You have met with your mortgage broker and have met all the conditions to secure financing.  Next step is to meet with your lawyer.  A referral is always a good way to go in finding a lawyer.  When you have found one or a few, feel free to give them a call to see how much they will charge you.  Fees can vary.  You do not have to wait until closing day to meet with your lawyer; you can do so days ahead and this gives you more time on move day as well as peace of mind.

Here is a basic idea of the items that will be reviewed at your lawyers.

Down Payment:  in setting up your financing you agreed to a certain amount as a down payment.  The amount that you put down as a deposit with your Purchase Offer will be factored as part of your down payment money.  The total amount of down payment will be purchase price minus mortgage amount minus deposits.  You lawyer will finalize this number for you which you will bring as certified funds.  If you are selling a home and purchasing another one, then whatever equity is coming from that property will form part of the down payment.  The total amount of the down payment will be purchase price minus mortgage amount, minus existing equity, minus deposits.

Land Transfer Tax: this tax is calculated as a percentage of the purchase price of your home, which is payable upon closing.  The amount varies in different provinces but you lawyer will be able to determine what the amount is for you.  If you are a first time home buyer you may receive rebates on Land Transfer Tax so decreasing the amount you owe.

PST on Insured Mortgages:  When you put less than 20% down on the purchase of a home, it will be insured by one of the three companies that insure mortgages in Canada.  This mortgage insurance premium which most commonly is added to the mortgage, is charged a PST tax which you will be required to pay at closing.

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