments to the sellerOn closing day you reimburse the seller for anything they prepaid past the closing date, usually property tax and sometimes utilities or condominium fees.
Lender and mortgage costsAn appraisal, a payout fee if a mortgage is being discharged, and mortgage default insurance if your down payment is under twenty percent.
Inspection and insuranceA home inspection before you commit, and home insurance that has to be in place before your lender will release the funds.
Amounts vary by province, purchase price, and lender. Your lawyer will walk you through your own numbers before closing day, and we do not mark up third party costs.