Real Estate Law FAQs
A wide range of services are offered by real estate solicitors, such as contract formulation and review, transaction negotiation, due diligence, zoning and land use regulatory advice, title search management, and title insurance ordering.
Whether you are buying, selling, leasing, or managing real estate, you ought to think about working with or consulting with a lawyer if you are engaged in a real estate transaction.
A title search is the process of looking up public records to find out who is legally the owner of a piece of property and to find out whether there are any liens, mortgages, or other encumbrances on it.
Title insurance is a type of insurance coverage that guards against losses incurred by the buyer or lender as a result of title flaws, such as unreported liens, boundary disputes, or mistakes in public records.
Disbursements are the numerous expenditures spent during a real estate transaction. These expenses may include land transfer taxes, title searches, title insurance, appraisal fees, tax certificates, software and office fees, and any other costs related with the transfer of ownership from one party to another.
The Agreement of Purchase and Sale is a legally binding contract that may be enforced in court. As a result, it is not advised to sign a second agreement unless the seller agrees to release you from the first agreement, or if you are willing and able to acquire both properties.
While it is feasible to back out of a real estate transaction, there are some drawbacks. If the seller incurs charges such as mortgage holding costs or legal fees, or is unable to promptly market the home, you may lose some or all of your deposit. Furthermore, if your offer was significantly greater than the new buyer’s, the opposing party may decide to take legal action against you.
The time it takes to completely pay off a mortgage is known as the amortization period. Based on the interest rate for the duration of your existing loan, the amortization is estimated. The longest amortization period you can have if your down payment is less than 20% of the purchase price of your house is 25 years.
To calculate a prospective mortgage payment according to a specific interest rate , please visit (RateHub)
Purchasing land requires paying taxes to the Province of Ontario, which are determined by the land’s assessed value. If you are a first-time homebuyer, you may be eligible for a partial refund of the land transfer tax.
To calculate the Ontario Land Transfer Tax, please visit Land Transfer Tax Calculator (RateHub)
To learn more about Land Transfer Tax please visit the Government of Ontario’s website.
If the property is located in Toronto, an extra Toronto Municipal Land Transfer Tax will apply.
Real estate agents can help you identify a property that meets your needs and give significant assistance when purchasing or selling a home, but they are not licenced to provide legal advice. Hire a real estate lawyer to safeguard your legal interests. It is possible to use a real estate lawyer in lieu of a real estate agent where the deposit is held in the selling lawyer’s trust account instead of the real estate brokerage.
An agreement of purchase and sale is a legally binding contract between a buyer and seller that specifies the terms and circumstances of a real estate transaction, such as the purchase price, financing terms, and contingencies. It specifies both parties’ rights and duties in relation to the underlying real estate transaction.
Typically, agreements of purchase and sale include contingencies (or conditions) that must be satisfied before a real estate transaction may be finalized. Common conditions include house inspections, finance approval, and appraisal.
An easement grants one property owner the legal right to enter another’s property without permission. An easement runs with the property and binds all future owners.
If you purchase a pre-construction condominium from a developer, there will be a gap between when you take possession of the unit and when you gain complete ownership. This phase is also known as the “occupancy period” or “interim occupancy”. During this period, the developer will need you to pay occupation fees, sometimes known as “phantom rent.”
Yes, a real estate lawyer may assist you in leasing commercial property by negotiating lease terms, reviewing documents, and confirming that the lease is in accordance with applicable laws and regulations. Both landlords and tenants have the option of hiring their own real estate attorneys for lease-related legal advice and services.
Estate Planning FAQs
Every adult who has children or has property should create a will. To correctly write a Will or Power of Attorney, or if you are involved in an estate dispute and require assistance, contact a lawyer right away. A Will serves numerous critical purposes.
If you die without a will, you are said to have died “intestate”. In that event, the Courts follow the legal procedure outlined in provincial laws on intestacy to designate your beneficiaries and distribute your assets properly.
Without a Will, you cannot choose who handles your estate or who will be the guardian of your young children. Any of your family members may apply to the court for certificates of appointment, which would allow them the right to act as executor of your estate. As a result, they will have legal authority to handle your estate at their own discretion.
Starting January 1, 2022, a new law was enacted that, among other changes, states that marriage can no longer be used to cancel existing wills.
Beneficiaries are the people who will inherit your possessions, which usually include your spouse or de facto partner and children. The allocation of assets can be customized to your specifications. You might split the assets in equal halves. Specific presents, such as jewellery, a home, or a car, may also be presented to specific recipients. Trusts can also be formed for children or stepchildren to be accessible once they reach a certain age.
Yes, you can update your will at any time if you are mentally competent of doing so by signing a new will or adding a codicil (an amendment) to your existing will.
The executor is the person named in a will to handle the estate of the deceased. Choosing an executor who is knowledgeable about legal and financial problems is critical to the successful administration of your estate. They have a variety of obligations and responsibilities, including paying your estate’s taxes and bills, informing financial institutions, arranging for a burial, and so on.
You may create your own holographic will, but it must fulfil specific standards to be legally legitimate. Having a lawyer prepare your will enhances the likelihood that it will be straightforward and easy to understand for your loved ones, while also addressing all required elements to achieve your aims. Inadequately written or drafted wills can result in expensive legal bills, court costs, and probate delays.
In some instances, you may wish to consider creating multiple wills. Multiple wills are especially prevalent when the estate include business assets or property located in another country. It is important to emphasize that in this circumstance, one will does not replace or cancel the other.
A will becomes effective the minute you die away. It is vital to understand that until your death, your executor does not have the ability to carry out any of the obligations mentioned in your will. Similarly, your beneficiaries are not entitled to receive their inheritance until you die.
In Ontario, anybody 18 or older with testamentary ability can make a will. If a person lacks testamentary capacity when making a will, the will is not legally binding.
If your original choice is unable to serve on your behalf, you may wish to seek another executor for your estate (in case your executor dies before you or becomes unwell).
You can even appoint many executors to operate on your behalf concurrently.
Business Law FAQs
A corporation is a legal entity with its own legal personality that is distinct from the owners and individuals who manage its operations and activities. Corporations consist of shareholders, directors, and officers. Corporations have the same rights and privileges as natural persons, including the ability to engage into binding contracts, possess property, and borrow money.
Shareholders are persons who own firm stock. These shares confer voting rights within a corporation. Shareholders have power over the corporation, although they do not actually govern it. They use their authority by making significant company choices.
Shareholders elect directors who will administer the firm in their best interests. A director’s responsibilities include the day-to-day management of the firm, such as signing business contracts.
If you’ve already begun looking for a solution to this topic on the internet, you may have come across information on the two-step incorporation procedure as well as various online platforms that will incorporate your firm for a minimal charge. However, most of these online organizations or platforms will assist you with the first stage of establishing your business. While the first step simply requires the submission and issuing of Articles of Incorporation with the Ministry, attorneys are the only ones who can complete step 2. Without step 2, your business is not considered incorporated and may dissolve. Contact us for additional information and a Toronto Business Lawyer.
A contract in paper allows each party to fully understand their rights and duties under the agreement. As a contract party, you can work with a business lawyer to discover any flaws or ambiguities in the agreement. In most circumstances, it ensures mutual understanding and interpretation of the parameters of a legally bound partnership.
To be legally binding, an agreement or contract must include certain features that are common to all contracts. The terms include capacity, offer, acceptance, consideration, mutual agreement, and legality.
Even though it is not required, it provides several benefits in terms of knowing your rights and duties under a legally binding contract. Many people utilize internet resources to design and create business agreements without fully comprehending the terms and restrictions. Most of these contracts contain generic and boilerplate phrases that, if you are unfamiliar with the legalese, might expose your company to a significant amount of responsibility. A business Lawyer can assist you in completely understanding your rights and duties under a contract, as well as drafting one that is tailored to your specific company needs.
Many large financial institutions and lenders will normally require you to get independent legal counsel prior to signing loan documents. The loan will usually require many General Security Agreements (GSA), personal guarantees, and Personal Property and Security Act (PPSA) registrations against your personal or corporate assets.
Most small business loan lenders want a personal guarantee signed by the borrower. A personal guarantee is a borrower’s promise to repay a business loan using personal assets if the company defaults. Landlords may also request personal guarantees in some commercial lease contracts, which might mean that the individual’s personal assets are taken over if the firm fails to generate enough revenue to repay the lease payment.