Welcome to Lama Law, an Oakville-based law firm specializing in Residential Real Estate. Lama Law Real Estate Law can help you Buy, Sell, or Refinance homes throughout the Greater Toronto Area.
Welcome to Lama Law, an Oakville-based law firm specializing in Residential Real Estate. Lama Law Real Estate Law can help you Buy, Sell, or Refinance homes throughout the Greater Toronto Area.
Ontario law requires a licensed lawyer to access the land registry system to complete the legal transfer of property ownership. Your lawyer will review your closing documents, conduct title searches, manage funds and disbursements, review mortgage instructions, arrange title insurance, correspond with necessary parties and ensure exchange of documents on closing day.
The moment you have a firm Agreement of Purchase and Sale, you should reach out to your real estate lawyer. It takes time to process your file; the earlier the better.
There are a number of tasks that must be completed before closing day and they include ensuring all financing is in place with your mortgage broker or bank advisor, conducting final walk-throughs of the home, meeting with your lawyer to review and sign closing documents, whether in person or virtually, and confirming the transfer of utilities and insurance.
There are many steps to arranging mortgage funding on day of closing and to avoid delay, we recommend you meet with your mortgage broker or bank advisor immediately after the Agreement of Purchase and Sale has been finalized. Your lender contact will review your financial goals and creditworthiness and from there, will pre-approve you for your mortgage. Once your commitment letter has been signed, your lender will send mortgage instructions to your real estate lawyer to be reviewed and satisfied for the advance of funds on closing day.
It is recommended that mortgage instructions be sent no later than three business days before your closing day to ensure a seamless and timely closing.
There are different costs associated with whether you are buying or selling real estate in Ontario.
When selling your home, you can expect to pay your legal fee plus HST and disbursements, real estate commissions and adjustments for property tax and common expenses (if applicable). You will also need to remember, any debt or mortgage on title must be paid in full and discharged with the proceeds of your sale.
When buying your home, you can expect to pay legal fee plus HST and disbursements, land transfer tax, title insurance premium, lender appraisal fees, lender default insurance (if applicable) and adjustments for property tax and common expenses (if applicable).
Provincial land transfer tax is applied onto every purchase of a home in Ontario and the tax is calculated on the purchase price or fair market value of the land.
If you are purchasing a home in Toronto, municipal land transfer tax is also applicable on the purchase price or fair market value of the land.
Land transfer tax must be paid in full and is often adjusted for in the balance due to your lawyer on closing.
Note that there are additional rebates (First-Time Homebuyer Rebate) and additional land transfer tax (Non-Resident Speculation Tax) that may apply depending on your specific situation. Use the trusted calculator at www.trreb.ca
In Ontario, to be eligible for the first-time homebuyers rebate:
More information on the program can be found at HERE
Your real estate lawyer will ensure that the property taxes are accurately accounted for and prorated to the date of closing.
If you are selling your home, you can provide your real estate lawyer with a copy of the annual statement to confirm total taxes and what has been paid for the year. From there, your real estate lawyer will make the required adjustments on closing.
If you are purchasing your home, the real estate lawyer will obtain a confirmation from the sellers of taxes paid for the year or a tax certificate from the municipality to ensure taxes are not in arrears. From there, they will ensure that the closing adjustment to property taxes is accurate.
After closing, your real estate lawyer will notify the municipality of any change of ownership.
A real estate lawyers job is to walk you through the closing process and all the risks associated with your transaction. Purchasing title insurance is a highly recommended safeguard against potential ownership issues and other title-related matters that may arise after you purchase your home. It is a one-time premium that is ordered by your real estate lawyer from one of the vast title insurance providers and added to your closing costs. Title insurance offers piece of mind.
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