Real Estate Lawyer Toronto

As real estate lawyers Toronto in downtown we provide full legal services in real estate transactions in Toronto and the GTA ranging from - Purchase of New Residential Condominium and Housing, Purchase of Resale Condominium and Housing, Purchase and Sale Commercial Properties, Assignments Agreements for Condominium and Housing, Residential Sales for  Condominium and Housing. We also provide services in Title Searches, placing Mortgages, assisting in various matters concerning Private Mortgages, Re-Financing, Title Insurance and many more. Our real estate lawyer Toronto fees are reasonable and competitive to the market. 

Fixed legal fees can also be arranged for client satisfaction.  To receive a quote or discuss your real estate transaction in further detail please call the office at 416.777.6788 or send an email to eran@eranlaw.com.  We will reply promptly and provide you with the best legal services that suit your needs

WHAT YOU NEED TO KNOW ABOUT RESIDENTIAL TRANSACTIONS 

PRIVATE DEAL - As real estate lawyers in Toronto we can assist  in private transactions.  Private deal usually occurs when both the sellers and buyers agree on selling or purchasing a property without the usage of realtors.  Both parties need to agree on purchase price, deposit and closing date and other details concerning the specific of the real estate transaction.  Once there is an understanding than an Agreement of Purchase and Sale needs to be drafted by a real estate lawyer in order to make sure that the agreement drafted correctly and is binding.   Feel free to contact our office for further guidance on this matter.   

REALTORS' DEALS  - more common than private deals happens when Realtors are involved in the transactions where both the purchaser and seller are guided by their realtor  leading to drafting an agreement of purchase and sale taking it to the next step and getting the involvement of real estate lawyer in order to close the transactions. As real estate lawyers we can assist in this type of transactions.  

AGREEMENT OF PURCHASE AND SALE -  The agreement of purchase and sale is a written document that provides an agreement between the seller and purchase about the specific of a real estate transaction.  For example what is the subject property, purchase, price, deposit amount, closing date and any other relevant matters that need to be addressed regarding the transaction. When purchasing or selling a property it is advisable to have a proper agreement of purchase and sale in place.  As real estate lawyer our office can assist in drafting and agreement for you to suit your needs with your real estate transaction keeping the specific of your real estate transaction in mind.     

BUILDERS' ASSIGNMENT AGREEMENTS- As an experienced real estate lawyer in Toronto for over 15 years in practice we take the privilege in assisting with Assignments Transactions.  Assignment transactions occurs when the assignor that is the person who originally bought the right to buy the subject property from the builder wants to sell this right to a potential buyer known as the assignee. Once the assignment agreement gets approved by all the parties involved that is the builder, the assignor and the assignee then this agreement becomes firm and binding and the right to buy the property from the builder shifts to the assignee.  Assignment agreements can be quite complicated and challenging at times and therefore the need for a real estate lawyer in assisting with this type of transactions is highly recommended.      

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

For all conveyances and unregistered dispositions of beneficial interest in land made on or after March 1, 2017

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%

For all other non-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%

Over $400,000.00 2.0%

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 offest 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.   

"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