For a real estate purchase or sale to be considered official and legal, it must be formalized by a notary.
Although notary fees are governed by a professional code of ethics to ensure they are fair and accurate, they can vary from one notary to another, depending on factors such as experience and the transaction’s complexity.
Généralement, pour l’achat d’une maison ou d’un condo, les frais totaux (vendeur et acheteur) se situent entre 1 500 $ et 3 500 $.
For a house or condo purchase, the total fees (seller and buyer) generally range between $1,500 and $3,500.
The notary’s bill includes:
- their professional fees;
- transaction fees (administrative fees such as publishing the deed of sale);
- taxes (GST and QST).
Who Pays?
It’s standard practice for both the seller and the buyer to share the costs involved in validating and processing their transaction. However, the parties can come to a different arrangement as part of the sales negotiations.
What the Buyer Typically Pays for:
The notary must carry out a lot of behind-the-scenes work, most of it before the appointment with the clients. The buyer’s bill includes, more particularly, the time spent analyzing documents, contacting clients, requesting information, and drafting mortgage deed according to the bank’s instructions and the deed of sale. The notary also sends the preliminary application to the bank, authenticates the titles, and validates the certificate of location to ensure everything is in order. And so on and so forth!
Notary
What the Seller Typically Pays for:
Here’s a list of what the seller usually pays for, taken for the Chambre des notaires du Québec’s website:
- Obtaining a mortgage statement from the seller’s lender, repaying the loan balance, preparing the discharge statement, and registering it with the Land Registry;
- Obtaining municipal, school, and water tax statements;
- Obtaining title insurance;
- Preparing the new form required by the Land Registry;
- Transferring funds;
- Paying courier fees;
- Drawing up the powers of attorney;
- Holding funds in trust, including the agreement and administration;
- Obtaining a bridge loan;
- Requesting that the meeting be held separately from the meeting with the buyer;
- Obtaining the real estate deed of transfer;
- Resolving defects in title.
In any case, we recommend you contact one or more notaries to get an estimate of the costs your property transaction will entail.
