property including preparing the deed, issuing and collect closing day adjustments, requesting and receiving the tax certificate from municipal offices, registering the deed, receiving the mortgage instructions and funds from the lender and most importantly sending the funds to the seller’s lawyer and giving permission for the buyer’s agent to release the keys to the home to the buyer.
LEGAL TERMS
DEED TRANSFER TAX This is the tax that must be paid to the county in which the property is located. Halifax Regional Municipality charges a Deed Transfer Tax of 1.5% of the purchase price. (i.e. tax on a $200,000.00 purchase price would be $3000.00). The tax is payable before the deed can be registered and this amount is part of the closing day adjustments. RECORDING FEES AND D G FEES AND DISBURSEMENTS These are the fees payable to the Registry of Deeds/Land Registration Office for registering your Deed to the property and if applicable, your mortgage(s). In addition, there are charges for clearance certificates, photocopying and courier charges. LEGAL FEES These are the fees payable at closing for the legal work involved in representing your interest in the transaction. They do include all aspects of the transaction including preparation of all documents, ordering all statements and the preparation of final adjustments. TITLE INSURANCE Title Insurance guarantees your interest in title against many hidden risks and undisclosed interests that may not be covered
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