Markham Real Estate Lawyer
REAL ESTATE LAW
The purchase, sale or refinance of your home is one of the most expensive and important decisions that a family will make. Our real estate lawyers are here to discuss and investigate the important aspects of your property.
Purchasing a property is an expensive proposition, we want to ensure that the property you purchase is as the property should be. It is extremely important that you provide our lawyers your agreement of purchase as soon as possible. There is a requisition date that must be meet in order for us to be able to list our requirements that opposing counsel need to meet, and so that we have sufficient time to review title.
Our lawyers will review and discuss the title to your property. We will investigate adjacent lands, previous mortgages, previous conveyance of lands, easements and defects to title if any. I addition we will search the writs or judgements that might exist against the party you are buying from. It is important that you know what you are buying and who you are buying from, we will ensure that we take the time to investigate all aspects of the perspective property you are purchasing.
Once we have completed the purchase title will be registered in the land registry system electronically. With Title Fraud at an all time high it is imperative that there be an insurance policy out there that protects a homebuyers rights to their home. Title Insurance is an insurance policy that protects residential or commercial property owners from fraud with respect to ownership. Title Insurance gives the homeowner a peace of mind knowing that if fraud ever occurs against their property they have a company that will fight said fraud without the worry of hiring expensive lawyers and paying exorbitant fees.
LAND TRANSFER TAX
The purchase of land requires a provincial tax. The question becomes how do we calculate land transfer tax? Land transfer tax is primarily based on the amount paid for the proposed land or property.
FIRST TIME HOME BUYER CREDIT
However, if you are a first time homeowner you can qualify for a credit towards land transfer tax. In order to receive said credit you must be at least 18 years of age, and you must not have owned a home or interest in a home. The key here is we are not talking about a home or property in Canada, you cannot have owned a property or interest in a property anywhere in the world.
Non-Resident Sales Tax (NRST)
If you are a foreign national or a foreign corporation you will be required to pay a 15 per cent tax on purchases or acquisitions of real estate in the Markham Region.
When selling your home it is important that you inform you lawyer of the sale as soon as possible. We will have to procure your payout statement for your current mortgage, your tax statement to ensure taxes are paid uptodate. In addition we need to communicate with opposing counsel with respect to closing formalities, and conditions of the sale.
When refinancing your home whether it be through a bank or a private lender our lawyers will review the instructions from the lender and ensure that you understand what requirements you must meet in order to complete the refinance. Two things that must be meet regardless of what type of refinance you are undergoing, we must receive a mortgage information statement directly from the institution and an up-to-date statement of your property taxes with proof of the most recent payment.