With over 20 years of Real Estate experience and over ten thousand deals closed, we have come across most of the issues that come up in closing a Real Estate deal. To help our clients we publish a newsletter “Title Tips” to answer questions and keep closings smooth. Below are the most common questions and issues we find.
Disclaimer: The information provided on this website is not intended and should not be relied on as legal advice. Feel free to call John Zinati to discuss your particular situation today.
While buying a home is exciting, it’s not something you should take lightly. It’s often best to consult a home buying lawyer in Toronto if you want to make sure your purchase is given its due diligence and there’s no costly oversights.
There are many, many good reasons to work with a closing lawyer in Toronto when you go to buy a home. Below, we’ll list the top nine reasons you should consider using a real estate closing lawyer in Toronto before you finalize the purchase of your new home.
In March, our very own John Zinati, an expert real estate lawyer in Toronto, sat down with the CEO of Veritas Investment Research, Anthony Scilipoti, to discuss the current real estate market. As a real estate closing lawyer in Toronto with decades of experience, John is uniquely positioned to educate us on what the market is telling us right now.
The interview was part of the Veritas Fact-Finding series. Designed in the wake of the COVID-19 pandemic as a way to find the truth about investment opportunities and pitfalls, this series speaks with industry professionals on the ground to better understand how the pandemic will affect our life and our investments.
Here are some of the key points John and Anthony discussed.
When you’re doing a title transfer in Toronto, things can get complicated. Without the support of an expert lawyer for title transfers in Toronto, there’s a risk that a costly mistake could be made. That’s why you should work with a top real estate lawyer in Toronto to minimize the possibility of errors and to ensure that your title transfer goes smoothly.
Below, we’ll enumerate just a few of the title tips that’ll you can use to guarantee a successful, error-free transfer.
When buying a home, it really pays to do your due diligence. Hundreds of thousands—if not millions—of dollars are on the line; it’s simply not worth rushing the process. As any top real estate closing lawyer in Toronto will tell you, there are several common oversights that buyers need to be mindful of when closing.
Whether this is your first home purchase or one of many, it always pays to make sure that the house and its major assets and installations (like appliances and piping) are in good-working order, so when you move in, you won’t be stuck with a huge surprise bill following your down payment. The time to check the condition of the houses before your lawyer turns over the money to the seller as this is the best time to try and get any matters addressed if you are able to under the terms of the agreement of purchase and sale.
As such, we’ve developed a comprehensive checklist to ensure that you’re fully ready to close on the house of your dreams.
Buying a house can be an exhilarating, life-changing process that results with you and your family finding the perfect home. But it’s also a daunting process—and likely to be the largest purchase you’ll ever have to make. It’s for that reason that many will turn to a good real estate lawyer in Toronto to ensure that they’re not missing any key steps or details when completing a home purchase.
While there is a difference in service you can expect when working with, say, the best real estate lawyer in Toronto versus an unproven one, overall, there’s a lot of added value that a real estate lawyer in Toronto can provide.
So, how exactly can a home-buying lawyer in Toronto help you during this time? Read on to find out.
With the market as busy as it is, including purchases of new homes from builders, we thought it would be important to address a significant mistake we are seeing. Many people know that there is a 10 day cooling off period when a buyer buys a new build Condominium. Unfortunately, they also presume that this applies to new home freehold purchases. It does not. The 10 day cooling off period applies only to purchases of new Condominium units. It does not apply to the purchase of a new freehold home from a builder. If a buyer wishes to have a chance to review a new freehold home purchase agreement from a builder there must be a clause in the agreement making the transaction conditional on Solicitor’s review of the new home purchase agreement. It is not automatic, like it is with the condominium. With all purchases of new homes we recommend the inclusion of a Solicitor’s review condition, especially with all of the extra charges and other builder advantages we are seeing in these agreements. Even if it is hard to change these agreements in the current market, it is still helpful to know what is in them.
It goes without saying that 2020 was a year unlike any we had collectively experienced before. From little things like keeping hand sanitizer in your bag to big things like buying and selling a home in a safe and responsible way, COVID-19 has certainly made us adapt to a new way of life.
With that said, we’ll explore some things to keep in mind whether you’re buying a home during COVID-19 or selling a home during COVID-19.
For many people, their homes will be the single biggest investment of their lives and their largest source of equity. As such, no decision regarding ownership of said equity should ever be taken lightly. As any experienced real estate lawyer in Toronto will tell you, you should consider the risks carefully before adding another name to your property title.
Remember that by adding a person to your property title, you are legally granting them a bundle of rights including control, enjoyment, possession, exclusion, and disposition of the property that were formerly exclusive to you. This is a major decision and requires careful thought and planning.
The best real estate lawyer in Toronto will advise you of all the risks that adding someone to your property title entails. These risks are no small matters either, and if ignored, can lead to significant consequences.
Here are some risks to consider.
You’ve done the hard part: you’ve found a home you love and have made an offer. Congratulations! But the next step that people often overlook is extremely important: choosing the right closing date. As any good real estate lawyer that deals with house closings in Toronto will tell you, this date shouldn’t be selected at random.
While the seller may stipulate a closing date in the contract, let’s take a look at some helpful tips that will guide you in choosing the right closing date when the option is available.
Finding your dream home is pretty exciting. The same cannot be said about qualifying for a mortgage. Many homeowners find refinancing their mortgage to be stressful, and for good reason—from different interest rates to amortization periods and penalties, there is a lot to consider.
But it can be worth it. Refinancing a mortgage with more favourable terms and conditions can save you thousands of dollars in interest charges. Refinancing a mortgage with a lower interest rate is also a great way consolidate and pay off debt and access some of the equity you’ve built up in your home.
If you’re thinking about refinancing your mortgage in Toronto, here are six things you need to consider.
If you’re thinking of buying or selling a home, make sure you talk to a skilled real estate lawyer. It doesn’t matter which side of the deal you’re on, an experienced mortgage lawyer in Toronto is invaluable.
A real estate lawyer can help you with all of the legal details associated with the transaction, including a title search, easements, zoning issues, the closing process, etc. But an experienced real estate lawyers can also go over other issues or concerns you might have.
Keep in mind, this is probably going to be the biggest transaction of your life, and you need to make sure you’re as informed and educated as possible. That’s why it’s imperative that you ask a closing lawyer any questions you might have.
Here are some questions you should ask your real estate lawyer when getting a mortgage in the Greater Toronto Area.
Personal Real Estate Corporations (PREC)
Lawyers, doctors and dentists have long had the ability to incorporate for tax purposes. Finally, Tax Fairness for Ontario agents has come about with the passing of Bill 145, Trust in Real Estate Services Act, 2019, bringing long overdue Tax Fairness for Ontario real estate agents by allowing them to incorporate a Personal Real Estate Corporation (PREC) and enjoy the benefits of low corporate income tax rates.
ADVANTAGES OF INCORPORATION: 1. Lower corporate income tax rates. 2. Wealth creation through tax deferral. 3. Lower effective personal tax. 4. Income splitting opportunities
Thanks to the Internet, it’s easier than ever to find a real estate lawyer in Toronto. Unfortunately, quantity does not translate into quality. That can make finding a good real estate lawyer in Toronto very difficult. Which can be disconcerting for those looking to close on the biggest financial transaction of their life.
Many homebuyers looking for a real estate lawyer focus exclusively on price. And while the cost of a real estate lawyer is definitely something to take into consideration, it shouldn’t be the only thing you focus on.
Below are some of the top qualities and traits that the most successful real estate lawyers in Toronto share.
Finding your dream home is a milestone. But that doesn’t mean the home buying process is over. A common question we field is whether or not a property buyer should purchase title insurance. Title insurance is a form of insurance used to insure the buyer and their lender against loss or damage as a result of title defects.
Searching for your dream home is exciting; finding the right neighbourhood, imagining where your furniture would go, having friends over, deciding if you’ll plant a garden. Actually, closing on the sale of the home, though—that can be stressful. This is the final decision in the home buying process, when money changes hands, you get the keys to your property, and take on all that extra responsibility.
Most of us don’t go through the home buying process very often, so it’s tough to rely on any past experience. That’s why it’s important to ask a lot of questions and understand what you’re signing and taking on. In fact, it’s essential. After all, you can never be too well-informed.
Here are some important questions your should ask before closing in Toronto.
While it was thought that selling houses during the COVID-19 pandemic would have been a big challenge, and it was at the beginning, statistics have shown that the market is actually busier than it has ever been in certain circumstances. This is because demand for real estate is strong, interest rates are low, and many people have managed to keep their jobs during the pandemic. As such many transactions are being closed regularly and we are happy to advise that our procedures and systems, such as many of those across the industry, have been changed to allow the market to continue in its strength.
If you’re a homeowner wondering whether it is worth selling your home, there are probably quite a few misconceptions about selling your house that you’ve heard. So, to keep you on track with the truths and myths about selling your house, here are the top home selling myths debunked.
Does a buyer need a lawyer? If you’re considering buying a house or condo in Toronto, you will need a real estate lawyer to help you through the process. What does a lawyer do when you’re buying a condo? Their primary responsibility is to protect your rights and make sure all the terms of the purchase and sale are met by the seller, so that you can obtain the title to the property. Here’s a more in-depth breakdown of what a closing lawyer does while buying a house or condo.
So, you’ve decided to sell your home—congratulations! Whether you’ve chosen to upgrade to a larger home or downsize to a smaller, cozier property, selling your home is a big deal.
Working with the right real estate agent and real estate lawyer can help make this exciting process as stress-free and smooth as possible; they can also help you prepare for all the necessary fees, especially the hidden costs of selling a house.
How much does it actually cost to sell your home and what fees should you prepare for? Keep reading as we break down some of the hidden costs of selling a house.