Many first-time home-buyers are electing to make a condominium their first home purchase. The burgeoning condo market of Toronto, coupled with ever-increasing prices for homes, may signal a shift that the strong condo market is here to stay. One of the most important factors in the due diligence stage of purchasing a condo for every…
Read MoreIn Ontario, there are two land title registration systems: one under the Registry Act and the other under the Land Titles Act. We commonly associate the former with paper deeds and other title documents, and the latter with electronically recorded title documents. Around the year 2000, the Province of Ontario began the administrative process of…
Read MoreWhat are a Purchaser’s rights if he discovers, either before or after closing, that the property he is buying has been used in the past for an illegal activity, or perhaps that a murder or suicide has occurred there? This depends on the terms of the Agreement of Purchase and Sale that the Purchaser signed,…
Read MoreWhen a homeowner dies and there is no co-owner with a right of survivorship, then the ownership interests of the deceased will be determined by the laws dealing with Estates. If the deceased left a valid Will, then his interests would be dealt with in accordance with the instructions found in the Will. If the…
Read MoreWhen a person dies while still owning real property, one of several things can happen, depending on how that person held title to the property. Joint Tenancy When two or more people hold title to a property as joint tenants and one of the owners dies, the remaining owners then become all the owners of…
Read MoreWhen a couple separates or divorces, the question often arises of who gets to keep the matrimonial home. In some cases, one spouse will purchase the interests of the other spouse in the property. In these cases, it is important to have a written separation agreement signed before the transfer takes place. Putting aside the…
Read MoreWhen acting for a purchaser of a house, a lawyer must keep in mind the need for investigating title to properties adjacent to the property being purchased. There are two main reasons for this: 1) Planning Act (Ontario) compliance; and 2) easements. The Planning Act (Ontario) is provincial legislation that contains provisions regulating the transfer…
Read MoreFirst time homebuyers beware – withdrawals from your registered retirement savings plan (RRSP) may be taxable. A recent Toronto news article described a situation in which a first time homebuyer withdrew money from her RRSP’s without first declaring to her bank that she was a first time homebuyer – she received a $5,000 tax bill. To avoid making the…
Read MoreIn a previous blog, I wrote about going on title to a property for the purpose of assisting an adult child or family member qualify for mortgage financing. To add to the discussion, there are two ways in which multiple owners of a property can hold title – as joint tenants or as tenants in common.…
Read MoreThere are many things to do when preparing to sell your home. Once you have an Agreement of Purchase and Sale signed, and a firm closing date, you should then start making arrangements with your local utility companies to have final readings taken on the day of closing, and to have final accounts sent to…
Read MoreQuestions? Send us an email.
