Most real estate transactions tend to fall apart because of the buyer, but there are cases where sellers influence these failures. Some sellers may request additional time to move out before the buyer physically assumes the property, but there are also those who change their mind about selling at the eleventh hour. This may be because they want to sell to someone else after being offered a better price, or simply because they got cold feet. Although they may attempt this, it’s important to know that there are laws that protect buyers. These laws enable buyers to sue the seller and force them to follow through with the deal. If you’re wondering what happens if a seller delays or notice that the seller is stalling, here are your options and how you can get help from a real estate lawyer.
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What Can Go Wrong at Closing
After a lengthy search for the right home for you, endless mortgage application forms, and tiring negotiations with the seller, you have purchased your dream home and are excited to move in! You signed your part of the purchase agreement, prepared your down payment, and are ready to celebrate your big purchase. However, you’re not out of the woods…yet. Until the deal has gone through, there is still the potential that this arrangement could fall through. Various closing problems could still arise, some which you can control, so you need to do your due diligence to prevent them from happening. Meanwhile, other closing problems could be out of your control. Here are some of the most common closing problems when buying a home, so you can prepare for anything.
6 Important Questions to Ask a Motivated Seller
A motivated seller is someone who desperately wants to sell their home. Whether they have big plans to move far away or are stressed with the workload it takes to maintain the property, a motivated seller is looking to get out of the mortgage and move on. As a buyer, this could be good news for you. For one, it might mean the seller is willing to negotiate the price and offer a quick closing. On the other hand, it could signal red flags. Before you get excited and sign the papers at this new opportunity, have your agent talk to the selling agent. Here are some important questions you should ask a motivated seller.
Things to Check before Buying a Pre-Construction Condo in Toronto
Condominium sales are skyrocketing in Canada’s biggest housing markets—especially the Greater Toronto Area—which is why many people are looking for the opportunity to invest in a pre-construction condo (a condo that is planned and approved to be built in the future) in hopes of gaining a future profit.
While it may seem like a lucrative opportunity upfront, experts say there are some important factors to consider before dishing out the cash. Buying a property, whether it’s your first or not, is a big step, so that’s why you should always consult with a lawyer before buying a pre-construction condo to ensure you get what you signed for. Here’s how to buy a pre-construction condo, as well as some important things to check before you make the investment.
Should You Hire a Real Estate Agent or Lawyer to Buy a House
For most people, the biggest and most significant purchase they will ever make is buying a home. While it is common for buyers to seek a real estate agent to help them with the process, there are also many reasons to hire a real estate lawyer. A real estate lawyer can help you with the legal aspects of taking on a property and dealing with any issues that may arise. Here’s what you need to know about hiring a real estate agent and lawyer.
How to Transfer Real Estate Title from a Parent to a Child
The family home is a special place full of years—sometimes even decades—of memories from each generation. When it’s time to retire or consider moving into a more manageable space, deciding what to do with the family home can be an emotional and difficult choice to make. Many homeowners choose to pass their home down to the next generation—one of their adult children. However, this is not a decision that should be taken lightly. Any time you deal with making a real estate transaction, it’s important to put emotions aside and think carefully about making the right choice. If you are wondering how to transfer a house title or property from a parent to a child in Canada, here’s what you need to know so that you make the right decision for you and your family.
RULE NUMBER 1 – THINK TAXES!
YOU MUST BE VERY CAREFUL IN MAKING THESE TRANSFERS TO GET PROPER TAX ADVICE AS A MISTAKE COULD BE VERY COSTLY. TALK TO YOUR LAWYER, ACCOUNTANT, OR TAX LAWYER BEFORE YOU DO ANYTHING.
The Importance of Condo and Home Inspections before Purchasing a Property
At a certain point, most people start their search for a more permanent living arrangement, as they choose to leave renting behind and look for buying opportunities. Condominiums and houses allow homeowners many benefits such as owning their own property and building equity as they make their mortgage payments. Condominiums have the added advantage of low maintenance: there are no driveways to shovel, no leaky roofs to repair, and no broken HVAC systems to deal with. However, whether you choose to live in a condominium or a house, sometimes things go wrong. Before you consider signing any papers and buying a condo or house, there are some important things to keep in mind. Conducting a house/condo inspection before you purchase the property is extremely important to ensure that the residence is in good condition before you move in. Although these inspections can be an added expense you may not have considered, they are far more affordable than moving into a house and being stuck with serious repairs.
Mortgage Refinancing: Avoid These Hidden Costs
Refinancing your mortgage can be a great way for you to gain finances to consolidate debt, complete a home renovation, or pay for your children to attend post-secondary school. For many homeowners, refinancing can be cost-effective; however, to find out if refinancing your mortgage is the best option for you, you need to first consider the interest rates and other mortgage refinancing fees involved, and compare these costs with other options available to you. Here’s what you need to know about mortgage refinancing costs and how you can avoid them.
Why Should You Own a Condo or Apartment in CityPlace?
The Toronto area is one of the most sought-after spots to work, and new condo developments are ideal for people needing to move into the city. Condos in the Toronto area have been the primary choice for new homeowners, as housing prices have been on a steady incline over the past decade, however prices have not always been affordable. The good news is that condo prices are moderating in 2019, according to analysts and developers, meaning prices and rent amounts are expected to slow down soon. While there are many great communities in the city, owning a condo in CityPlace provides you with many great opportunities Why should you seek real estate in CityPlace? Here are a few reasons to consider.
8 Mortgage Refinancing Myths Busted
If this is your first time considering refinancing your mortgage, there are some important things you should know. There are several mortgage refinance myths circulating that make it difficult to know what to expect in the process. Here you can see the most common mortgage refinancing myths busted and stay informed as you move forward with the refinancing process.
Why Buying Property in CityPlace is a Good Real Estate Investment
What began as abandoned railway land has now transformed into a vibrant downtown community—today, CityPlace is home to thousands of Torontonians, and it is constantly growing. Located west of Bathurst Street in Downtown Toronto, CityPlace is considered one of the city’s finest areas. It is just a short walk away from Toronto’s financial district and has been growing and maturing thanks in large part to an increasing population and more available amenities and services.
The biggest draw to the area is the fact that it is booming in development, making it a great place to settle. Would-be homeowners find CityPlace’s location desirable—it is nestled between Union Station and the Gardiner Expressway, and close to King Street West and Liberty Village. There are many reasons to consider real estate investment in CityPlace and if you are seriously considering moving to the area, the professional real estate lawyers at Zinati Kay – Real Estate Lawyers can help. Here’s what CityPlace is a good real estate investment.
Title (and Tax) Tips: Be careful – CRA may not see Real Estate the way you do…
Tax Treatment for Investment Properties and Primary Residences
Most people are aware that the sale of an investment property is generally subject to capital gains tax on disposition and that the sale of a principal residence is generally tax free. What a lot of taxpayers don’t realize is that when you have a change in use from personal property to income producing property or vice versa, the property is deemed to have been disposed of at fair market value and acquired immediately after for the same price. This can result in unwanted tax consequences in many cases and there are two optional elections that can be made that in many cases are very beneficial to the taxpayer. The problem is that most taxpayers are not aware of these elections and they cannot be made retroactively.
Questions to Ask Before Buying a New House
Are you considering buying a new house in the near future? Congratulations! There are many exciting aspects about buying a property and having a place that is truly yours. However, it’s important to have a solid homebuyers’ plan and to do your research before you begin contacting mortgage lenders and start the house hunting process. Do you have questions about the homebuying process? Check out our first-time homebuyers FAQ for questions to ask before buying a new house in Canada.
Home Buying Checklist
One of the most complicated adventures in life is buying a new home. It’s also one of the most rewarding experiences! If you’ve purchased a home before, you’re likely an expert on all the ins and outs. But if this process is new and confusing for you, our home buyers’ checklist includes important steps to take throughout the process. When buying a condo or home, here’s what you should consider.
Common Title Search Issues and How to Resolve Them
When making any large purchase, it is always wise to do your research first. The same applies to purchasing a home and conducting a title search. What is a property title search? A property title search occurs before anyone makes a real estate purchase. These searches ensure that the person selling the home has the legal rights to do so, and that there are no other issues that could prevent the buyer from taking ownership. What possible issues could occur before possessing the property? Here’s what you need to know about the most common title search issues.
CRA Pursuing Tax on Assignments – Proceed with Caution!
Income Tax on Assignment Sales:
The recent 2019 Federal Budget announced that CRA will be devoting significant resources to pursue and investigate real estate transactions as the Department of Finance feels that this is a significant area of non-compliance. What that means is that if you are involved in a pre-construction assignment sale, there is a high likelihood that you will be subject to CRA scrutiny, so it is important that taxpayers understand the rules for both income tax and HST relating to assignment sales.
Questions to Ask Before Hiring a Real Estate Lawyer
When it’s time to buy or sell your home, there are certain times when you would benefit from working with a real estate lawyer. Unexpected complications may come up along the way, so having an expert guiding you through the process will serve you well. Before choosing a professional, it’s important to consider what to ask when hiring a real estate attorney. To get you started on the right track, here are some questions to ask when hiring a real estate lawyer.
Assignment Alert! Builders Cancelling Incentives as a Condition of Assignment!
We complete many Assignment transactions and have recently come across a significant issue with more and more builders and affecting clients buying or selling a unit by way of Assignment.
After the transaction between the New Buyer (Assignee) and Seller (Assignor) is firm, and formal application for consent to the Assignment is made to the Builder, the Builder is insisting on removing certain incentives that the original Buyer/Assignor may have received under the terms of the original Builder Agreement. Such incentives can be quite substantial and range from caps to development charge levies, to common expense credits, to other incentives given at the time of the original purchase. The New Buyer/Assignee is then effectively asked to pay more for the property on final closing than was anticipated under the terms of the Assignment Agreement. This is resulting in disputes between Assignors and Assignees as to who is responsible for such extra costs. It is a difficult problem to resolve because the Assignor and Assignee have a firm agreement, subject only to the Builder’s consent, and that Agreement does not contemplate who will pay for these extra costs.
Home-Selling Mistakes You Must Avoid
Whether this is your first, or second time selling your home, you may be surprised at how time-consuming and challenging the process is. You must prepare your home, choose an asking price, and work with a real estate agent and lawyer to get everything in order for the sale. People will be allowed to schedule time to visit your home and look around, listing the pros and cons in their mind. Without any experience, it’s easy to make a lot of mistakes, but with guidance and the help of a professional, you may be able to make a great sale without losing your mind. Here are some of the most common home-selling mistakes to avoid.
What happens if a buyer cannot, or will not, close?
It is no secret that the passing of the Ontario Fair Housing Plan and the introduction of the 15% Foreign Buyer’s tax has, for now, affected some sales and property values. Because it was introduced so quickly, some buyers are attempting to get out of a contract or reduce the purchase price on the basis that the price paid for the home is “too high”. Buyers may not want to pay the “higher” price, may be unable sell their own house at an expected price, or cannot Finance because the purchased property does not appraise for the contract purchase price. This represents a difficult challenge for all parties involved and it is important to understand the law in these situations. This issue of Title Tips will outline the law and provide some tips on what to do in these circumstances.