Experienced Real Estate Law in Toronto

When it comes to navigating the complexities of real estate transactions, having a reliable legal partner is paramount. As a reputable real estate law source in Toronto, the experience of Eran Gevantschniter extends far beyond mere legal counsel. From residential purchases to commercial transactions, we offer comprehensive guidance tailored to each client's unique needs. With a deep understanding of local regulations and market trends, our real estate law firm strives to safeguard our client's interests at every turn.

Whether you're a first-time homebuyer or a seasoned investor, our experience ensures seamless transactions and mitigates potential risks. By entrusting your real estate matters to our firm, you gain access to invaluable insights and resources that empower you to make informed decisions with confidence.

Explore What Makes Our Firm a Great Experience.

Behind every successful real estate transaction is the dedication of a lawyer committed to delivering unparalleled service. At my firm, you'll find a talented legal professional driven by a passion for excellence. From diligent research to skilled representation, every aspect of your transaction is personally handled with care.

With a client-centric approach, I prioritize communication, transparency, and efficiency every step of the way. Rest assured, you're in capable hands from consultation to closing. I'll ensure your real estate journey progresses smoothly, allowing you to focus on other important tasks.

Are you ready to embark on your real estate law journey with a trusted ally by your side? Don't hesitate to reach out to Eran Gevantschniter and schedule a consultation. I'll gladly navigate the intricacies of real estate law for you and pave the way for your success. Your dream property awaits. Together, we can make it a reality.

SURVEY - The survey is like a photograph serves to disclose the extent of the property by showing the frontage, depth and area occupied. The location of the land relative to adjoining property will be shown as will the location of all improvements on the land. The boundaries and location of fences (which may be different) will appear on the survey, together with any easements or rights of way of which the surveyor is aware. The older a survey, the more suspect is its accuracy. These days It is common practice for purchasers and lenders  to accept surveys that are not current provided a vendor or mortgagor provides a declaration that the survey still accurately represents the property and its features  and that no new buildings, decks, patios, pools, etc., have been erected since the date of preparation of the survey.  

TITLE INSURANCE - In recent years, title insurance has become increasingly popular tool. It also may save the purchaser money on its overall legal bill, since certain redundant searches may be waived by the title insurer. Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership.  It cover various issues like:

■Unknown title defects (title issues that prevent you from having clear ownership of the property);

■ Existing liens against the property’s title (e.g. the previous owner had unpaid debts from utilities, mortgages, property taxes or condominium charges secured against the property);

■ Encroachment issues (e.g. a structure on your property needs to be removed because it is on your neighbour’s property);

■ Title fraud;

■ Errors in surveys and public records; and more

It is best to speak to speak to our office  and discuss the coverage that the various title insurance companies can provide for your real estate transaction.  

LAND TRANSFER TAX ONTARIO AND CITY OF TORONTO

Land transfer tax is payable on every real estate transaction, unless there are exemptions allowed by law.  Land Transfer Tax is payable for every property in Ontario, and in addition the City of Toronto also impose Land Transfer Tax.    

Calculations ONTARIO: 

Effective January 1, 2017, the tax rates for land transfer tax will depend on the date of the agreement of purchase and sale.

If an agreement of purchase and sale is entered into after November 14, 2016, and registration or the disposition occurs on or after January 1, 2017, the tax rates on the value of the consideration are as follows:

amounts up to and including $55,000: 0.5%

amounts exceeding $55,000, up to and including $250,000: 1.0%

amounts exceeding $250,000, up to and including $400,000: 1.5%

amounts exceeding $400,000: 2.0%

amounts exceeding $2,000,000, where the land contains one or two single family residences: 2.5%.

The province of Ontario will offer rebate for legible first-time home buyers.

LAND TRANSFER TAX CITY OF TORONTO

Effective September 6, 2023, the City changed the MLTT rate structure and rebate eligibility criteria.

For property containing at least one, and not more than two, single family residences with a consideration value of:

Value of Consideration MLTT Rate

Up to and including $55,000.00: 0.5% 

$55,000.01 to $250,000.00: 1.0% 

$250,000.01 to $400,000.00: 1.5%

$400,000.01 to $2,000,000.00: 2.0%

Over $2,000,000.00: 2.5% 

Additional thresholds and rates effective as of January 1, 2024. 

Over $3,000,000 and up to $4,000,000: 3.5%

Over $4,000,000 and up to $5,000,000:  4.5% 

Over $5,000,000 and up to $10,000,000: 5.5% 

Over $10,000,000 and up to $20,000,000: 6.5% 

Over $20,000,000:  7.5% 

Continuing for all other non-single family residences with a consideration value of: 

Up to and including $55,000.00:  0.5%

$55,000.01 to $250,000.00:  1.0%

$250,000.01 to $400,000.00: 1.5%

Over $400,000.00: 2.0% 

MLTT Administration Fee – An administration fee for processing each MLTT transaction excluding HST (HST is payable on the transaction fee).  $86.78 + HST 

First time home-buyers

First time home-buyers may be legible for a refund of all or part of the tax for their real estate transaction both in Ontario and in the City of Toronto subject to qualification.  The maximum amount that of the refund is $4,000.00 for Ontario and $4,475.00. for the City of Toronto. If the refund is claimed at the time of registration, it may offset the land transfer tax ordinarily payable.  If not claimed at registration, the refund may be claimed later on but subject to strict time line.  To see if you qualify or to discuss this matter in more detail speak to our office.   

GST/HST New Housing Rebate

The GST/HST new housing rebate allows an individual to recover some of the goods and services tax (GST) or the federal part of the harmonized sales tax (HST) paid for a new or substantially renovated house.   This can happen for example when a potential buyer buys a new unit from a builder whereby it is a house or a condominium unit.  In order to qualify for the rebate there are some criteria  that needs to be met and it is advisable to speak to our office for guidance on this matter.  In addition when purchasing a new unit from a builder its quite common that the rebate is already included in the purchase price, but this have to be approached cautiously  as the the purchaser needs to qualify of the rebate  and not assume automatically that he is.   

GST/HST  New Residential Rental Property Rebate 

 
The GST/HST New Residential Rental Property Rebate is a Canadian tax incentive. It aims to mitigate the impact of the Harmonized Sales Tax (HST) on the construction or purchase of new rental properties. Eligible property owners can claim a portion of the GST/HST paid on the property, easing financial burden. The rebate criteria include property type, occupancy, and intention to rent. It aids developers, investors, and landlords in promoting affordable housing supply. Proper documentation, adherence to deadlines, and understanding of regional variations are crucial to ensure successful rebate applications within the complex framework. 

"I am committed to delivering the highest standard of service to my clients, and making sure that every transaction closes successfully" 

Eran Gevantschniter                             

attorney

Real Estate Lawyer in Toronto in Downtown