REAL ESTATE

PURCHASING A HOME

     The purchase of a home is one of the most significant investments you will ever make.  The service of a lawyer is a crucial part of the purchase process. Prior to entering into a contract to purchase, it is wise to speak with a lawyer. Once you have entered into a contract to purchase, the lawyer’s role becomes even more important.
     A title search of the property must be undertaken to ensure that what you have agreed to purchase is what you will in fact receive upon the closing of the transaction. The lawyer must ensure that outstanding mortgages are paid out on or before the closing date. Failure to do this would mean that your mortgage company would be second or even third in line.
     Title insurance is another important item that must be employed to ensure that your interests in the subject property are protected. To learn more about title insurance, click on www.stewarttitle.ca.

THE SALE OF YOUR HOME

     The sale of your present home is also an important event in your life. Your lawyer must ensure that any outstanding mortgages are paid out upon closing. Should title issues arise from the search of title, the vendor’s lawyer must also address these issues prior to the closing of the sale.
     Quite often, there is both a purchase and a sale involved. You are selling your present home and are purchasing another home. The lawyer must see that all issues relating to both transactions are dealt with prior to closing day, otherwise you may find that you have sold your home but don’t have another home to move into! It happens. Your lawyer must be diligent to ensure this scenario doesn’t happen to you.

LEGAL FEES

C.A.W. Legal Plan Accepted

     Be careful here! When you are searching for a lawyer to assist you with the purchase or sale of your home you must ask the lawyer specifically what the disbursement costs will be. Be very wary of the lawyer that quotes a low legal fee but does not discuss in detail what the disbursements will be. A competent lawyer will be able to give you a fairly accurate assessment of the disbursements such as closing costs, search costs, word processing costs, photocopy costs, etc. Always get your lawyer to commit to such disbursement costs. Some unwary clients will find that after they have closed their transaction, they see an invoice far higher than anticipated but they do not realize this until months later because so much is happening in their lives at the time of moving that it is put on the back burner, so to speak.

NEW HOME PURCHASES

     There are many issues that arise with the purchase of new construction. Your lawyer should discuss these issues with you.
     There are certain things you can do to protect yourself if the home built for you is lacking in quality or finished detail. Click on www.newhome.on.ca for information concerning your purchase of new construction.

***FIRST TIME PURCHASERS OF NEW CONSTRUCTION ONLY***

     If you are such a purchaser, you are not required to pay the Land Transfer Tax. If you are buying a newly constructed home, as a first time homebuyer with a value of, for example, $165,000.00, you save approximately $______ in Land Transfer Taxes. Call James Scarfone to inquire whether you qualify.

Note: If there is more than one purchaser and one has and one has not previously purchased a home, then you would save half the Land Transfer Tax if, for example, there were two purchasers.