Legal fees in a real estate transaction generally represent a tiny fraction of the overall costs incurred by a client. It is common for fees to be less than half a percent of a transaction yet realtor fees are several percent of a property purchase and sale. The lawyer’s work is challenging and significant coordination is involved in obtain information relating to a client’s closing prior to the client signing off on the documentation. As a firm, Open Door Law Corporation strives to be transparent with its fees and it has prepared a fee schedule, which is subject to change, to help guide our clients with certainly as to what our firm’s costs will be at closing.
Open Door Law’s fee schedule*:
| Transaction Type | Open Door Law Legal Fees | Estimated Non Taxable LTSA Fees |
|---|---|---|
| Standard Purchase | $899.00 | $250.00 |
| Standard Sale | $749.00 | $50.00 |
| Standard Refinance/ Mortgage | $799.00 | $150.00 |
| Standard Family Transfer | $599.00 | $100.00 |
| Standard Transmission | $499.00 | $100.00 |
* The above fees do not include third party costs such as a survey, insurance binder, title insurance, or strata forms, if required by your lender; nor other third party or office disbursements usually incurred in a standard real estate conveyance. Legal fees effective August 1, 2020. Applicable taxes are in addition. Please inquire with us to obtain full quote before proceeding as fees are subject to change without notice.
A “standard” residential purchase or sale means a conveyance that meets the following criteria:
- The contract is the standard BC Real Estate Association approved standard form residential contract of purchase and sale, has been signed by both parties, and the purchase price is below $1,000,000;
- The completion date is at least 10 business days from the time we agree to act for you;
- The seller is/are Canadian resident(s) and an individual;
- The seller or buyer, whoever is our client, is able to attend at our offices to sign the closing documents and has current and valid personal identification documentation;
- When acting for a buyer, the buyer is obtaining only one mortgage to close the transaction and the lender is a standard Canadian bank or a credit union (not a private lender or foreign bank);
- When acting for a seller, there is only one seller’s mortgage to be discharged post-closing and the mortgage is registered on title in in favour of a standard Canadian bank or credit union (not a private lender or foreign bank) and there are no other creditor or lien claimant payouts;
- A court order is not required to complete the transaction (such as for foreclosure proceedings or a property that is subject to bankruptcy or similar type proceedings);
- The transaction does not involve the transfer of shares in a company or a leasehold interest in lands or any other corporate interests.
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