Buying or selling a home is probably the most significant financial transaction that anyone undertakes in their lifetime. While this can be an exciting time, without the proper legal guidance, the process can be frustrating, overwhelming and more expensive than necessary. Even if there are no obvious disagreements between the Buyer and Seller – it is advisable for each party to enter into real estate transactions with their own lawyer and real estate professional, who can help steer them away from common pitfalls and make the transaction an enjoyable experience.
Our real estate lawyer will carefully review and explain all of your legal documents relating to your real estate transaction, as well as investigate the property ownership history and ensure that the previous owner’s debts against the property are dealt with before the closing date.
From the start, our real estate lawyer will provide you with exceptional and individualized service; whether you are a first-time home buyer purchasing a newly-built or resale home or a seasoned real estate investor obtaining financing or refinancing your investment, our real estate lawyer is well prepared to assist you with numerous closing documents, and will review with you the conditions and terms of the mortgage you may have obtained from your bank.
Throughout the process, our real estate lawyer will work diligently with your team of professionals in your real estate transaction, whether it is with your mortgage broker, real estate agent, property manager, or accountant – our lawyer will ensure you are in the loop and will provide you with the level of expertise needed each step of the way.
Land Transfer Tax
In every real estate purchase, you will pay land transfer tax. Land transfer tax is a one-time tax, payable on closing and is calculated according to a formula provided by the Ontario government. If you are purchasing property for the first time, you may be eligible for the first-time home buyer’s land transfer tax rebate. Our real estate lawyer will be able to provide you with further details and determine whether you are eligible for the rebate.
Harmonized Sales Tax
Generally, if you are purchasing a resale home, Harmonized Sales Tax (HST) does not apply. However, if you are purchasing a newly built home, HST will apply. In that case, you may be eligible for an HST rebate and our real estate lawyer can determine whether you qualify for the rebate.
Property taxes vary widely by region. Our real estate lawyer will ensure that there are no outstanding tax issues, liens, or unpaid utility bills, which you could be forced to pay if not properly dealt with before closing.
Title insurance is an insurance policy that protects you against certain defects with your title. The title insurance premium is paid once and covers you for as long as you own your home. Our real estate lawyer will explain your options in protecting your title and the ways title insurance will protect you from fraud, title defects and ownership disputes.
If you are obtaining financing for your home purchase from a financial institution, your lender will require proof of home insurance before providing any mortgage funds. We will work with you to obtain the proper home insurance required and represent both yours and your financial institution’s interest in the real estate transaction.
We encourage you to contact our real estate lawyer for more information by filling out the contact form on this page.