Real Estate Lawyer St Thomas

Closing a real estate sale transaction in Ontario involves a number of steps:

• Agreement: The Purchase and Sale Agreement is negotiated and signed by the Buyer and Seller.
• Legal Review: Your lawyer, like those at Nazarian Law, reviews the Agreement, conducts a title search, and prepares closing documents.
• Prepare for Closing: You’ll want to address any conditions (like repairs), and prepare the property for the buyer.
• Closing Documents: You’ll sign the necessary documents like the Deed of Land.
• Closing Day: The buyer’s lawyer sends funds to your lawyer, who pays off any existing mortgages and other costs.
• Register Transaction: The buyer’s lawyer registers the transaction with the Ontario Land Registry, transferring the title to the buyer.
• Disburse Funds: After all expenses are paid, your lawyer gives you the remaining sale proceeds.

Remember, each transaction is unique. Nazarian Law’s Closing Cost Calculator can help estimate costs. Consult with a legal professional for advice tailored to your situation.

Closing costs associated with a property sale in Ontario usually include legal fees and disbursements, real estate commission fees, and mortgage discharge fees, if applicable. Also, depending on the timing of your sale, there might be property tax adjustments to account for any prepaid taxes.

It’s important to note that closing costs for sellers are typically less than those for buyers, as sellers are not responsible for costs such as Land Transfer Tax.

To make this process simpler and provide you with a quick estimate of your closing costs, Nazarian Law has developed a Closing Cost Calculator available on our real estate webpage. This tool is designed to provide you with a rough estimate of the expenses you can expect when selling a property.

Remember, this tool is for convenience and provides an estimate; for a more accurate understanding of your closing costs, consult with our real estate team at Nazarian Law.

In Ontario, if a property is considered a “matrimonial home” under the Family Law Act, both spouses have an equal right to possession of the home. This holds true regardless of who legally owns the property. Consequently, if you’re married and the property you wish to sell is your family residence, you typically need your spouse’s written consent to sell, even if their name isn’t on the title.

If you’re planning to sell your property our real estate team of legal professionals will contact your spouse and document their consent to the transaction to avoid complications that may arise in the future. We recommend that you inform your spouse of the sale of the property prior to signing the Agreement of Purchase and Sale.

In Ontario, when a property is sold, the keys are typically handed over to the new buyer on the day of closing. This is often facilitated by the real estate agents involved in the transaction, where the entrance keys are left in the lockbox. Upon closing the transaction, the seller’s lawyer would release the lockbox code to the buyer’s lawyer. 

However, every transaction can be unique and different arrangements can be made based on the agreement between the buyer and the seller. It’s important to clarify the method and timing of key transfer as part of the Purchase and Sale Agreement.

Please be mindful that delays in closing may happen and we always advise clients to schedule their move-in date a few days after closing to avoid scheduling conflicts with moving companies or elevator bookings with the condominium’s management.

To avoid delays during the closing of a real estate transaction in Ontario, there are several key steps to follow:

• a) Hire a competent real estate lawyer early in the process. The legal aspects of closing a real estate transaction can be complex, and a professional can help ensure everything goes smoothly.
• b) Ensure you have two (2) pieces of unexpired Government-issued identification: Passports and Driver’s Licences are the most commonly accepted while Health cards cannot be used. 
• c) Provide us with your most recent Property Tax bill. To accurately account for any property tax adjustments to the sale price as of the day of closing. 
• d) Ensure your financing is in order. Secure your mortgage commitment from your lender and promptly provide any additional information they request. Ensure that the lender sends the mortgage instructions to our team promptly. 
• e) Obtain property insurance. Our team will require a property insurance certificate which includes a policy number and accurate information on the insured parties, property location, coverage amount and stating your lender as a “loss payee” 
• f) Respond quickly to requests for information or documentation.
• g) Set aside funds for closing costs. To estimate these costs, use the Closing Cost Calculator available on the Nazarian Law real estate webpage. Our team will also provide you with a Client Funds Summary which would be the most accurate breakdown of closing costs prior to closing.
• h) Provide us with your void cheque or bank details: To direct deposit the remaining balance to your bank account. 

Remember, every real estate transaction is unique, so it’s advisable to consult with our real estate legal professionals to understand the specifics of your situation.

Yes, Nazarian Law accommodates both virtual signing and in-person meetings, catering to the convenience and preferences of our clients. With advancements in digital technology and changes in Ontario laws, secure and compliant virtual signings are a viable option for many aspects of a real estate transaction.

However, bear in mind that some lenders may require “wet-ink” signatures, necessitating an in-person meeting. These are original signatures made with a pen on a physical document.

In Ontario and the rest of Canada, the sale of your primary residence is generally not subject to capital gains tax due to the Principal Residence Exemption. However, if the property being sold is not your primary residence – for example, it’s a rental, business, or investment property – then it could be subject to capital gains tax. This tax is based on the increase in the property’s value from the time of purchase to the time of sale.

Calculating capital gains tax can be complex and depends on many factors. It’s always wise to consult with your accountant or a tax advisor for advice tailored to your specific situation. If you don’t have an accountant, our real estate team would be happy to refer you to one.

After the closing of a real estate sale transaction in Ontario, the sale proceeds are disbursed by our real estate lawyer in accordance with our trust ledger. Once all costs associated with the sale have been paid, such as paying off your mortgage, and legal fees, the remaining sale proceeds are delivered to you.

The funds are generally provided either by a cheque or by a direct deposit into your bank account, depending on your preference and arrangements made with our real estate lawyer. It’s important to discuss these details with our team in advance to ensure a smooth transaction.

To help you anticipate the amount you’ll receive, Nazarian Law has developed a Closing Cost Calculator on our real estate webpage. This tool can give you an estimate of the costs associated with your transaction, helping to provide a clearer picture of the net proceeds you can expect to receive. Our legal team will always provide you with the breakdown of funds prior to closing which would be the most accurate information specific to your property sale.

After the closing of a real estate transaction in Ontario, the new property owner becomes responsible for the payment of property taxes and common element fees (if applicable). These are typically prorated at closing, meaning that the seller pays for the portion of the year they owned the property, and the buyer pays for the remainder.

Property taxes and common element fees are the most common items to be stated in the Statement of Adjustments which adjusts for these costs as of the date of closing. In any real estate transaction, our real estate team requires the other party to sign an undertaking to readjust the statement of adjustments. This is essentially a legal promise to account for any discrepancies to the statement of adjustments after closing.

When you sell a property with an existing mortgage in Ontario, the mortgage must be paid off from the sale proceeds on the closing date. This is handled by our real estate lawyer.

Our residential property team will obtain a statement from your mortgage lender showing the outstanding balance, any prepayment penalties, and administration fees. On closing, our real estate lawyer will use the proceeds from the sale to pay off the balance of the mortgage. After all other closing costs and fees are deducted, the remaining balance is then transferred to you.

It is important to note that private mortgages must be discharged from the lender on or prior to closing. If you have a private mortgage or lender on the title of your property, it is advisable to inform them of your pending sale transaction as soon as possible to avoid delays in closing.

In Ontario, refinancing or mortgaging a property involves several steps. First, the property owner decides on the amount they wish to borrow and contacts a lender or a mortgage broker. The lender evaluates the owner’s creditworthiness and the property’s value, typically through an appraisal. Following approval, the lender issues a mortgage commitment. The borrower then contacts our real estate legal team to oversee the legal aspects in accordance to the lender’s mortgage instructions. The lawyer conducts a title search to confirm there are no liens against the property, prepares the mortgage documents, and meets with you for signing. Upon signing the closing documents, our real estate lawyer registers the new mortgage on title at the Land Registry Office. Funds are then released to the borrower or used to pay off the existing mortgage. All steps adhere to Ontario’s Mortgages Act and the Bank Act of Canada, safeguarding both lenders and borrowers. It’s essential to consult with our real estate team or a mortgage broker when considering refinancing or mortgaging a property.

Closing costs associated with a mortgage or refinancing property in Ontario usually include legal fees and disbursements, title insurance and other lender fees related to paying out your existing mortgage or registering a new mortgage. 

Try out our mortgage Closing Cost Calculator available on our real estate webpage. This tool is designed to provide you with an estimate of the expenses you can expect when mortgaging or refinancing a property. Please note that mortgage payouts, in the case of a refinance, will depend on the balance of your mortgage and the costs associated thereof in accordance with your specific lender and situation.

A refinance real estate transaction in Ontario refers to the process where a homeowner obtains a new mortgage to replace their original mortgage on a property. This is typically done to take advantage of lower interest rates, consolidate debt, or access home equity for other financial needs, such as home renovations or investment opportunities.

During a refinance transaction, our team will handle the legal paperwork involved in paying off the existing mortgage and arranging the new mortgage. This includes ensuring that the old mortgage is discharged from the title to your property and that the new mortgage is properly registered.

The documentation required for mortgage refinancing can vary, but typically, you would need to provide:

• Proof of income: Pay stubs, T4 slips, or tax returns may be required to show that you have steady income.
• Credit report: Your lender may ask for this to assess your creditworthiness.
• Property appraisal: To determine the current value of your home.
• Existing mortgage details: This includes your current mortgage statement showing your outstanding balance and terms.

In addition to these, you may be asked for other documents depending on your specific circumstances. For instance, if you are self-employed, you may need to provide business financial statements.

Remember that mortgage refinancing can involve substantial costs. Nazarian Law has a handy Closing Cost Calculator on their real estate webpage that you can use to estimate these costs. For a comprehensive list of required documents and accurate cost estimates, consult a legal professional.

Yes, you can still refinance your home even if you have a second mortgage. However, it’s important to note that refinancing can be more complex in this situation due to the additional lien on your property. Some lenders may restrict secondary or subsequent financing of your property. Always check with your existing lender and existing mortgage commitment for more information. 

The refinance could involve paying off both the first and second mortgages and combining them into a new first mortgage, or it could involve refinancing just the first mortgage. Which option is best depends on the terms of your current mortgage(s), the terms of the new loan, and your financial situation.

Your lender will need to consider factors such as the total equity in your home, your income, your credit history, and the terms of your second mortgage. Given the complexity, it’s recommended to consult with your existing lender and mortgage broker to discuss your situation and options.

No, you’re not obligated to refinance with your current mortgage lender. When your mortgage term ends, you’re free to refinance with any lender, not just your current one. This allows you to shop around for the best rates and terms.

However, switching lenders can involve certain costs, such as legal fees, appraisal fees, and possibly a penalty for leaving your current lender early. These costs should be factored into your decision. It is recommended to consult with your existing lender and mortgage broker to discuss your specific situation and options.

When you mortgage a property in Ontario, your lender will generally require you to obtain property insurance, which typically includes coverage for fire. This insurance protects both your investment and the lender’s interest in the property in case of damage or loss.

Property insurance can cover a wide range of risks, including not only fire, but also theft, some types of water damage, and other hazards. Your lender will likely require proof of this insurance before the closing of your mortgage transaction which should also note the lender as a loss-payee.

Our real estate team will inform you of the insurance requirements from your lender well before closing so that you have the ability to evaluate your options or have time to consult with an insurance broker.

Lenders in Ontario often require title insurance to protect their investments against potential issues related to the property’s title. Title insurance covers loss or damage due to title defects, liens, encroachments, title fraud, and issues that could affect ownership rights. For instance, if there’s an outstanding lien against the property, the lender could face financial loss. Title insurance protects the lender in such cases. Even though the Ontario Land Titles system provides a reliable record of property ownership, it doesn’t offer protection against all potential issues. Title insurance serves to fill this gap. Additionally, under the Canadian Bank Act, federally regulated lenders are required to obtain some form of security like title insurance. It’s advised to consult with our real estate team to understand the specifics and benefits of title insurance in your transaction.

After your mortgage has been registered with the Ontario Land Registry Office by your real estate lawyer, the remaining funds can be distributed. This typically occurs when you’re refinancing and there’s a balance left over after the old mortgage has been paid off. Once your lawyer confirms the new mortgage has been registered and all other transactional obligations are complete, we will disburse the balance funds to you, often via a certified cheque, bank wire transfer or direct deposit. Remember, this process adheres to the Ontario Mortgages Act and Canadian mortgage regulations to ensure the legal transfer of funds. It’s advisable to consult with your real estate lawyer to understand when and how you’ll receive these funds based on your specific situation. 

Please be mindful that your bank has the discretion of placing a hold on the transferred funds upon receipt which may take up to a few business days to clear.

Choosing between a fixed and variable interest rate for your mortgage largely depends on your financial situation and risk tolerance. 

A fixed-rate mortgage offers stability as your interest rate and monthly payments stay the same throughout the fixed-rate term, making budgeting easier. It’s a logical choice if you believe that interest rates will rise in the future.

On the other hand, a variable-rate mortgage fluctuates with the market interest rate, and while it can potentially save you money if rates go down, it also introduces uncertainty as rates could go up.

Deciding between the two involves assessing your financial stability, market conditions, and your comfort level with potential rate changes. It’s important to consult with a mortgage broker or financial advisor to understand the financial outcomes in your situation.

Yes, Nazarian Law offers a variety of commercial real estate services in Ontario. These services often include

• Purchase and Sale Transactions: Assisting with the purchase or sale of commercial properties, reviewing agreements, and closing the deal.
• Lease Agreements: Drafting, reviewing, and negotiating commercial lease agreements.
• Financing and Refinancing: Helping clients secure mortgage financing or refinancing for commercial properties while ensuring compliance with Ontario and Canadian laws.
• Title Searches and Insurance: Conducting comprehensive title searches and advising on title insurance.
• Zoning and Land Use Issues: Providing guidance on zoning laws, land use regulations, and obtaining necessary permits.
• Dispute Resolution: Assisting in resolving disputes related to commercial real estate, whether through negotiation, mediation, or litigation.

It’s always advised to consult with our professional real estate team for personalized advice to navigate commercial real estate transactions and legal processes effectively.

In Ontario, the legal fees for commercial real estate services are typically based on the lawyer’s hourly rate, unlike residential real estate transactions which often come with a flat fee. This distinction is due to the higher complexity involved in commercial transactions. Such transactions often require intricate negotiation, extensive due diligence, and the resolution of unique legal issues, all of which consume a considerable amount of time. Additionally, the documents involved in commercial deals are generally more voluminous and complex, necessitating in-depth review and drafting. The financial stakes and potential risks are usually higher in commercial transactions. Lastly, the specialized expertise required in commercial real estate law is a contributing factor to the hourly rate. It’s advisable to consult with our commercial real estate lawyer to understand the potential costs involved, adhering to the guidelines set by the Law Society of Ontario and Canadian legal standards.

As a commercial landlord in Ontario, you must consider several factors. Firstly, adhere to the Commercial Tenancies Act (CTA), which guides your obligations. Draft clear lease agreements detailing rent terms, property maintenance, and who bears repair costs. Note, accessibility is mandatory under the Accessibility for Ontarians with Disabilities Act (AODA), so include necessary provisions. The Building Code Act ensures properties meet safety and health standards. Be aware of zoning laws under the Planning Act, as certain businesses require specific zoning permissions. Additionally, consider taxes, including the Harmonized Sales Tax (HST), and your obligations under the Income Tax Act. Landlords should obtain adequate insurance covering liability, fire, and casualty damages. Lastly, consider the environmental impact of the premises under the Environmental Protection Act. Consult our Toronto Commercial Real Estate Lawyer for precise legal advice on your situation.

As a tenant of a commercial property in Ontario, the Commercial Tenancies Act (CTA) outlines your responsibilities. Ensure you’re familiar with all terms in your lease agreement, including rent, lease duration, maintenance obligations, and termination clauses. Complying with the Accessibility for Ontarians with Disabilities Act (AODA) is essential, and if the property needs modifications, determine who’s responsible for costs. Zoning laws governed by the Planning Act are crucial, and the property must be zoned correctly for your business. The Building Code Act stipulates that your property meets health and safety standards. Be aware of your tax liabilities under the Harmonized Sales Tax (HST) and Income Tax Act. Ensure you have adequate insurance for potential liabilities and business interruptions. Environmental responsibilities under the Environmental Protection Act should also be considered. For a thorough understanding, consult our commercial real estate legal team.

When purchasing vacant land in Ontario, consider the following:

• Zoning and Land Use: Check zoning bylaws with the municipality to ensure your intended use for the land is permitted.
• Environmental Assessment: Hire professionals to conduct an environmental assessment to ensure there are no contamination or natural hazards.
• Access and Utilities: Ensure the land has access to public roads and necessary utilities like water, sewage, and electricity.
• Survey: Obtain a recent survey to understand the land’s boundaries and potential encroachments.
• Future Developments: Research planned developments nearby that might affect the land’s value or intended use.
• Legal Advice: Consult our real estate lawyer to help you navigate the Purchase Agreement and conduct a title search.

Purchasing vacant land involves strict adherence to Ontario’s Planning Act and other relevant laws. Always seek professional advice to ensure a successful and legal transaction.

At Nazarian Law, we review commercial leases with you which typically involve the following non-exhaustive criteria: 

Understanding and Negotiating Lease Terms: Your lawyer clarifies and negotiates terms and conditions, such as rent amount, lease period, renewal options, and termination clauses.

Reviewing Operating Expenses: Your lawyer examines clauses related to common area maintenance charges, property taxes, and insurance to ensure fairness.

Inspecting Use and Zoning Provisions: Your lawyer checks the permitted use clause aligns with your business needs and that the property’s zoning allows such use.

• Evaluating Assignment and Subletting Rights: Your lawyer confirms your rights to sublet or assign the lease.
• Checking Repair and Maintenance Responsibilities: Your lawyer will identify who is responsible for repairs and maintenance of the premises.
• Assessing Lease Alterations: Your lawyer will review terms related to renovations or alterations of the space.

Our commercial real estate lawyer helps ensure your lease agreement aligns with Ontario’s Commercial Tenancies Act and protects your interests.

When your commercial lease in Ontario is nearing renewal, you have several options. The Commercial Tenancies Act (CTA) doesn’t automatically grant a renewal right, so check your existing lease agreement for renewal terms. If it includes an option to renew, follow the stipulated process. If there’s no provision, you can negotiate a new lease with the landlord – consider seeking a commercial real estate lawyer’s advice for negotiation strategy. If you wish to vacate, review the lease’s termination notice period to avoid penalties. In some cases, you might be able to sublet or assign the lease if you wish to vacate before the lease term ends. Note, you may still be responsible for the rent if the new tenant defaults.

Evicting a commercial tenant in Ontario is a legal process governed by the Commercial Tenancies Act (CTA). Our legal team typically starts by serving a notice of default to the tenant, detailing the breach of lease and providing a reasonable time to remedy, also called a cure period. If the tenant fails to rectify the issue, our team typically serves a notice of termination. If the tenant refuses to vacate, we would need to strategize the next steps depending on the nature of the tenant’s breach and the remedies available to the landlord. Unlike residential evictions, there are no restrictions on evicting commercial tenants for renovation or personal use. Remember, the eviction process can be complex, so it’s advisable to seek legal advice from our commercial real estate professionals to ensure you’re following proper protocol. It’s crucial to uphold tenant rights during eviction, and any perceived harassment can lead to legal implications. Always consult with legal professionals to avoid infringing on the tenants’ rights.

Overholding in a commercial lease refers to a situation where a tenant remains in the property beyond the lease term without a formal lease renewal or extension, which is permissible under Ontario’s Commercial Tenancies Act (CTA). While an overholding tenant continues to pay rent, the tenancy status is often considered month-to-month, unless specified differently in the original lease agreement. Landlords can request the overholding tenant to vacate typically with a notice period aligned with the rental payment cycle. However, overholding can present risks for both parties, such as unexpected rent increases or sudden termination of tenancy. It’s advised to negotiate and formalize any overholding terms in the lease agreement to avoid potential disputes. For a comprehensive understanding of overholding implications in Toronto commercial real estate, consultation with a real estate lawyer is recommended.

A grace period in a commercial lease refers to the extra time given to tenants to fulfil certain obligations, often payment of rent, without incurring penalties. The grace period duration and conditions should be clearly stipulated in the lease agreement. In Ontario, the Commercial Tenancies Act (CTA) doesn’t legally mandate a grace period; it’s a matter of negotiation between the landlord and tenant. Landlords may impose late fees if payment is made after the grace period. Be aware that consistently utilizing the grace period could be seen as a default in certain circumstances. For a precise understanding of grace periods in Toronto commercial real estate, and to ensure your lease agreement complies with Ontario and Canadian laws, consult a real estate lawyer. Grace period terms can significantly impact landlord-tenant relationships, so legal advice is recommended.