Answer #4 – Lawyer's Fees and Closing Costs

We’ve come to the end of our journey through mortgages and by now you’ve seen that there is a lot of information to take in and it’s best to talk to a professional, like our Sarah did, in order to get the best advice.

So when it came to answering questions regarding closing costs, and lawyers fees we went to a professional we trust, Peter Dudzic of Dudzic Law, to get you the right answers.

“Closing costs are comprised of numerous fees, once your lawyer receives instructions for your new mortgage, the property is searched, the mortgage is prepared in electronic format, fire insurance confirmation obtained, tax information obtained, mortgage payout statements will be obtained, they will attend to the clients to sign and attend to the registration of the mortgage. Fees are $500.00 plus GST and disbursements of approximately $450.00 comprised of sub searches, execution search, tax certificate, register mortgage, register discharges, miscellaneous (cheque certification, photo copies faxes etc.) Title insurance is required and Land Transfer Tax will make up the majority of your costs and the amount varies with each property. The total rough estimate is approximately 1.5% of your purchase price.”

For more information regarding lawyer’s fees you can reach Peter Dudzic of Dudzic law office at 905-528-4251 or at peter@dudziclaw.com

This wraps the answers to our mortgage survey. Of course, if you have any additional questions about what we’ve covered or would like information on something we didn’t covered please feel free to contact either of our resident mortgage professionals.

At our Mohawk Branch - Kathy Gordon – 905-383-3395 ext 103 or kgordon@hccu.on.ca

At our King St Branch – Anita Williamson – 905-529-9445 ext 107 or awilliamson@hccu.on.ca