To be eligible to claim a refund on land transfer tax owing, a purchaser must be at least 18 years old and must occupy the home as their principal residence within 9 months after the date of the transfer. Also, the purchaser must be a...
Purchasing a new home is the biggest transaction your family will undertake. In addition to the ‘sticker price’ of your new home, there are closing costs to prepare for: Legal Fees – lawyersworkinggroup.com/Fee.pdf contains guidelines on legal fees. However, the structure is not mandatory and...
Actually, in an attempt to clarify and simplify probate, the government has changed the name to applying for a Certificate of Appointment of Estate Trustee (with or without) a Will – much clearer, right? Anyway, after someone dies, there is a lot to do. It’s not...
In Ontario, the vast majority of residential real estate owned by 2 people is owned in one of two ways: Joint tenancy - Each person owns an equal share of the property; an undivided equal interest. Upon the death of any party, the other party legally...
There are 2 major benefits that arise when you incorporate a company rather than simply registering a business name. When you legally incorporate, you are creating a new legal entity – in essence a new person in the eyes of the law, which comes with 2...
You are generally exempt from paying HST on real estate if the property you are purchasing is BOTH: 1. Residential AND 2. Residential If you are buying new or substantially renovated residential property from a builder, then HST is payable on the transaction (although at a reduced rate after...
Title or mortgage fraud comes in varying forms, but usually involves a fraudster committing identity theft and transferring title to your home or placing a fraudulent mortgage on your home and disappearing with the proceeds. Your home is even more attractive to fraudsters if you...
While you are waiting for the keys to your new home, here’s what’s happening behind the scenes on closing day: If you are getting a mortgage, your lawyer will be obtaining mortgage funds from the lender to combine with your down payment. Your lawyer will...
Many buyers and sellers arbitrarily choose a closing date. However, the choice of closing dates requires consideration of some important issues. Here are some tips to help you make an informed decision: Fridays and ‘month-end’ are usually busiest for realtors, lawyers and financial institutions. If...
