Closing costs - lawyers fees
When preparing mortgage options for our clients, we include all fees involved in the process, so that our clients have a full picture of the costs involved with their mortgage transaction. When including lawyers fees, we provide an estimate of the potential cost. This figure is an estimate because lawyers fees are not standardized, and vary depending on which office is used.
For a purchase transaction, these fees can also include costs that the seller has prepaid that they need to be reimbursed for. This can include paying for property taxes that have been paid in advance and prepaid rental equipment such as hot water tanks. It is important in a purchase transaction, to be aware of these extra costs so that we are able to include them in the financing.
We have a number of trusted and highly experienced lawyers that we refer our clients to, who are also cost conscious. A strong relationship between your mortgage professional and lawyer is important, as communication between all members of your real estate team ensures a smooth transaction. If you need a referral to a real estate lawyer, please let us know and we will put you in touch.