Legal Fees and Disbursements
- Charges paid on your behalf by a solicitor that are in addition to professional costs. Associated with the sale or purchase of a property, these include costs for searching, drawing and registering the mortgage documents.
home buying legal fees, real estate legal fees
Related Terms and Acronyms
- Closing Costs — Definition,
- The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
- Disclosure — Definition,
- A statement required by most provinces that requires the creditor to tell the debtor the annual percentage rate, finance charges and other terms of a loan.
- A statement listing potential defects to a property, such as the possible existence of lead paint or radon.
- Finance Charge — Definition,
- Charges that include all of the interest expected to be earned over the life of a loan, in addition to the service charges, mortgage insurance premiums, and other loan-related charges.
- Insurance Attorney — Definition,
- An attorney who works with insurance law.
- Porting — Definition,
- A portable mortgage allows you to transfer the terms and conditions from an existing property loan to a new property loan.
- Pre-paid Expenses — Definition,
- also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
- Real Estate Attorney — Definition,
- A lawyer who specializes in the transfer of land and buildings and property tax issues.
- Roll In — Definition,
- To include certain closing costs, such as origination and settlement fees, in the mortgage.
- Solicitor Information — Definition,
- When you apply for a mortgage you will need a law firm with a lawyer's name and their contact information which would typically include the office location, phone number, fax number and e-mail address.