Category: Featured

A 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 yourself and your family. RULE NUMBER 1 – THINK TAXES! YOU MUST BE VERY CAREFUL IN MAKING THESE TRANSFERS TO GET PROPER TAX ADVICE AS A MISTAKE COULD BE VERY COSTLY. TALK TO YOUR LAWYER, ACCOUNTANT, OR TAX LAWYER BEFORE YOU DO ANYTHING. ... How to Transfer Real Estate Title from a Parent to a Child

It is no secret that the passing of the Ontario Fair Housing Plan and the introduction of the 15% Foreign Buyer’s tax has, for now, affected some sales and property values. Because it was introduced so quickly, some buyers are attempting to get out of a contract or reduce the purchase price on the basis that the price paid for the home is “too high”. Buyers may not want to pay the “higher” price, may be unable sell their own house at an expected price, or cannot Finance because the purchased property does not appraise for the contract purchase price. This represents a difficult challenge for all parties involved and it is important to understand the law in these situations. This issue of Title Tips will outline the law and provide some tips on what to do in these circumstances. ... What happens if a buyer cannot, or will not, close?

Whether you’re selling or purchasing real estate, you’ll quickly learn several new terms that you may not have been familiar with before, especially if this is your first time. Most people tend to assume that titles and property deeds are the same things, but they are actually two separate legal concepts. Title is the legal way of establishing your ownership over something. Here’s what you need to know about title search in real estate. ... Everything You Should Know about Title Search

Many people who decide to move into a new home are completely blindsided by the hidden costs of buying a house, beyond the purchase price and legal fees. Taking out a mortgage could possibly be the single biggest purchase in one’s life, and yet many forget to research or budget for it. Before you sign any papers, here are some of the additional fees that come with buying a house that you need to consider. ... Buying a House in Ontario? Prepare for These Fees