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Buying or selling property doesn’t have to be complicated. Let our team simplify the process by looking after the major players in your real estate transaction to ensure a smooth closing with no surprises.
We’ll answer every question you have, because we believe in communicating clearly and honestly with you. Our goal is to make sure you feel comfortable with the process and leave our office having been educated on one of the most important transactions of your life. You’ll know up front what your cost will be. The best part? We won’t charge you each time you contact us. Everything, including out of pocket expenses and GST are included in one flat fee. In a hurry to close? We’re happy to handle your last-minute needs at competitive rates.
When you need trustworthy and engaged legal representation with a personal approach, depend on us. Let us show you how we do things different.
Buyer Lawyer – The Buyer’s lawyer will review the agreement of purchase and all other legal documents, ensure there are no claims against the property, arrange for Title Insurance, ensure the purchaser has a valid title upon closing, ensure that property tax has been paid to date, etc.
Buyer/Purchaser – The individual that will receive the property for value once transferred by the seller.
Cash to Close – This is the amount of cash you need to bring to closing. The total amount is equal to the total of your down payment, your closing costs, and your prepaid and escrow amounts. While the concept includes the word “cash”, most companies do not accept an amount of cash that large and generally want other forms of payments.
Chattels – A moveable possession and personal property that can be removed without injury to the property.
Dower Rights – The interest that a person has in real property (i.e. a house) owned by his or her spouse. These rights require that the spouse who is not on title consent to any disposition of the land (such as through sale or mortgaging).
Down Payment – The initial payment one must make in order to secure a mortgage for a home. For a house of $500,000 or less, the amount is 5% of the purchase price of the home. For a home of $500,000 to $999,999, the amount is 5% of the first $500,000 and 10% of the purchase price above $500,000. For a home of $1,000,000 or more, the amount is 20% of the purchase price.
Financing Conditions – A condition whereby the real estate offer is conditional on the buyer obtaining the necessary financing to complete the purchase. This condition is typically for a period of three to seven days, and gives the buyer time to confirm with their mortgage broker or lender that they are approved for the necessary funds.
Fixtures – Personal property that becomes real property when attached in a permanent manner to real estate.
Hold Back – An amount held back from the seller by the seller’s lawyer or the buyer’s lawyer until a certain condition in the agreement has been fulfilled.
Home Inspection – A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a condition by the purchaser.
Insured Mortgage/High Ratio Mortgage – A purchase of a home with a down payment of less than 20% of the home purchase price is considered a “High Ratio Mortgage”. Where there is a high ratio mortgage, the mortgage must have insurance through the Canada Mortgage and Housing Corporation.
Joint Tenants – Occurs when multiple individuals hold an equal interest in the same property. The interest is an undivided right to keep or dispose of the property. In essence, this means that property held jointly requires the consent of all owners in order to transfer or dispose of the property.
Lis Pendens – Is a written notice that a lawsuit has been filed concerning a particular piece of real estate. “Lis pendens” is available to the defendant and the general public, and allows a perspective buyer to know what liabilities are attached to the property.
Mortgage Broker – An intermediary working with a borrow and a lender while qualifying the borrower for a mortgage. The broker gathers income, asset and employment documentation, a credit report and other information for assessing the borrower’s ability to secure financing.
Possession Date – The date on which possession of the property transfers from the seller to the purchaser.
Property Taxes – A tax collected by the city/municipality from residential and non-residential properties.
Purchase – An offer to “purchase” involves an offer of price for the property, a deposit on the property, the terms of the sale, the conditions of the sale, the inclusions and exclusions of chattel involved with the property, and the closing day (when the title will be transferred).
Real Estate Agent – We’ll refer someone who is the right fit
Real Estate: Property consisting of land or buildings.
Refinance – The process of replacing an existing loan with a new loan. The old loan is paid off by the new loan, often so a person can obtain better terms on their mortgage.
Removing Conditions – occurs when a condition that formed part of the formal Agreement of Purchase and sale has been fulfilled or waived.
Sale – A “Sale” of real property arises when there has either been a transfer of ownership or a transfer of possession under an agreement to transfer ownership.
Seller Lawyer – The seller’s lawyer will review the agreement and all other legal documents on behalf of the Seller. The seller’s lawyer also acquires a copy of the title and the details of the mortgage that must be discharged by the seller.
Survivorship – Where an individual has an interest in jointly-held property and dies, that interest is transferred equally to the surviving owners of the jointly-held property. This is the concept called “survivorship”.
Tenants in Common – Occurs when multiple individuals hold an individual, undivided ownership interest in a piece of property. A tenant in common has the ability to transfer title on their interest in the property, provided it is not prevented through contractual obligations.
Title insurance – A form of indemnity insurance that protect against financial loss from defects in title to a particular piece of property.
Title Transfer – A method of adjusting the person or persons who hold title to a piece of property. It may involve a transfer of property from one individual to another or it may involve removing an individual from the title of a piece of property.
Title: The bundle of rights in a particular piece of property or land that an individual(s) owns through a legal interest or equitable interest.
Vendor/Seller – The property’s owner or agent that is capable of selling a particular piece of property and effecting a title transfer.