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.
A frequently raised issue is about who must be and who may be on title to a property. Where a mortgage is being registered, all the Borrowers on the mortgage must go on title as owners. It is therefore not possible for an individual to be a Borrower on the mortgage, to help with financing for example, without that individual also going on title. He/she must go on title. However, if the individual helping for financing purposes is only a Guarantor, not a Borrower, he/she may, but does not have, to go on title.
With estimates of over 150 new condominium projects under construction in the GTA, many bought by investors, and many homes and subdivisions being developed, there’s a lot of interest in flipping (assigning) builder agreements. While quite worthwhile to both buyer and seller, this involves a little more work and can get a little tricky. To assist in the process we’ve posted a detailed Assignment Guide on our website, but these are the basics you need to know:
As more and more people are choosing condos as their entry into the market, we thought we would remind you of some of the essentials of condo buying.
Status Certificate: Make your deal conditional on Status Certificate review even if you know the building and have closed deals in it before. This is because the particular unit being purchased may have liens, notices of violation, common expense arrears or outstanding notices from the Condo Corp. Also, Special Assessments, increases in common expenses or lawsuits may arise at any time. Order it fast and try to allow 3 days for review if possible.