Sale of Commercial Property Fee Quote
With & Without business
Our closing costs for real estate closings as set out herein is provided to you as an estimate only. With third party service providers increasing their prices at short notice or with no notice, it has become quasi-impossible for us to give you the usual "all inclusive" pricing for a real estate closing. Nevertheless, as usual, we endeavor to work with you to keep closing costs as reasonable as possible.
We thank you for your understanding and cooperation
CLOSING COSTS ON THE SALE OF COMMERCIAL REAL ESTATE PROPERTY WITH AND WITHOUT BUSINESS
Our legal fee for acting on the sale of a commercial property is $2,495.00 plus H.S.T plus disbursements. This fee includes our services for discharging an existing mortgage against title and provided that there are no other title complications.
Disbursements are out of pocket expenses incurred by the law firm to clear title in favor of the Buyer to allow the Seller to complete the sale pursuant to the terms of the agreement. Disbursements not included are the costs of any discharge registration fees ($83.11 per each registration) execution searches ( approx. $16.50 per name), certificates, title search, etc.
Also excluded are any conveyancer fees, fax, photocopy, courier charges, large wire transfer charges or bank deposit charges that may apply to the transaction.
TRANSACTION LEVY FEE
Your lawyer is required to pay the Law Society Transaction Levy Fee on each sale transaction.
Your transaction will bear an additional levy charge of $65.00 + H.S.T.
ADDITIONAL MORTGAGES OR OTHER LIENS
For any discharge of additional charge/mortgage of land, liens (such as Revenue Canada liens, Notice of Security Interest for HVAC, etc.) additional fees of $395.00 plus H.S.T. plus disbursements for each additional encumbrance to be discharged shall apply
TENANCIES BEING ASSUMED
Where tenancies are being assumed by the buyer, and the leases are standard, an additional fee of $595.00 shall apply for the review of the first lease and $195.00 for each subsequent lease being assumed and preparing the statement of adjustment accordingly.
LICENCING AND OTHER SUPPLY AGREEMENTS
A legal fee of $495.00 plus H.S.T shall apply in connection with the transfer of any licensing or supply agreements, for e.g. fuel supply and distribution agreements for assumption by the buyer, or such other agreements that are to be transferred to the buyer.
LAND AND BUSINESS
Where a business is being sold as part of the sale of the commercial land/property, an additional fee of $1,495.00 + H.S.T shall apply for services rendered in connection with the business portion of the real estate disposition.
THIRD PARTY SOFTWARE CHARGE
Please note that effective January 2021, as a result of sudden recent significant hikes in software levy charges, we are no longer including software costs in our closing costs.
A software levy charge of $249.00 plus tax is now payable on all real estate transactions.*
TRANSACTION SURCHARGE FEE
The above fees apply for purchase and sale of residential resale properties valued less than one million Canadian dollars. Where the purchase/sale price is over the one million dollars threshold, a fee surcharge of $99.00 shall apply for each extra $100,000.00 up to 2 million dollars and $150.00 for each extra $100,000.00 up to 5 million dollars. For purchase price in excess of 5 million dollars please ask for a personalized fee quote.