FINANCING: LAWYERS REPORTING LETTER- LEGAL COST STATEMENT OF ADJUSTMENTS

EXAMPLE OF COSTS ASSOCIATED WITH LAWYERS REPORTING LETTER

 

 

ESTIMATE OF FUNDS REQUIRED TO CLOSE

 

If this transaction follows the usual course of events, I estimate your costs to be as follows:

 

 

          Balance due on closing                                   $  203,950.02

          (subject to adjustments)  

 

          Land Transfer Tax                                           $    1,806.00

 

          Registration Costs                                           $      142.60

 

          My Fee                                                           $       850.00

 

          HST on Fee                                                     $       110.50   

 

         My Fee for Mortgage Preparation                        $      250.00

 

         HST on Mortgage Fee                                        $        32.50

 

         Title Insurance                                                  $      278.00

   

         Title Search                                                       $      151.42     

 

         Disbursements – Estimated (see above)               $      200.00               

 

         ESTIMATED TOTAL FUNDS REQUIRED:                  $  207,771.04

 

Unusual problems encountered during the transaction requiring extra work may result in a fee greater that quoted above.

 

I request that you provide an initial retainer of $300.00 in trust, in order that I can commence my searches immediately.  This will actually save you money since there is no HST payable on disbursements paid directly from trust funds.

 

The total funds required for closing must be made available to me no later that the day before closing by certified cheque or bank draft, delivered by hand to my office, or sent to my office by courier.  PLEASE DO NOT SEND FUNDS BY WIRE PAYMENT OR DIRECT DEPOSIT, as the funds are sometimes not permitted to be direct deposited and are often lost or unduly delayed.