REAL ESTATE

We provide services in all areas of real estate practice including purchase and sale of condominiums and homes, commercial real estate, leasing and rental property management. We can also help you with your inter-spousal property transfers 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 and that you get what you bargained to buy. 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 on time are done properly. We will pay out 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

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 / sale such as price, things which are included and things which 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.

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. The lawyer will search the title to the property, which means checking the land registry to see what is on the title to the property. Generally, there is a mortgage from the seller, which must be removed since the purchaser does not want that mortgage on title.

The lawyer will also 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 GST. GST is not payable on resale properties unless the property is used for business purposes. Hence, the lawyer will want to make sure there is no GST owing and will obtain a declaration from the seller about the past use of the property. The lawyer 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.

Your lawyer will obtain instructions from your financial institution about your mortgage. In so doing your lawyer will prepare the mortgage for your purchase on the bank’s behalf.

Before the closing of your purchase your lawyer will meet with you to review all of the documents and the mortgage. Your lawyer 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.

Your lawyer is 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 consult with your lawyer.

 

Kirk J. Cooper
Barrister, Solicitor and Notary
Suite 308
120 Carlton Street
Toronto, Ontario, M5A 4K2
416-923-4277
Email: kirkcooperlaw@rogers.com