Real Estate Law

Top 10 Legal Tips for First-Time Homebuyers

Top 10 Legal Tips for First-Time Homebuyers

Buying your first home in Ontario is an exciting yet daunting journey. As a real estate lawyer, I’ve seen firsthand how navigating the legal intricacies can make or break this significant investment. Here are my top ten essential legal tips for first-time homebuyers in Ontario to ensure a smooth and successful home-buying experience.

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Why Legal Proceedings Should Be Your Last Option

Why Legal Proceedings Should Be Your Last Option

When disputes arise, the knee-jerk reaction might be to rush to court and let a judge decide. However, initiating legal proceedings should be the last resort due to several critical factors that can make the process more burdensome than beneficial. As a business and real estate lawyer in Ontario, I’ve seen firsthand the myriad complications and costs associated with litigation. Here’s why you should think twice before heading to court.

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Understanding the New Home HST Rebate in Ontario

Understanding the New Home HST Rebate in Ontario

When navigating the complexities of purchasing a new home in Ontario, understanding the nuances of the New Home HST Rebate can provide significant financial benefits. This rebate system, designed to alleviate some of the tax burdens for homebuyers, can be intricate, with various eligibility criteria and application processes that need careful consideration.

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Post-Closing Issues in Real Estate Transactions

Post-Closing Issues in Real Estate Transactions

Understanding the complexities of real estate transactions doesn’t end at closing. In fact, issues that arise post-closing can be particularly challenging for new homeowners. As a seasoned real estate lawyer in Ontario, I’ve encountered numerous cases where clients face unexpected problems with their new properties, from malfunctioning appliances to undisclosed damages.

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What If You Can’t Close Your Real Estate Transaction?

What If You Can’t Close Your Real Estate Transaction?

As a buyer in the real estate market, the prospect of not being able to close on a property can be daunting. The implications of such a scenario are significant, affecting not only the immediate transaction but potentially having long-term financial and legal consequences. Understanding these implications is crucial for anyone navigating the Ontario real estate market.

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Navigating Ontario’s New Open Bidding Real Estate Rule

Navigating Ontario’s New Open Bidding Real Estate Rule

In December 2023, Ontario introduced a transformative shift in real estate practices by implementing an open bidding process as endorsed under the updated provisions of the Trust in Real Estate Services Act (TRESA). This strategic move, aimed at fostering a more transparent and fair market, now allows sellers to reveal offer amounts to prospective buyers, diverging from the long-criticized practices of blind bidding that compelled bidders to inflate their offers without an insight into competing bids.

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What Interest Rate Hikes mean for your Existing Mortgage?

What Interest Rate Hikes mean for your Existing Mortgage?

As recent month to month inflation rates for Canada continue to remain above 5%, with some months as high as 8% (in the year of 2022), the Bank of Canada continues to warn Canadians of further interest rate hikes even after the multiple interest rate increases we have experienced this year. If you are in the process of obtaining a new mortgage, whether you are refinancing or purchasing a property, higher interest rates mean increased monthly mortgage payments and decreased affordability. However, what happens if you have an existing mortgage and the Bank of Canada and prime rates increase?

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Buying a New Construction Home Guide

Buying a New Construction Home Guide

For those who have already gone through the process of purchasing a new construction home and purchasing a resale home, you know that the purchasing experience is surely not the same. It can be especially daunting as more homebuyers are dealing directly with a builder’s (seller’s) representative when purchasing compared to resale transactions which more than not have a realtor representing and guiding you throughout the process.

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Personal Real Estate Corporation (PREC)

Personal Real Estate Corporation (PREC)

When you earn less income, you wish that you made more. When you earn more, you wish that you can keep more. Ontario, Canada is hands down one of the best places to live and raise a family but it’s also home to one of the highest marginal income tax rates in the world. The ability of Ontario real estate salespeople and brokers to form Personal Real Estate Corporation (PREC) under the Trust in Real Estate Services Act, 2020 (“TRESA”), as of October 1, 2020, may help those that earn more.

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