Newsletter – Title Tips

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.

Things First-Time Home Buyers Need to Know in Canada

If you are wondering what to do when buying a house for the first time, there is a lot of information available. Thanks to the Internet, there is no limit to the advice and resources you can find to help you make one of the biggest purchases of your life. But sometimes, the information can seem overwhelming. That’s why we’ve put together a first-time home buyer 101, so you’ll know what to look for when buying a house and can get plenty of valuable first-time home buyers tips. Keep reading for things first-time home buyers should keep in mind when buying property in Canada.

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Pros and Cons of Selling Your House to an Investor: Why You Need a Lawyer

Selling your home can be a stressful process but you can avoid it by selling directly to a real estate investor. These sales often allow sellers to skip steps like inspection contingencies and avoid appraisal concerns or issues with financing from the buyer. In some cases, even if you choose to sell to a traditional buyer, you may get a better offer from an investor, perhaps someone with limited contingencies and assurance of a quick close. Should you sell your house or property to an investor? The answer really depends on the situation you want. However, it is important to understand the pros and cons of selling your house to an investor compared to a traditional buyer. Here’s what you need to know, so you make the best decision.

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Things to Consider before Selling Your House with an All-Cash Offer

Are you wondering if you should sell your house for an all-cash deal? Chances are you want to sell it quickly and may need the money to pay off a debt or make another big purchase. Or, you may be wanting to avoid the contingencies of going through with a traditional mortgage. Whatever your reasons may be, it is important to fully understand what an all-cash house offer is, and how it may benefit or hinder you as you sell. Here’s all you need to know, plus some helpful advice.

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How to Determine if a House Buyer/Seller Is Fake

It’s no secret that people have been scammed by fake house buyers and/or sellers in the past. Even if you are desperately searching for a new place to live or really want to sell your house quickly, you need to keep your eyes our for scammers and protect yourself from making a grave mistake. Here are some important warning signs to determine if a house buyer or seller is fake. Keep these in mind as you house hunt or list your house for sale and be sure to hire a real estate lawyer to protect you and your assets through this process.

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What to Do if a Seller Is Stalling

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.

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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.

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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.

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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.

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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.



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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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