we will do it together
Residential Real Estate
Creating a plan of action
Protecting your Investment
Our Residential Real Estate Lawyers take the time to sit with you and create a plan of action for your particular transaction so you know what steps we are taking to protect your rights. We aim to make the process of buying a home as painless as possible so that you can enjoy this significant milestone in your life.
01
One step ahead
We meet with you to review your agreement.
02
building your case
We conduct Due Diligence and Searches
03
achieving your goals
Delivering Clean Title
Making it easy
Purchasing your new home
Get it Right
Protect your Investment
Our Residential Real Estate Lawyers take the time to sit with you and create a plan of action for your particular transaction so you know what steps we are taking to protect your rights. We aim to make the process of buying a home as painless as possible so that you can enjoy this significant milestone in your life.
We have your back
Common Issues in a purchase
Single Family Home
- Assignment
- Assumptions
- Declarations
- Patent and Latent defects
Condominium
- Cooling off Period
- Condominium Act
- Common Elements/Expenses
Pre-Construction
- Construction Delay
- Project Cancellations
- Undisclosed Costs
- Variations
“Buying a house won’t bring you happiness, but turning it into a home certainly will.”
important things you should know
Questions And Answers
Tarion is a not-for-profit consumer protection organization established by the Ontario government to administer the new home warranty program. New home warranty works the same way as any other warranty. It protects against major structural defects, defects in work and defects in materials.
To qualify as a first-time home buyer you must be the following:
- 18 years of age
- Must not have owned a home anywhere in the world
- If married, your spouse cannot have owned a home any where in the world while married to you.
Land Transfer Tax is a tax that you have to pay when you transfer a property in Ontario. It is usually paid by the buyer.
Title insurance protects your ownership interest (title) of your property from losses incurred as a result of unknown title defects or other covered matters that exist at the time of your purchase but are unknown to
you at that time.
What is covered:
Title Risks:
• Someone else claiming an interest in your title.
• Fraud, forgery and false impersonation affecting the validity of your title.
• Existing liens against the title including realty tax arrears and municipal utility charges.
Off-Title Risks:
• Violations of municipal zoning by-laws
• Many forms of encroachments onto the property or adjoining land
• Existing work orders
• Lack of legal access to the property
• Unmarketability of land due to adverse matters that an up-to-date survey/Real Property Report
Title Risks:
- Someone else claiming an interest in your title.
- Fraud, forgery and false impersonation affecting the validity of your title.
- Existing liens against the title including realty tax arrears and municipal utility charges.
Off-Title Risks:
- Violations of municipal zoning by-laws
- Many forms of encroachments onto the property or adjoining land
- Existing work orders
- Lack of legal access to the property
- Unmarketability of land due to adverse matters that an up-to-date survey/Real Property Report
Joint tenants or joint tenancy is the most common way for married spouses to hold ownership of their home. It is a right of survivorship, if one joint tenant dies the property is ‘transferred’ to the other person.
A first time home owner rebate is given to first-time home buyers purchasing newly constructed or resale residential properties. The maximum amount of eligible for one person is $4,000, or $8,000 for a couple. This rebate is adjusted on your payable Land Transfer Tax.
There are two types of Land Transfer Tax, Municipal and Provincial. They are both calculated the same way, using marginal tax rates to find tax for each bracket.
- First $55,000 is taxed at 0.5%
- $55,000 – $250,000 at 1.0%
- $250,000 to $400,000 at 1.5%
- $400,000 to $200,000 at 2.0%
- Over $2,000,000 at 2.5%
If you live in Toronto you have to pay Municipal Land Transfer Tax as well as Provincial Land Transfer Tax. Use our calculator to find your total Land Transfer Tax.
Title Insurance is not mandatory or required by law in Ontario. Although we highly recommend that you obtain title insurance
Although not mandated by law, home fire insurance is required by most lenders in Ontario.
This is another way to hold ownership of a property, it can be help by two or more people including corporations. If one tenant dies, their share does not pass to the remaining persons, but is dealt with according to their estate.
Moving Forward
Selling your property
plan of action
Making it easy
Selling your home can be a difficult time. This is a place maybe where you grew up, made your first memories or just spent a lot of time there. We know its hard, so we are here to make it easy and stress free. Our team makes it hassle free so you can focus on packing.
01
One step ahead
02
building your case
03
achieving your goals
“If We Were Meant To Stay In One Place, We would Have Roots Instead Of Feet"
Rachel Wolchin
We have your back
Issues That may come up in Sale
Selling to buy
There is always a risk that
- there is a delay in funding
- bridge financing
Buyer cannot close
There are many reasons why a buyer may not be able to close:
- Unable to come up with the down payment.
- Delay in funding
- Unable to obtain a mortgage
Extentions and Adjustments
- Construction Delay
- Project Cancellations
- Undisclosed Costs
- Variations
important things you should know
Questions And Answers
Tarion is a not-for-profit consumer protection organization established by the Ontario government to administer the new home warranty program. New home warranty works the same way as any other warranty. It protects against major structural defects, defects in work and defects in materials.
To qualify as a first-time home buyer you must be the following:
- 18 years of age
- Must not have owned a home anywhere in the world
- If married, your spouse cannot have owned a home any where in the world while married to you.
Land Transfer Tax is a tax that you have to pay when you transfer a property in Ontario. It is usually paid by the buyer.
Joint tenants or joint tenancy is the most common way for married spouses to hold ownership of their home. It is a right of survivorship, if one joint tenant dies the property is ‘transferred’ to the other person.
Anything that is permanently attached to real property such as blinds, chandeliers and appliances.
A first time home owner rebate is given to first-time home buyers purchasing newly constructed or resale residential properties. The maximum amount of eligible for one person is $4,000, or $8,000 for a couple. This rebate is adjusted on your payable Land Transfer Tax.
There are two types of Land Transfer Tax, Municipal and Provincial. They are both calculated the same way, using marginal tax rates to find tax for each bracket.
- First $55,000 is taxed at 0.5%
- $55,000 – $250,000 at 1.0%
- $250,000 to $400,000 at 1.5%
- $400,000 to $200,000 at 2.0%
- Over $2,000,000 at 2.5%
If you live in Toronto you have to pay Municipal Land Transfer Tax as well as Provincial Land Transfer Tax. Use this calculator to find your Land Transfer Tax.
This is another way to hold ownership of a property, it can be help by two or more people including corporations. If one tenant dies, their share does not pass to the remaining persons, but is dealt with according to their estate.
Any personal property that is moveable such as curtains, paintings and furniture.
we are part of the family. all the way through.
Contact us at any time to get legal advice specifically catered towards you