COMMON DISBURSEMENTS FOR A REAL ESTATE PURCHASE

What are Disbursements?

In a real estate transaction when purchasing disbursements are payable on every file. Regardless, of who you decide to use disbursements will be incurred. Disbursements are on top of the legal fee. This is not money that comes into the lawyer’s pocket. Below you will find common disbursements incurred in a real estate purchase transaction.

Title Insurance

This will depend on the purchase price and the amount of your mortgage.

Purchase Price: $500,000 – Title Insurance estimate: $300 to $500

Purchase Price: $1,00,000.00 – Title Insurance estimate: $700 to $1000

The true cost is known to us when we make the application.

Writ Searches

$11.95 each for every purchaser and seller.

Title Search

$150 to $250.

In some scenarios additional searches may be required.

Bank Charges

Bank draft $7.50.

Bank wires if applicable $80.00

Land Transfer Tax

A few days prior to your closing date, we will provide you with the exact number from Service Ontario that is required for your Land Transfer Tax. Prior to that you may use the following website as an estimate: https://www.ratehub.ca/land-transfer-tax

Ministry Fees

$155.24 payable to the Minister of Finance.

Real Estate Software

$22.00.