- What is an agreement of purchase and sale?
- What is Buyer Beware?
- What is Land Transfer Tax?
- Who can qualify for First time Home buyer rebate?
In Ontario, certain types of transactions require that when entering into particular arrangements concerning real estate the contracts must be in writing and signed by the parties. The governing legislation Statue of Frauds, R.S.O. 1990, C. S.19 articulates that contracts for the Sale of Land or affecting any interest in land must be in writing.
Call 905-230-4529 today! The Real Estate Lawyer Mississauga can assist you in preparation of your contract and help you understand your roles and obligations as either a Vendor or a Purchaser.
This is derived from the principle “Caveat Emptor” which means it is the purchaser’s responsibility to ensure that what they are purchasing is to their satisfaction and they bear all the risks of the purchase. Purchasers are required to exercise their due diligence by conducting both off title/on title searches on the property to ensure there are no registered liens, encumbrances, Notices, outstanding working orders/realty taxes, zoning/by law violations, encroachments. Buyers should inspect all aspects of the property to ensure there are no defects. The requirements of a title search vary depending on the type of property being purchased.
Call 905-230-4529 today! The Real Estate Lawyer Mississauga can assist you in conducting title search to ensure your best interests are protected and that the future use of the property in accordance with your intended usage.
Whenever there is a conveyance of land or you acquire a beneficial interest in real estate property in Ontario, you need to pay taxes to the Government. There are many transactions that can cause the triggering of Land Transfer Tax, but there are also exemptions. The calculations of Land Transfer Tax is based on the your consideration price and for detailed breakdown of how the calculations are conducted the information can be found on the Ministry of Finance Ontario website located at https://www.fin.gov.on.ca/en/bulletins/ltt/2_2005.html
Call 905-230-4529 today! The Real Estate Lawyer Mississauga can assist you in closing your real estate transactions and advising you as to how much your Land transfer tax is payable, if any so you can accurately calculate your closing costs.
Minister of Finance guidelines indicate that in order to qualify for a First Time Home Buyer rebate program: you need to be 18 years of age; have never owned an eligible home or an interest in an eligible home anywhere in the world; Must be a permanent residence or a Canadian Citizen; must occupy the property as their principal residence within 9 months of the registration date; and if the person has a spouse, the spouse cannot have owned a eligible home or an interest in an eligible home anywhere in the world while he/she was the person spouse. For more information on how to qualify for the rebate the reader can obtain information a https://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html#requirements
Call 905-230-4529 today! The Real Estate Lawyer Mississauga can assist you in closing your real estate transactions and advising you if you qualify for the first time homebuyer rebate.