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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:
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:
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:
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: