Disclosure in the Seller Property Information Statement (SPIS)

A recent case in London, Ontario, has to decide whether a homeowner should disclose a one time occurrence, a basement flooding, in the SPIS.

In this case, the homeowners did not and the new owners sued them. The court found that this one time occurrence was not required to be disclosed.

The article in The Toronto STar is at http://www.moneyville.ca/article/1091727–this-basement-flood-led-to-a-lawsuit

Typical Fees


• Review Agreement of Purchase and Sale within 10 days of signing. $250.00*

• Legal Services for Purchase of Condo $1,095.00 PLUS HST and Registration of Mortgage and Title, Ontario/Toronto Land Transfer Taxes, Title Insurance

Other Typical Closing Costs

• Disbursements** Survey, Postage, Faxes
Execution Name Searches
• Tarion New Home Warranty
• Property Taxes
• Education and Park Levies,
• Utility Hook Up Fees
• Property Insurance

** Disbursements can vary depending on complexity of issues



• Review Agreement of Purchase and Sale prior to signing. $250.00*

• Legal Services for Purchase of Resale House/Condominium $1,000.00 PLUS HST and Registration of Mortgage and Title, Ontario/Toronto Land Transfer Taxes, Title Insurance, Couriers, Obtaining Status Certificate

Other Typical Closing Costs

• Disbursements** Survey, Couriers, Postage, Faxes, Execution Name
• Property Taxes
• Utility Hook Up Fees
• Property Insurance
• Home Inspection

** Disbursements can vary depending on complexity of issues


Legal Services for Sale of Resale House/Condominium $995 PLUS HST and Registration of Discharge of Mortgage, Couriers

Other Typical Closing Costs

• Disbursements** Couriers, Postage, Faxes, Execution Name
** Disbursements can vary depending on complexity of issues


Legal Services for Mortgage Re-Financing $450 PLUS HST and Registration of Mortgage, Title Insurance, Land Transfer Taxes and Registration of Mortgage

* Disbursements** Couriers, Postage, Faxes, Execution Name

** Disbursements can vary depending on complexity of issues

Note this is not intended as legal advice. Please contact Prince Law Office for immediate assistance with your residential purchase.

Closing Costs

Ontario Closing Costs
There are several items that need to be attended to prior to closing a Toronto real estate transaction. These include certain items imposed by the government, certain items that lending institution require as well as certain items that should be attended to in order to ensure clear title to the home or condo that you buy. In general, we ask our clients to budget up to 2% of the purchase price of the Toronto home or condo to cover these various items. While these vary depending on the situation, typical costs include:

In most cases, the agreement of purchase and sale will have a clause asking for the vendor to provide a survey to the purchaser at their cost within a certain period of time. If the vendor does not provide you with an acceptable survey, you may need to obtain a new survey. Approximate cost: : $650 . In most cases however, the survey is provided by the vendor.

Title Insurance
A title insurance policy can eliminate the requirement for a new survey. Title insurance is an insured statement of the condition of title or ownership of real property, at the time the policy is issued. Approximate cost: $250-275 (residential).

Land Transfer Tax
The Land Transfer Tax is payable on all purchases. The tax is calculated on the purchase price of a home according to a specific formula.(click here to learn more about land   transfer tax  or click here to go directly to the land transfer tax calculator)

Legal Fees
Legal fees will vary according to the lawyer. Approximate cost: $600 to $800 Disbursements.

Disbursements are costs that you lawyer will have to pay on your behalf, such as registration fees, photocopies, etc. Approximate cost: $400 to $600.

Statement of Adjustments
The purchaser and the vendor are each responsible for their share of taxes, fuel, and utilities. These costs will be reflected in the statement of adjustments which the lawyer puts together. Approximate cost: Varies depending on type of property (condo vs. freehold) and time of year.

Home Insurance
Home insurance premiums will vary from one insurance company to another and according to your insurance needs. In a condominium, the building insurance is included in your maintenance fees and does not form part of the closing costs, unlike a house purchase. Approximate cost: Varies

Mortgage Application
Your lending institution may charge a fee for processing your mortgage application. Approximate cost: Varies

Mortgage Appraisal
Approximate cost: $200. This may be waived depending on how you negotiate.

Home Inspection
Prior to buying a home, you should have a home inspection performed to identify any significant structural, electrical or plumbing problems with the home. Some lending institutions require that you have a home inspection completed before approving financing. Approximate cost: $200 – $450 tax.

Status Certificate
Prior to buying a condo, you should request a Status Certificate. This document provides detail on the Condo Bylaws, Rules and Regulations, as well as Finances. Any Insuite restrictions or common element restrictions are also detailed in the Status Certificate. Most importantly, it includes information on the condo’s Reserve Fund, which is the amount the condo corporation has set aside to cover unexpected expenses. The Status Certificate is usually paid for by the seller. Approximate cost: $100.

CMHC Insurance Premium
This premium is only applicable if you are putting less than 20% of the purchase price as a down payment. Additionally, you have the option of adding the premium to your mortgage and amortizing it over the term of your mortgage. In the latter case, it does not form part of your closing costs as you will pay it over the term of the mortgage. Please click here to calculate how much your premium will be if you are intending to put less than 20% as a down payment.

Other costs that should be budgeted for include moving costs, starting new utility accounts, address changes, and others.

The material in this newsletter is not intended as legal advice. It merely conveys general information on legal issues commonly encountered by persons buying or selling real estate in Ontario.  If you are buying or selling a property should contact a real estate lawyer – immediately, to protect your interests

Spring Newsletter

Prince Law Newsletter No. 1   May 8, 2011

In this newsletter:

1.    Why selling your own house may cause you losses.
2.    Meet Cindy who buys buys and holds houses as a long term investment
3.    How not to flip houses
4.    One Bloor Street East, when will it be built


Wanting to save a few thousand dollars is smart, but most home owners do not know what to do to sell their house privately.  Mark Weisleder advises of common pitfalls that can occur

Tracy Tjaden speaks with a house flipper Cindy Wennerstrom. Ms. Wennerstrom advises to hold houses for the long term and tells you why.


So you want to flip houses, some things to avoid.


One Bloor Street has not been built yet. Read about the proposed site, the owners and history.


Continue reading

Condo Fees

This article by David Fleming, of the The Toronto Grid, advises of the optimum condo fees per square foot.



Specific Performance

This is a remedy that the purchaser of property can obtain, if the vendor does not the sell the property, as agreed to, or breaches a condition of the contract. The theory behind this law, is that each piece of land is unique.

In a recent case in Ontario, called Greenway Estate Homes Ltd v. McDonald, the purchaser sought this remedy plus an abatement of the purchase price. The purchaser claimed, the piece of land was less then the 26 acres listed in the agreement of purchase of sale. The court found that the purchaser was unable to purchase the property, as funding fell through, and had not raised the acreage issue until the day before closing. In this case, the purchaser was not given the remedies he sought. and forfeited his deposit