We provide services in all areas of real estate practice including purchase and sale of condominiums, homes and cottages, commercial real estate, leasing and rental property management. We can also help you with your inter-spousal property transfers, co-ownership and co-habitation agreements, and estate real property transfers.
Real estate purchases are probably the single largest purchase most people will make in their lives. Purchase of your home requires proper preparation by a skilled legal professional.
In purchasing your home we will advise you from the beginning about the Agreement of Purchase and Sale and about how the purchase transaction works. We work with your real estate agent and your financial institution to make sure your deal closes smoothly and effortlessly. We will advise you about all of the necessary steps that must be undertaken to make sure your transaction closes properly and on time. In purchasing a property we will advise on title insurance options as well as other requirements set out by your mortgage lender to make sure your title and property conform to the Agreement of Purchase and Sale. We will also prepare your mortgage based on the instructions provided by your lender to us.
In selling your property we will make sure that all the necessary steps to complete the transaction are done on time and properly. We will arrange the pay out of your mortgage from sale proceeds.
If you are renting out a property we can assist in preparing the lease advising on other matters.
If you need to deal with property that involves an estate we can prepare all the necessary documentation required to transfer the property including Survivorship Applications and Estate transfers.
Thinking of Buying a house or Condo? What does your lawyer do?
There are many things to consider when you buy a home. Your home is probably the single largest investment you will make in your life. It is important you understand all the details of this transaction. This article is intended to be a brief overview of the real estate process.
When buying a home you generally use a real estate agent to help you find the property and negotiate the Agreement of Purchase and Sale. The Agreement of Purchase and Sale is extremely important because it sets out the precise terms of the purchase or sale such as price, which appliances, fixtures and other things are or are not included and so on. It is important that this agreement is done properly. Sometimes people will have their lawyer review this agreement before it is submitted to the seller.
If you are considering purchasing newly constructed home or condo from a builder, you should have the Agreement of Purchase and Sale reviewed by a lawyer – within the 10 day cooling-off period. We can advise you of the “hidden” additional costs these Agreements often contain, and in some cases can reduce or “cap” these costs. We can also explain the process of taking occupancy prior to final closing, how move-in dates can be changed by the builder, and provide you with advice on what to expect with new construction purchases.
Once the “deal” is firm then begins the work of the lawyer. The lawyer’s job is to make sure you get what you are buying. We will search the title to the property, which includes checking the land registry to confirm there are no encroachments, unregistered easements, or agreements that would affect your enjoyment of the property. We also take steps to ensure that any mortgage, lien or other secured debt from the seller, are removed from title.
We prepare other documents that will be presented to the seller to obtain various declarations and warranties in relation to the property, One such declaration is in relation to HST. HST is not payable on resale properties unless the property is used for business purposes. Hence, we will want to make sure there is no HST owing and we will obtain a declaration from the seller about the past use of the property. We will also obtain a declaration from the seller in relation to residency status in Canada as a non-resident land owner is required to pay capital gains tax on a sale of non-Canadian owned property. Were this not done you, as purchaser, may be liable for the tax to Revenue Canada.
We receive instructions from your financial institution about your mortgage. We then prepare the mortgage for your purchase on the bank’s behalf.
Before the closing of your purchase we will meet with you to review all of the documents and the mortgage. We will discuss the money required to complete the transaction in excess of the initial deposit you paid with the Agreement of Purchase and Sale and the mortgage.
As your lawyer we are responsible to make sure that you get what you bargained for when you purchase a property. Your should fully discuss all details of a real estate matter with your lawyer as every transaction can be unique as I have learned over the years.
This article is intended as a brief summary of the real estate transaction it is not intended to be specific nor exhaustive of the entire transaction. For a proper interpretation of any particular case it is best to contact us directly.