You can’t close a deal without your lawyer doing a title search. How else will your lawyer know whether the property you want to buy still has an old mortgage on it that was never removed? What about a lien … Read More
Category Archives: Real Estate
Be Careful When Flipping That Condo
Be prepared to pay tax on all your profits if you decide you want to “flip” your new condo unit before you take possession. You may try to argue with CRA that the profit you made on the sale should … Read More
New Changes to the Land Transfer Tax for Non-Residents of Canada
Bill 165, Licensed Home Inspectors Act, 2016
Ontario first started discussing plans to license home inspectors back in 2013, when it assembled a panel of experts to draft a report. The panel made a number of recommendations, including that inspectors be required to pass a written exam … Read More
Another Reason For Title Insurance
A recent case from the Ontario Court of Appeal should make all real estate lawyers and their clients think twice about not getting title insurance on home purchases. In 2006, Paul and Stephanie MacDonald purchased a house in Toronto and, … Read More
Don’t Lose Your HST Rebate
New homes in Ontario are subject to HST. When the builder sets the price on a new home, the builder includes the HST as part of the purchase price. So on closing you don’t have to pay HST in addition … Read More
Don’t Sign That Agreement Until Your Lawyer Checks It Out – Reason 6 – TARION (II)
Can builders substitute materials or make changes to plans and specifications to a new house without a purchaser’s permission? You may be surprised at the answer.
One of the reasons why buyers of new homes and condominiums choose to buy … Read More
Don’t Sign That Agreement Until Your Lawyer Checks It Out – Reason 4 – New Condominiums
When you buy a condominium from a builder you are given special protection. All such purchasers are provided with a 10 day period which we call the Cooling Off Period. It is during this time you can cancel the Purchase … Read More
Don’t Sign That Agreement Until Your Lawyer Checks It Out – Reason 3 – The Survey – by Daniel Bernstein
Prior to the introduction of title insurance, closing a real estate purchase without a survey was almost impossible. Today, with the advent of title insurance, banks will advance mortgage funds without a survey provided that a title insurance policy has … Read More
Don’t Sign That Agreement Until Your Lawyer Checks It Out – Reason 2 – New Home Contract Extras – by Daniel Bernstein
Agreements of Purchase and Sale for new homes are full of surprises. In addition to issues regarding HST, often buried in the fine print are extra costs that a purchaser may have to pay and which are not included in … Read More