Category Archives: Buying Property

4 Common Problems That Could Occur During a Real Estate Transaction

With all the excitement of purchasing a home, it’s easy to overlook some of the important details within the transaction. That’s why a residential real estate lawyer in Toronto should be consulted when drafting the Agreement of Purchase and Sale. As it becomes a legally binding document once both parties have signed, it is crucial to ensure the details are clear and concise.

In addition, a real estate lawyer in Toronto can help you decipher the legal implications of when a real estate transaction goes wrong.

Below, we will now look at four common problems to be aware of with a real estate transaction.

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Why Do You Need a Real Estate Lawyer to Review the Purchase Agreement?

Protecting your legal rights when purchasing a home begins with an Agreement of Purchase and Sale. 

The Agreement of Purchase and Sale is a written legal document between the buyer and the seller of a property. It is established to protect the rights of both parties. It contains details such as the offer and closing dates, legal names of both parties, offer price and deposit amount, chattels and fixtures, and other conditions relating to the sale of the property. 

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How Can a Real Estate Lawyer Help Protect Your Investment?

The real estate market can be tricky to negotiate, even for the most veteran property seekers. A real estate lawyer in Toronto should be your first call, particularly when it comes to prepayment for a pre-constructed home.

Recently, John Zinati was featured in a CBC News article focused on two failed townhouse projects that are predicted to cost the homebuyers close to $150K in unprotected deposits. In the article, John warns potential homebuyers to protect their investment by following a few key guidelines. Below, we go over some of his tips.

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New Home Contract – 2022

Hi, 

I hope you are well. 

As of May 17, 2022,all Assignments will be subject to HST and extra care is required when drafting Assignment Agreements.I am pleased to enclose our latest issue of Title Tips which goes over what you need to know about this. I hope you find this helpful. If so, I would ask that you forward this to other Agents and Brokers or anyone who you think may find it of interest. Thank you!

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Actions to Take between Offer Acceptance and House Closing

Buying a new home is definitely an exciting venture. It’s a new chapter in your life that’s worth celebrating. Whether you’re moving to be closer to family and friends or to start a new job, the process of buying a home can be arduous and involves numerous logistical and clerical steps that need to be followed to make it official. If you’re moving out on your own for the first time or simply lack real estate experience, then you need to hire a house closing lawyer in Toronto who can help you navigate the ins and outs of the process. 

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What Can a Property Seller Do if the Buyer Fails to Close on Time?

Buying and selling a property involves many different moving parts that must align in order for the transaction to go through. Unfortunately, things don’t always go exactly as planned, but that’s why every sales transaction includes a purchase agreement to fall back on. Closing dates are part of the purchase agreement and must be agreed upon in writing by both the buyer and the seller. But what happens if the buyer defaults on the closing date? According to a top closing lawyer in Toronto, there are a few different options to consider. 

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Key Points to Know if You’re Buying a Home in 2022 

Over the course of the pandemic, purchasing residential real estate has become a rat race of sorts. With the majority of the workforce working from home, the competition for better quality real estate has become fierce. Naturally, the increased demand has driven up the prices. Homebuyers are facing a lot of unique challenges in the current red-hot real estate market. Working with an experienced home buying lawyer in Toronto can help you overcome some of those challenges. But first, here are a few important things you should know if you’re planning on buying a home in 2022.

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5 Critical Challenges to the Ontario Real Estate Landscape in 2022

Throughout the pandemic—particularly during the past year—the Ontario housing market experienced a massive economic boom that tipped the scale in favour of sellers. This left a lot of buyers and renters in the dark. Financial experts and residential real estate lawyers in Toronto predict that the housing market will eventually balance itself out and the housing bubble will pop. But the situation will continue to get worse before it gets better. Here are some of the top challenges that even the best real estate lawyers in Toronto are currently facing along with possible solutions. 

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6 Reasons Why Winter Is the Best Time to Buy a Home

Buying a home when the market is hot like it is now can be nerve-wracking for a lot of people. A good real estate lawyer will work hard to put their clients at ease and help build their trust and confidence that they’re making the right choice for their personal and professional lifestyles—especially now that more people are working from home.

Spring and summer are traditionally considered the ideal times of year to go home shopping because the weather is mild, and people are just generally in a better mood. But that also means that the competition for top-quality homes in desirable neighbourhoods is a lot fiercer. Sellers price their homes under market value to incite bidding wars amongst buyers and this can end up driving up the cost of the home well above the asking price.

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Cancellation of Preconstruction Condominiums

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. 

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What Is the Role of a Real Estate Closing Lawyer in Toronto and Why Should You Hire One?

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.

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Why Is It Better to Buy a House in the Fall?

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.

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How to Get a Mortgage Pre-Approved to Buy a House

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.

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7 Foolproof Signs You May Be Ready to Buy Your First House

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.

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When Do You Need to Hire a Real Estate Lawyer?

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.

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8 Reasons Why Your Real Estate Closing Date Is Delayed

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.

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9 Reasons to Hire an Experienced Real Estate Lawyer when Buying a Home

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.

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An Interview with John Zinati on the Future of Home Buying

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.

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