Real Estate

A few of the costs to be paid on closing are property tax adjustments, legal fees, disbursements (e.g. title insurance, a title search, registration costs, and other miscellaneous expenses), and land transfer tax. These costs vary depending on a variety of factors, so contact a lawyer to obtain a more accurate estimate.

As soon as possible, preferably before you sign an Agreement of Purchase and Sale. A Lawyer can examine the Agreement of Purchase and Sale, and may be able to suggest clauses or conditions to protect you. If you have already entered into an Agreement of Purchase and Sale, the Lawyer can review it, to ensure that you are aware of your rights and obligations, and that all conditions specified in the Contract are carried out before the sale is final.  A Lawyer will also assist with the registration of the transfer (and other related items) for your closing.

When you buy property in Ontario, you are required to pay a tax to the Province of Ontario. This tax is calculated using a graduated formula, based on your purchase price, which typically amounts to 1-2% of the price.  In some circumstances, buyers are exempted from paying the land transfer tax, up to a maximum amount of $4,000.  A Lawyer can assist you to determine the tax amount you must pay and whether or not you qualify for this exemption.

A land survey is like a drawing of a parcel of land, that is prepared by an Ontario Land Surveyor. It includes useful information about the property, such as:

• The full measurement of the parcel of land, including boundaries
• The location of buildings and structures on the property
• Improvements such as fences, pools and some landscaping
• Encroachments, such as a building on an adjacent lot that is partially located on your property
• The location of easements, such as those granted to your neighbours or utility companies, giving them the right to go onto your property for a specific purpose

If you do not have a land survey, you may not know exactly what you own. Your understanding of where your land begins and ends may not match what the title documents state. This could be problematic if, for example, you want to build a garage and then discover that part of it would be on your neighbour’s property.

Title insurance provides you with coverage for losses or damages that you might suffer due to title fraud, and other defects relating to your title and the ownership of your property.  Some of these defects may include encroachments, outstanding work orders, and issues with the zoning or legal use of the property.  A land survey shows the boundaries and dimensions of the property, and may disclose potential problems (such as encroachments, errors in the size/boundaries of a property, or easement rights of someone else relating to your property). Real estate transactions can include one or the other, and in certain circumstances, may require both. A Lawyer will be able to help you make that determination.