Real Estate

Our real estate department consists of three permanent assistants. We use the latest document producing programs to quickly and accurately assemble and produce all the required documents for a transaction. We are electronically linked through the TerraView program to every Land Titles office in the Province. Using this program we can search or obtain copies of all automated documents anywhere in the Province. Through our E-Reg program we can register documents remotely.

You can attend at our office and sign papers locally and we can electronically register these documents at the appropriate registry office where the land is registered. Our highly experienced staff will assist you with the myriad of details to make your transaction go smoothly.

In summary, we can handle all purchases, sales, financing and other transactions involving any parcel of land in the electronic registration system.

Please note that legal services require proper client identification.

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Purchases   Sales   Mortgages   Commercial & Farm

Purchases

Cost Factors

When you purchase a home you will have to budget for several items. The obvious item is the amount due to the vendor. However in addition to the purchase price, the agreement of purchase and sale (APS) provides that there will be adjustments. The most common adjustment is for municipal taxes. This adjustment may either reduce or increase the amount that you must pay to the vendor. The vendor’s lawyer will calculate the tax owed by the vendor to the closing day and will determine how much tax the vendor has paid, and then will advise us of the appropriate adjustment.

Other Cost Factors

1. When you purchase a property, at the time that the deed is registered, you are required to pay Land Transfer Tax. This tax is calculated on the purchase price. For properties located in Toronto there is an additional tax. If you are a first time home buyer, you may be entitled to a reduction in land transfer tax. For more details see the following link: http://www.fin.gov.on.ca/en/tax/ltt/ If you follow the link below and type in your purchase price, you can find out what you pay to the government as land transfer tax on Residential purchases: http://www.landtransfertaxcalculator.ca/
2. Most mortgage companies and most purchasers prefer buyers to get title insurance. For more information on the role of title insurance, follow this link: https://www.fsco.gov.on.ca/en/insurance/brochures/Documents/undstitins.pdf
3. Cost to Search Title: Your lawyer is required to protect you and your mortgage company by searching title to your new property. This ensures that the title is in the name of the vendors that there are no liens registered against the title and identifies any mortgages registered by the vendor which are to be paid off.
4. Legal Fees and Disbursements: You will pay our law firm for its services and for any disbursements incurred to complete your purchase. The fee will depend on the complexity of your purchase. Please call so your specific transaction can be assessed and you can get a reasonable estimate of your legal costs.

Information Required

1. agreement of purchase and sale (APS)
2. client’s contact info (incl. Phone numbers – cell/work/home for each person, e-mail address, mailing address)
3. client Personal Identification is required to comply with the Law Society requirements
4. agent’s name and broker that the agent works for
5. mortgage lender details
6. fire insurance details (binder letter)

Sales

Cost Factors

1. real estate commissions (plus HST)
2. mortgage penalties for early discharge
3. legal fees and disbursements (including mortgage discharge registration cost): amount varies depending on purchase price and complexity of the transaction

Information Required

1. agreement of purchase and sale (APS)
2. client’s contact info (incl. Phone numbers-cell,work home for each person), e-mail address, mailing address
3. client Personal Identification is required to comply with the Law Society requirements
4. agent’s name and broker that the agent works for
5. existing mortgage/line of credit details
6. most recent realty tax bill

Mortgages

(new, re-finances, lines of credit)

Information Required

1. client contact information
2. client Personal Identification as required by the lender
3. mortgage/line of credit loan information

Commercial Real Estate & Farms

Purchase & sales often are more complex than residential transactions

1. information required about the property -address, zoning, whether vacant land, details if corporate owner, is vendor a registrant for GST etc.
2. Personal Identification as required by your lender

Purchases

1. be sure zoning is appropriate
2. building inspection
3. consider environmental study
4. rent details if tenants (monthly rental, copy of leases, pre-paid deposits, lease expiry dates etc.)
5. fire and health (for food preparation areas)
6. Heritage Act registration to restrict renovations
7. financing often is more complex
8. any special equipment that needs licensing or inspections (elevators, safety equipment, heavy duty electrical circuits etc)
9. Conservation Authorities or Greenbelts can affect the use of acreage
10. be sure to register for HST as it will otherwise be payable

Sales

1. know the income tax implications so that the sale price is allocated optimally
2. get a good deposit considering the total sale price
3. be sure you have consulted your mortgage lender and know your discharge costs
4. deal with any known issues before you proceed too far with a sale