Category: Title Tips

Hiring a title search lawyer in Toronto when you purchase a property can protect your biggest investment and may also prevent legalities. Aside from ensuring the seller has a legal claim to the property, a title search can provide a wealth of knowledge for the buyer before closing on the sale.

A title search may be ordered by a real estate agency, financial lending institutions, insurance companies, land surveyors, appraisers, municipalities, private investigators, and paralegals. Reviewing all documentation of a property provides the buyer peace of mind knowing that there will not be any issue from a third party.

... Why Is It Important to Conduct a Proper Title Search on a Property?

A title transfer is a legal document that represents ownership of a property and/or structure when the real estate at stake is to become under new ownership. It is a common process with any sale of a house or property that is declared once the Agreement of Purchase and Sale has been signed and monies have exchanged hands.

... Beware of These Points While Doing a Title Transfer

A title transfer refers to legal changes to the ownership of a property. This can entail the sale of a property or adding or removing the name and rights of interested parties. The property title protects the owner from potential land scams or issues at the time of a sale.

Changes to titles require proper identification documentation, banking confirmation, insurance, and other legal paperwork. The important things to know about title ownership are outlined in this article.

... 7 Interesting Facts to Know about Property Titles

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.

... Avoid These Common Home Title Transfer Mistakes

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.

... Title Tips – There is No Cooling-off Period on New Home Purchases

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.

... What Are the Risks of Adding Someone to Your Property Title?

Personal Real Estate Corporations (PREC)

Lawyers, doctors and dentists have long had the ability to incorporate for tax purposes. Finally, Tax Fairness for Ontario agents has come about with the passing of Bill 145, Trust in Real Estate Services Act, 2019, bringing long overdue Tax Fairness for Ontario real estate agents by allowing them to incorporate a Personal Real Estate Corporation (PREC) and enjoy the benefits of low corporate income tax rates.

ADVANTAGES  OF INCORPORATION: 1. Lower corporate income tax rates. 2. Wealth creation through tax deferral. 3. Lower effective personal tax. 4. Income splitting opportunities

... Title Tips – It’s not what you make, it’s what you keep! – Is it time to set up your PREC?

Finding your dream home is a milestone. But that doesn’t mean the home buying process is over. A common question we field is whether or not a property buyer should purchase title insurance. Title insurance is a form of insurance used to insure the buyer and their lender against loss or damage as a result of title defects. ... Most Common Real Estate Title Transfer Problems

So, you’ve decided to sell your home—congratulations! Whether you’ve chosen to upgrade to a larger home or downsize to a smaller, cozier property, selling your home is a big deal. Working with the right real estate agent and real estate lawyer can help make this exciting process as stress-free and smooth as possible; they can also help you prepare for all the necessary fees, especially the hidden costs of selling a house. How much does it actually cost to sell your home and what fees should you prepare for? Keep reading as we break down some of the hidden costs of selling a house. ... 9 Hidden Costs of Selling a House

If you’re currently looking to purchase a new condo, it’s important to do your research as well as to work with an experienced real estate lawyer. The last thing you want to do is purchase a condo on a whim and later find out that there are maintenance fees or regulations you weren’t aware of. So, how do you ensure that you have all the important information you need about your prospective new home before you sign on the dotted line? That’s where a condo status certificate can help. You’ve likely heard the term “status certificate” before, but what exactly is a status certificate and why is a status certificate important? Here’s what you need to know about this invaluable document and the purpose of getting a status certificate. ... Everything You Need to Know about Status Certificates

Even though the housing market has slowed during the global COVID-19 pandemic, the industry has adapted to the challenges and is taking advantage of online tools to accommodate people who are still interested in buying or selling. Buyers who already own a home will need to decide whether to buy a new house before selling the old one, or vice versa. Here’s what you need to know about how to buy a house while selling your own in Canada. ... Pros and Cons of Buying a House Before Selling

Firstly, we hope you and all of your families are doing well and observing as much as possible the directive to stay home and work from home as much as you can. These are difficult times and this is the best way to get through them. However, although most of us are home as much as possible, many of you have questions about the impact of Covid-19 measures on existing or new closings. Below is the essential information that you need to know. The Bottom Line is that Real Estate transactions are still closing:

1. The Land Registry Office and Teraview system are digital and there is no expectation that they will be shut down at this time.
2. Lawyers have been declared an essential service and as such can remain open to complete real estate closings, although many are adjusting to working from home.
3. The Law Society has relaxed rules on Commissioning Affidavits and Declarations so lawyers are allowed to Commission sworn documents and Identify clients remotely using digital signatures and video interviews. Lawyers are signing clients remotely and banking online as much as possible. Also, the current circumstance has people thinking about estate planning and Wills, which often requires making sure title is held in joint tenancy so that if one person passes away the property automatically passes to the survivor. The Ministry of the Attorney General has advised that an emergency Order In Council has been made under s. 7.1 of the Emergency Management and Civil Protection Act with respect to the virtual commissioning and execution of wills. This means that people can both have their Wills and any Title Transfer required completed virtually.
4. Lenders are allowing lawyers to sign their documents through digital signature and remotely on mortgages for purchases and refinances, although some lenders are not or are doing so on an ad hoc basis.
5. Title Insurance companies have confirmed that their fraud coverage will apply to cover buyers and lenders accepting digital signatures and remote signing.
6. The law is not clear on whether Covid-19 measures can excuse the performance of a Residential Real Estate contract. The two most likely elements or doctrines of law to apply to the situation are Force Majeure clauses and Frustration of Contract.
7. Force Majeure: Unlike most Commercial agreements there are no Force Majeure clauses in the standard Orea Residential Resale forms. These are clauses which allow parties to be discharged from the obligations in the event of serious unforeseen circumstances.
8. Frustration of Contract: This applies to discharge parties from their obligations when through no fault of their own unforeseen events make completing the contract something almost completely different than what they had bargained for. Essentially, the parties’ reasons for entering into the contract have to be destroyed by the unexpected event. It would be difficult to establish this in a Residential Real Estate transaction. Frustration of Contract is a final options which require the parties to almost have no other alternatives or workarounds to limit or avoid losses. Given that registry systems, law offices and banks remain open it is unlikely to apply to residential real estate transactions.
9. Cooperation between the Parties and Lawyers: Given that the law is not clear, lawyers and clients are being advised not to take hardlines in instances where Covid-19 measures impact a party's ability to close, as it is expected that courts will not look favourably on a party who is not reasonable or takes advantage of the current circumstance.
10. Covid-19 Clauses: Covid-19 clauses have been drafted to factor this reality into an greement:
11. Covid-19 Clause – more ways out, better for buyers as they are more likely to need a way out- although it does give both the buyer and seller more ways out: The parties agree and acknowledge that in the event that either the BUYER, SELLER, or any of their respective lawyers/notaries, relevant service providers, branches of Canadian Banks or other Lenders, Land Registry Offices or other Government Agencies become the subject of a Voluntary or Mandatory Covid-19 virus quarantine, closure or travel restriction prior to the time of completion herein which results in the Buyer or Seller being unable to complete the transaction on the completion date stated herein, the completion date herein shall be automatically extended at the request of either party for a period of up to ten (10) business days after such quarantine, closure or travel restriction order is lifted. Such extension shall be up to a maximum delay of sixty (60) days unless the parties otherwise mutually agree to further extensions. Upon the expiration of the maximum 60 day extension period either party may elect to terminate this Agreement, in the event of which both parties will be released from any liability or obligation to each other.
12. Covid-19 Clause -less ways out, better for sellers as the are less likely to need a away out- although it does give both buyers and sellers less ways out and confirms an obligation to Close: The parties herein acknowledge and agree that they are required to close this transaction notwithstanding any impacts of Covid-19, save and except the closing of the Land Registry Offices and all financial institutions. In the event that the closing herein cannot happen because of a shutdown/disruption in the operation of the Land Registry System and/or financial institutions, the completion date herein shall be automatically extended to the fifth business day following the date upon which the said shutdown/disruption ends and the Land Registry System and financial institutions reopen.
13. With many law offices closed, or lawyers working from home, clients should expect to have to wire funds to lawyers and key exchange arrangements to be made between buyers and sellers, perhaps with the help of agents.
14. Tarion has amended its rules about times for extensions and many builders are using the “Unavoidable Delay” provision to extend transactions.
15. Lawyers and all participants in the industry are being advised to be on high alert for possible instances of fraud because of the relaxed rules and video signing.

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. ... Things First-Time Home Buyers Need to Know in Canada

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