Real Estate Law
As real estate lawyers in Ontario we can assist in private transactions. Private deal usually occurs when both the sellers and buyers agree on selling or purchasing a property without the usage of realtors. Both parties need to agree on purchase price, deposit and closing date and other details concerning the specific of the real estate transaction. Once there is an understanding that an Agreement of Purchase and Sale needs to be drafted by a real estate lawyer in order to make sure that the agreement is drafted correctly and is binding. Feel free to contact our office for further guidance on this matter.
More common than private deals occur when Realtors are involved in the transactions where both the purchaser and seller are guided by their realtor leading to drafting an Agreement of Purchase and Sale taking it to the next step and getting the involvement of Real Estate Lawyer in order to close the transactions. As Real Estate Lawyers we can assist in this type of transactions.
AGREEMENT OF PURCHASE AND SALE
The Agreement of Purchase and Sale is a written document that provides an agreement between the seller and purchase about the specific of a Real Estate Transaction. For example, what is the subject property, purchase, price, deposit amount, closing date and any other relevant matters that need to be addressed regarding the transaction. When purchasing or selling a property it is advisable to have a proper Agreement of Purchase and Sale in place. As Real Estate Lawyer our office can assist in drafting in agreement for you to suit your needs with your Real Estate Transaction keeping your needs in mind.
BUILDERS’ ASSIGNMENT AGREEMENTS
As an experienced Real Estate Lawyer, we take the privilege in assisting with Assignments Transactions. Assignment transactions occurs when the assignor that is the person who originally bought the right to buy the subject property from the builder wants to sell this right to a potential buyer known as the assignee. Once the Assignment Agreement gets approved by all the parties involved that is the builder, then this agreement becomes firm and binding and the right to buy the property from the builder vests with the Assignee. Assignment agreements can be quite complicated and challenging at times and therefore the need for a Real Estate Lawyer in assisting with this type of transactions is highly recommended.
In recent years, Title Insurance has become increasingly popular tool. It also may save the purchaser money on its overall legal bill, since certain redundant searches may be waived by the title insurer. Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership. It covers various issues like:
Unknown title defects (title issues that prevent you from having clear ownership of the property)
Existing liens against the property’s title (e.g. the previous owner had unpaid debts from utilities, mortgages, property taxes or condominium charges secured against the property)
Encroachment issues (e.g. a structure on your property needs to be removed because it is on your neighbor’s property)
Errors in surveys and public records and more
It is best to speak to speak to our office and discuss the coverage that the title insurance companies can provide for your Real Estate Transaction.
Any legal sales transaction is an Assignment where the Assignor (original purchaser) of the property transfers his/her their rights and obligations under the contract to the new Assignee (purchaser). In simple terms, the new Assignee pays a fee for purchasing the desired property.
The Assignment is considered to take place from the original agreement of sale between the original purchaser and developer. The assignment happens before the property is finally transferred.
The Assignee assumes all the obligations and duties of the Assignor. The original Agreement of Purchase/Sale includes these duties and obligations such as included items, deposits, required disclosure statements and completion date.
The Assignee is granted title to the property once the property gets finally completed. All Assignment fees are borne by the original purchaser and is charged by the Builder along with the Legal Fee.
The legal owner of the property is the developer till the transfer of title happens legally on completion of the property. For all Assignment transactions, the developer needs to give express consent.
Purchase of Newly Built Property
Buying a new condominium house in Canada can be challenging. With real estate regulations changing frequently, it is important that you consult a real estate lawyer. You may consider many factors at this time including the stage of condo development.
Purchase of Business in Leased Premises
Once you have decided to start a business, you will be confronted with two business models to choose from. One involves starting a new business, and the other includes taking up an existing business which may or may not be a franchise business.
Even though, you may take up any one of the two business models outlined, doing due diligence and company research can help in saving a lot of unpleasant surprises at the time of closing or after closing. You may end up spending more time or money than is warranted, if the due diligence is not done on time.
It is advisable to get in touch with a good Real Estate Lawyer who is well-versed with the purchase of a business in leased premises.
Residential Mortgage Refinance
Being a home buyer can help to grow your home equity, build credit and invest in assets for your future. Understanding mortgages are important whether this is your first home mortgage or you are a matured homeowner.
At the time of buying your first home, you may have got mortgage rates and terms which were high or not very favourable. Guess, what? There is no need to stay locked in with those interest rates and less than ideal terms and conditions.
Refinancing a mortgage allows you to secure more favorable loan terms and conditions those were not available to you the first time. In simple terms, refinancing your mortgage means paying off your existing mortgage in full and taking an entirely new loan.
For many homeowners, refinancing their mortgage can leave more money in their hands, resulting in higher savings and lower duration for paying back the mortgage.