Frequently Asked Questions

The First Time Home Buyer Rebate is an incentive offered by the Government of Ontario to first time home buyers. It applies directly towards the Provincial Land Transfer Tax portion of your home purchase. The maximum refund available is $4,000, and it applies to both new build and resale homes. 

The City of Toronto also provides support to first time home buyers by offering an additional rebate. On top of the provincial land transfer tax refund, first-time home buyers in Toronto can also receive a rebate of up to $4,475 towards the Municipal Land Transfer Tax. 

To qualify, the below criteria must be applicable:

• You must be at least 18 years old
• You must be either a Canadian citizen or a permanent resident of Canada
• You have to occupy the home as your primary residence within 9 months of the date of transfer
• You cannot have ever previously owned a home (either in part or in full) anywhere in the world 
• If you're married, your spouse can not have ever previously owned a home (either in part or in full) anywhere in the world

Title Insurance is not mandatory in Ontario, however it is strongly recommended. Please note, Title Insurance and Home Insurance are not the same. 

Title insurance covers the “title” related to property ownership (it won’t protect you from a fire like your home insurance policy will, but it will protect you from real estate fraud).

Here are some reasons why having title insurance in Ontario is beneficial:

1. Protection against title defects: Title insurance can provide coverage for a range of title defects, such as unknown liens, encroachments, fraud, forgery, or errors in public records. If any of these issues arise after the purchase, the title insurance policy can help cover the costs of resolving them.
2. Safeguarding against financial loss: Title insurance can protect you from financial loss that may arise from a defect in the title. For example, if someone makes a claim on the property after you have purchased it, the title insurance policy can cover legal expenses, potential damages, or loss of the property.
3. Cost-effective compared to legal remedies: Resolving title issues through legal means can be time-consuming and expensive. Title insurance offers a more cost-effective solution by providing coverage for legal fees and other expenses associated with defending your title.
4. Lender requirement: If you are obtaining a mortgage to finance your real estate purchase, your lender may require title insurance as a condition of the loan. This is to protect their interest in the property and ensure that any potential title issues are addressed.
5. Peace of mind: Title insurance provides peace of mind by offering protection against unforeseen title defects. It can help alleviate concerns about the history of the property's title and provide assurance that you have legal recourse in case of any issues that may arise.

It’s a one-time fee and will fully protect you the entire time that you own your home. 

The premium for the title insurance is based on the purchase price and amount of the mortgage - contact us for a quote!

 Whether you're selling, purchasing or refinancing your home, a lawyer is an essential component. Real estate transactions can be complex, involving legal contracts, financial considerations, and potential risks. Hiring a lawyer with expertise in real estate law can provide several advantages and help protect your interests. 

Lawyers in a real estate transaction can be expected to preform the below duties:

• Title search and due diligence: Lawyers conduct a thorough title search to identify any existing liens, encumbrances, or legal issues associated with the property. They can perform due diligence to verify property information, zoning regulations, and any potential risks that may affect your decision.
• Contract review and negotiation: A lawyer can review the purchase or sale agreement, identify potential issues, and negotiate terms on your behalf. They can help protect your interests, clarify any ambiguous clauses, and ensure that the contract reflects your intentions.
• Act as an intermediary between you and your mortgage lender
• Explain insurance requirements and ensure you have home insurance and possibly title insurance in place;
• Negotiate your transaction’s terms and conditions on your behalf (ex. any requests for extensions to closing dates, or requests for holdbacks etc). 

A lawyer will guide you through the closing process, including the transfer of funds, title registration, and the completion of all necessary documentation. They can coordinate with other parties involved, such as lenders and real estate agents, to ensure a smooth and legally compliant closing.

By hiring a lawyer, you have access to professional legal advice tailored to your specific situation. They can address any concerns, answer your questions, and provide you with peace of mind throughout the transaction.

If you pass away without a will, your estate will be distributed in accordance with the Ontario's Succession Law Reform Act, and someone would need to apply to the court to ask for authority to administer your estate as the Estate Trustee - this can create unnecessary hardships. 

While you are not legally required to have a Will in Ontario, there are many benefits to having one drafted. 

Some of the key benefits to having a Will are listed below: 

1. Control over your assets: A will allows you to have control over the distribution of your assets after your death. By clearly outlining your wishes in a will, you can ensure that your property, possessions, and investments are distributed according to your wishes.
2. Choice of beneficiaries: With a will, you can specify who you want to receive your assets. This can include family members, friends, charities, or any other person or organization you wish to include as beneficiaries.
3. Appointing an executor: A will enables you to appoint an executor, someone you trust, to carry out your instructions and manage your estate. The executor's role includes settling your debts, paying taxes, and distributing assets according to your wishes.
4. Guardianship of minor children: If you have minor children, a will allows you to designate a guardian or guardians to care for them in the event of your death. This ensures that your children are placed in the care of someone you trust and that your wishes are known.
5. Minimizing family disputes: A well-drafted will can help minimize potential conflicts among family members by clearly stating your intentions and providing a legal document to support your decisions. This can reduce the likelihood of disagreements and legal disputes after your passing.
6. Tax planning: A will can be structured to minimize the tax burden on your estate, taking advantage of available tax exemptions, deductions, and credits. Proper estate planning can potentially save your beneficiaries from unnecessary tax liabilities.
7. Peace of mind: Having a will in place gives you peace of mind, knowing that you have taken the necessary steps to protect your loved ones and ensure your assets are distributed according to your wishes. It provides clarity and guidance during a difficult time and reduces the burden on your family members.