Notary fees for a real estate transaction in Quebec
Other than the sales price of the home, a home buyer should expect several other fees and charges related to the transaction. Regardless of why you require the services of a notary public, it is important to know that fees often do apply.
The final, compulsory step in every real estate transaction in Quebec takes place at the notary’s office. This is when the buyer and the seller formally confirm the bill of sale.
While a notary’s work is fundamental to the integrity and execution of the transaction, so are their costs.
Once a promise to purchase has been signed, it is the notary’s turn to play an important role.
A notary is a person who is authorized by the state to verify the signatures of everyone who signs a document.
Notaries ensure that all signers are aware of the contents of the document being signed, and are not signing against their will.
The notary will analyze numerous documents:
- Purchase offer,
- Statement of municipal taxes,
- Previous title deeds going back several decades,
- Certificate of location,
- Statement of school taxes,
- Declaration of co-ownership,
Real estate matters are very complex. Therefore, a notary would be helpful for both parties.
A notary listens and advises his clients while ensuring adherence to legal acts.
The cost of this transaction varies depending on a number of criteria. PThe type of building, the number of buyers, and the number of separate accommodations, namely, are some of the factors that could impact a notary’s rate.
Notary fees often depend on where you get the document notarized
What is a Notary’s Price for a real estate transaction in Quebec?
according to La Presse, they now range from $1,200 – $1,250 for a single-family residence with a value of $200,000, in addition, transaction fees and applicable taxes can average $450 to $500.
It is important to underline that these expenses relating to the purchase of a property, taxable or not, do not constitute at all the notary’s fees and that the majority of these expenses are paid to third parties, in particular to the land register.
Real Estate Lawyer
Whether you’re buying, selling or refinancing your home, you’ll need a real estate lawyer or notary to help you complete your paperwork and facilitate the financial transaction.
A lawyer or Notary Public helps buyers navigate the legal requirements of buying a home
your lawyer’s overall responsibility is to make sure your paperwork is filed, your rights are protected and your transaction goes through.
the lawyer/notary fees for closing the sale will vary according to the intricacy of the transaction, but they should range from $500-$700.
The choice of the buyer or the seller?
The notary should provide the seller with some important legal documents as well.
Typically, in property sales, the buyer shoulders most of the costs. This includes appraisal fees, prepaid insurance, credit report fees, notary fees, tax servicing fees, and the like.
The notary pays the third parties, mainly the land registry for research and registration of the deeds.
This should come out of your legal fees, and your notary will take care of this. You will owe or receive a prorated amount for the remainder of the year’s property taxes.
Form B Information Certificate
Under the Strata Property Act, a buyer is entitled to obtain an Information Certificate (known as a Form B).
This certificate is formal confirmation, that acts as evidence, that no contributions, assessments or fees of any kind are overdue from the seller, the owner of the unit.
The Form B sets out information relating to the strata corporation and its financial affairs including the amount of the strata fees payable, the amounts of any outstanding or approved special levies, whether there are any new bylaws that have been recently approved,