“How much are legal fees to buy and sell a house in Alberta?” This is the number one search, the question everyone wants answered. So, here are some answers based on my law firm (Field Law), and some comments about how much it costs for real estate lawyer’s fees in Edmonton. Now updated for January, 2020.
First of all, there are no, “standard” legal fees. Lawyers set their own rates. My firm prefers flat-rate fees because we want our clients to have peace of mind and a clear number to budget with.
At Field, our legal fees are in the middle of the pack. How do we know? Because every year we survey the top 10 real estate lawyers in Edmonton. We want to know what the competition is charging. Then, we set our legal fees to be competitive. Not the highest, but not the lowest either. We refuse to cut corners just to make our lawyers’ fees cheap; we only provide world-class legal services, but we do it at an affordable rate.
All law firms in Edmonton—except Field Law—say that their legal fees are composed of three things. This results in a fuzzy, soft number. Some parts of it are variable, so the only definite part in your quotation is the fee. At most law firms, you don’t quite know the exact number till you get the bill. Here’s how most lawyers quote a fee:
The 3 Components of Real Estate Lawyers’ Fees in Alberta:
- Fees: what the lawyer gets paid for doing the work, plus;
- Disbursements: out-of-pocket expenses paid to third parties, plus;
- GST: the federal Goods and Services Tax (5%).
Here at Field, we do it differently. We created the fast, easy, Homeowner’s Plus program with flat-rate lawyer’s fees. Our quotation includes the legal fees and all the disbursements! It’s an all-inclusive number!! More certainty for you, better for your budgeting, and certainly more transparent.
If you want a firm budget number while avoiding hidden costs, then our “no surprise” Homeowner’s Plus program is for you. So, what the heck are those Edmonton real estate lawyer flat-rate legal fees?
Homeowners Plus “No Surprise Legal Fees”
- Selling your home and paying out one mortgage $1,295
- Refinancing your home $1,295
- Paying cash for your home $1,395
- Buying your home with a new mortgage $1,695
- Buying your condo with a new mortgage $1,795
Be Prepared! Certain deals have added costs:
- New Construction…. Add $195.00
- CMHC First Time Homebuyer 2nd Mortgage – Add $595.00
- Any Mortgage NOT with Big 5 Banks (RBC, TD, etc) – Add $195.00
This basic legal package for buying and selling Alberta real estate includes:
- All your legal fees
- All disbursements
- All government filing fees
- Everything you need to close
Use our Homeowner’s Plus program to make your home purchase or sale and you’ll know your cost before we even get started. You’ll qualify for this program if you are buying or selling a home anywhere in Alberta for a basic transaction under $400,000, and for each additional $100,000 increment we’ll add just $100. Sorry, we still have to add the dreaded GST…
We like easy and no surprises, but if you surprise us with something that isn’t standard or basic, there may be extra fees. Examples of surprises are: encroachments, Powers of Attorney, multiple appointments, real property reports, development applications, amendments to the real estate purchase contract, seller disputes, late completion, dealing with tenants, title insurance, rush transactions, and new home construction with a draw mortgage. Transactions that do not close are often more work than those that do. If your transaction does not close, our account will be based on the hourly rates of the lawyers involved.
Our flat-rate legal fees cover standard Alberta real estate services:
- Receive and review contracts
- Search and review taxes, title, and other registrations against title
- Contact you
- Review and check payout or assumption statements
- Prepare the transfer and all sale documentation
- Meet with you to review and sign documents
- Prepare and forward documents to the buyers lawyer
- Receive sale funds
- Payout mortgages, debts (if any), and forward your balance of sale proceeds, and
- Report to you, banks, municipalities, and others parties.
When you add it all up and compare our legal accounts against the average of our competition, there is very little difference in price. So the question is, do you want: an all-inclusive fixed price, a real estate legal team with over 100 years of combined experience, and stress-free world-class service?
Get the legal help and representation you deserve! Use the form below to send an email now, or click here to view full contact details.