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.
What to do when a project is cancelled?
The experience of purchasing a condominium can be one that is both exciting, particularly for first time home buyers, and emotionally and financially draining. Purchasers would have gone through the process of assessing their finances with their banks, expending considerable effort in looking at different condominiums, plans and locations, speaking to lawyers about the contracts, and completing the other strenuous tasks that goes into deciding to buy a condominium. While many people are purchasing these condominiums as investments, the majority are looking to make a home in the building. As such, this is made all the more frustrating when a developer/ builder seemingly cancels the agreement on a whim, leaving the purchaser without much recourse.
Title transfers are a routine legal component of any real estate transaction. Whether you’re purchasing a new home or inheriting a property, there are many different reasons why a title transfer is necessary.
Ontario law mandates that only licensed real estate lawyers can file the paperwork for a title transfer. In the process of purchasing or selling a property, it’s important to secure the services of a good real estate lawyer in Toronto or the area in which the transaction is taking place.
If you’re in the midst of completing a commercial or residential real estate transaction, then there are some things you need to know about title transfers and how they work. Keep reading to learn about the different types and why title transfers are necessary in Toronto and the GTA.
Buying and selling a commercial or residential property can be a stressful experience, especially if the market is hot like it’s been during the pandemic. Not only is there a lot of competition to contend with, but there’s also a lot of crossing of T’s and dotting of I’s to make sure that everything goes according to plan.
Working with a reputable and experienced real estate closing lawyer in Toronto can help make the transition a lot easier. Their job is to draw up contracts and tend to all of the legalities involved in real estate transactions to protect you from potential fraud and any other issues that may come up.
A real estate title or deed is a physical legal document that indicates a specific individual or party has ownership rights to a property. In the event that property is sold, the title is then transferred to the buyer during the sales transaction. A real estate lawyer is typically the one who fills out and files the official paperwork on behalf of their client. Keep reading if you have questions or need clarification on how real estate title transfers in Toronto work.
Spring and summer are usually peak season for homebuyers to start their search for a number of reasons. Prompted by the warm weather and the fact that kids are out of school for a few months, this is the perfect time of year for families to start the search for their (hopefully) forever home. While there is something called a fall market when people get back into the market after their summer holidays, typically the fall is slower than spring or summer.
The milder temperatures and lack of snow on the ground also make it easier to stage the exterior of properties as beautifully and strategically as the interior, making them more appealing to homebuyers. Putting all of that aside, however, there are also a lot of great reasons to consider purchasing a new home in the fall. With the help of a good real estate lawyer and agent, you can find your dream house during any time of the year.
Keep reading to learn about the benefits of conducting the search for your perfect home in the fall.
Shopping for a new home can be stressful, especially in an extremely competitive market with skyrocketing prices. One way to alleviate some of the stress is to work with an experienced home buying mortgage lawyer in Toronto. They can walk you through the process of getting a mortgage pre-approval, which essentially lets you know how much you can afford to spend on a new home. You’re not obligated to spend the exact amount that you get pre-approved for, but it’s always good to know what your options are and this will give you a good idea of where to start.
The current housing market has many Toronto residents completely rethinking their living situations. If you’re a renter, is it worth transitioning into buying a home? The answer to that question depends on your current circumstances and where you foresee your life trajectory going in the future. Is homeownership something you’ve always dreamed of, but never thought was financially attainable? Are you the type of person that wants to lay down roots in a specific area, but don’t know where to start?
Weighing the pros and cons of homeownership vs. renting a place can help you decide which one is the right choice for you and your lifestyle. There’s also probably a lot that you have to learn about how the housing market in Toronto works. A good real estate lawyer in Toronto can advise you regarding your options so that you can move forward confidently with a decision.
According to some of the top house closing real estate lawyers in Toronto, here are some guaranteed signs that you may be ready to buy your first home.
Buying or selling real estate, whether it’s commercial or residential, is an important life-altering decision—one where you need expert advice to help guide you in the right direction.
It’s the reason many people choose to hire an experienced real estate agent to help them find what they’re looking for within their budget. It’s also the reason that many people hire a good real estate lawyer in Toronto to guarantee that you’re getting the absolute best deal possible on their property purchase or sale.
Given then current state of the housing market in Toronto and the GTA, hiring a qualified real estate closing lawyer in Toronto is the smart move before making such a big investment.
Here are few circumstances in which a real estate lawyer in downtown Toronto and the GTA is extremely useful.
Real estate closing dates are very, very important. Every standard contract contains a clause that says “time is of the essence”. This means that change the closing date or another date is not that easy. However, the need to change a date can always arise, even if a specific date appears in your contractual agreement. Unfortunately, sometimes extenuating circumstances can come up that can warrant the closing date to be delayed by a certain amount of time. Although this doesn’t happen often, it’s always within the realm of possibility and it’s important that you work with a trustworthy real estate agent and lawyer who will be completely upfront with you regarding the selling agreement of any property your purchase. Before you sign a contract, be sure to consult a house closing real estate lawyer in Toronto, so that they can review your agreement for you too. If a request for delay comes up on closing this can be quite problematic for all the parties who may have other transactions on the line or moving trucks in front of a home. An experienced lawyer will know how to navigate you through this stressful and difficult type of request.
Without further ado, here are eight common reasons why your real estate closing date could be delayed.
Whether you’re a buyer or a seller, entering into a highly competitive real estate market can be challenging and daunting. The less experience you have with residential real estate, the more likely you are to believe some incredibly common, yet unsubstantiated pieces of misinformation about how the whole process works and what to expect.
Selling your home is a big deal! That’s why it’s important that you do your research and work with a reputable real estate lawyer in Toronto to ensure that you’re getting the full value that you deserve.
To help you get started on the research front, we’ve debunked seven of the most common myths regarding real estate in Toronto, the GTA, and beyond.
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.