We often get asked about real estate conveyancing pricing. For example, “if I’m buying a house, would the legal work cost the same at most firms in Kelowna?”. The answer to this question is “no”.
A client will get a number of different prices or quotes if they call around to different legal firms in Kelowna regarding their real estate transaction. Prices will often vary based on the price of the property, the length of time until the closing date, what type of property is being purchased (i.e. strata, leasehold or freehold), as well as varying firm to firm.
It is important for someone to make sure they are comparing the same thing. For example, sometimes a client will get a quote which is only for the legal fees (i.e. the compensation for the lawyer’s service) and not disbursements (out of pocket expenses) or taxes. Other times, the quote may be “all-in” which can sometimes mean different things – for example, it may or may not include the cost of obtaining strata documents (which depending on the circumstances, can be quite expensive) or it may exclude other things. Generally, the estimate will exclude title insurance if it is required or desired for the transaction.
The summary is that prices vary between firms and sometimes between lawyers within a firm. For a client who is making phone calls, it is very important to figure out what the estimate includes and excludes in order to make an informed decision.
This information is general in nature only. You should consult a lawyer before acting on any of this information. This information should not be considered as legal advice. To learn more about your legal needs, please contact our office at (250)448-2637
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