Tag: burlington real estate lawyer

Burlington Real Estate law tips

ORDER A TAX CERTIFICATE FOR YOUR REAL ESTATE CLOSING

The process involved in purchasing a home can be stressful. Closing on your transaction is also stressful. For that reason you should ensure you have a good real estate lawyer to assist.

ORDER A TAX CERTIFICATE

Some real estate lawyers will do this for you for a nominal fee. Generally, its advisable to obtain one on your own. For one, its simple and cheap.

HOW DO I ORDER A TAX CERTIFICATE?

Contact the local municipalities tax department where you are purchasing. Inform them that you have purchased the subject property and require a tax certificate for your real estate closing.

Some jurisdictions may have additional requirements on obtaining a tax certificate.

HOW MUCH DOES IT COST TO ORDER A TAX CERTIFICATE?

It can range between 40 to 65 dollars.

WHY DO I NEED A TAX CERTIFICATE?

A tax certificate will identity the current years property taxes, last years property taxes and how much has been paid or outstanding. This is very helpful when it comes time for closing. Essentially, in a real estate closing we take the sellers of the property on their word as to how much in property taxes has been paid. However, the seller can be mistaken as to how much they have paid. Worse, a seller could be intentionally not disclosing.

Moving can be a very stressful time. With proper planning and co-ordination you will be able to manage the move effectively.

REAL ESTATE LAWYER NEAR ME

I am a real estate lawyer in Burlington, Oakville, Milton and Hamilton.

My address is 901 Guelph Line, Burlington.

You can also call or text at 416-505-4901

TOP THINGS TO KEEP IN MIND WHEN CLOSING ON A PROPERTY

TOP THINGS TO KEEP IN MIND WHEN CLOSING ON A PROPERTY

The day of your real estate closing can be a stressful time. Most busy real estate law offices are unable to provide people an idea of what happens on the day of closing. Below are some things to keep in mind for a normal residential real estate purchase or sale.

STAY CLOSE BY THE LAW OFFICE

On the day of closing its good to be close by if need be. Sometimes on the day of closing a banking issue may arise or signing subsequent documents. Don’t travel abroad unless you have given your lawyer authority by way of a power of attorney.

CONTACT YOUR LENDER

Ensure on the day of closing you contact your lender. They know about your closing but its good to remind them that funds are needed as soon as possible.

WHERE WILL YOU PICK UP THE KEYS TO YOUR NEW HOUSE?

Ensure arrangements have been made with your lawyer as to where you plan on picking up keys to your new home. In the alternative, if you are selling ensure you have dropped off the keys.

If you are picking up keys do you prefer to pick up at your lawyers office or the other parties? Particularly, if your new home is located in a different city.

MOVING

Whether you’re moving to a new property or selling your current property. Ensure you have made the necessary arrangements to take all your belongings. As of 6PM on the day of closing you lose possession of your current property or gain possession of the new property.

Moving can be a very stressful time. With proper planning and co-ordination you will be able to manage the move effectively.

REAL ESTATE LAWYER NEAR ME

I am a real estate lawyer in Burlington, Oakville, Milton and Hamilton.

My address is 901 Guelph Line, Burlington.

You can also call or text at 416-505-4901

REAL ESTATE LEGAL FEES

REAL ESTATE LEGAL FEES

For the most part real estate lawyers will charge a base flat fee for the real estate portion. Don’t be fooled by a lower price. Some real estate lawyers may charge a lower base price but charge more for other items.

REGISTERING A MORTGAGE

On top of the base price to complete the real estate transaction many real estate lawyers may charge an additional fee for preparing and registering your mortgage. This is a common practice. However, its important to find out in advance whether the base price will include the registration of a mortgage or not.

REAL ESTATE LAW DISBURSEMENTS

In a standard real estate transaction there are disbursements. Common disbursements include, ministry registration fees, land transfer tax, title insurance and title search. The cost of these disbursements is not within the real estate lawyers control.

However, disbursements such as, couriering, photocopying and administrative fees can be subject to the lawyers discretion. For example, some law firms may have a lower base price for the legal fees but charge a higher premium for photocopying.

Also, some law firms may charge administrative fees.

YOUR FINAL BILL

Your final bill should reflect what was originally proposed. Often customers are unable to decipher the final bill particularly given the various disbursements that have to be paid out.

REAL ESTATE LAWYER NEAR ME

I am a real estate lawyer in Burlington, Oakville, Milton and Hamilton.

My address is 901 Guelph Line, Burlington.

You can also call or text at 416-505-4901

HOW MUCH DOES A REAL ESTATE CLOSING COST?

HOW MUCH DOES A REAL ESTATE CLOSING COST?

The most common question I get from prospective home buyers or sellers is how much does a real estate lawyer charge.

REAL ESTATE LEGAL FEES

For the most part, real estate lawyers will charge a base flat fee for a closing. However, on top of that there will be various charges.

Most lawyers will charge an additional fee for registering your mortgage.

REAL ESTATE DISBURSEMENTS

Here is where things can a bit tricky. If you are purchasing a home you will require:

All of the above can be subject to change. Some real estate law firms will use a conveyancer who performs the title search. That means this is a disbursement and will be added to your bill.

I have talked about title insurance in previous posts. Most lawyers will not close a deal until title insurance has been purchased.

The Land Transfer Tax is also something that must be paid to the government and is based on the home you have purchased including the city and any other special circumstances.

Registration fees are what lawyers have to pay when using special software to close the deal.

Finally, photocopying costs, certifying cheques, courier charges are all charges that a real estate lawyer incurs as a result of your closing.

SO WHAT’S THE REAL COST OF A REAL ESTATE CLOSING?

Again it really depends since this involves a bit of homework as the consumer. However, in most situations you will want to determine the base price for the closing, along with the mortgage registration and then the disbursements.

REAL ESTATE LAWYER NEAR ME

 I am a real estate lawyer in Burlington, Oakville, Milton and Hamilton. 

My address is 901 Guelph Line, Burlington.

You can also call or text at 416-505-4901

WHAT IS A TITLE SEARCH?

WHAT IS A TITLE SEARCH?

There isn’t any real estate lawyer in Ontario that won’t close a on a home without performing a title search. A title search is performed by the real estate lawyer or a conveyancer who specializes in the area.

Essentially, a title search will be ensuring that the property is free from any liens, that the vendor (seller) actually owns the property. That there are no legal issues affecting the vendors ownership and usage of the property. A title search will ensure that the vendor’s purchase from any previous seller was legally compliant.

A title search also reveals what rights the local municipality may have with respect to your property or utility companies. For example, local municipalities have certain access rights to ensure drainage. A title search also reveals whether or not the property and the land it is situated on and its adjacent land and or lots are in legal compliance with the Planning Act of Ontario.

The above is just some of the issues a title search can reveal.

CAN I OPT TO NOT HAVE ONE?

There are some clients who seem to think they shouldn’t bother with a title search. Generally, a real estate lawyer in Ontario will not close on a property until they have performed a title search. The cost is quite nominal and well worth it.

WHY DOES IT MATTER IF WE HAVE TITLE INSURANCE?

Even though title insurance is meant to cover any defects that may arise. It is still very important to perform a title search. It may reveal serious defects to title that may cause for your clients to decide they don’t want the hassle associated with the property. Serious defects may also jeopardize title insurance. In these instances its not that the title insurance won’t cover the defect its that it could stall the process of submitting a claim.

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901

OAKVILLE REAL ESTATE NEWS for June 2018

OAKVILLE REAL ESTATE NEWS

Both Burlington and Oakville continue to be popular cities for homebuyers. In my previous post I discussed the market trends for the Burlington Real Estate market.

In this post I discuss the real estate market in Oakville.

COST OF HOMES IN OAKVILLE

For the month of June 2018 it was reported that the average cost of a home in Oakville was 1.1 million. The prices of detached homes have remained the same for the last three months with the exception of a one bedroom detached.

For example, a one bedroom detached in June 2018 were sold on average for 1.2 million whereas, three months ago they were at 1.3. million.

Interestingly, the prices of two bedroom and up to four bedroom for detached homes remained the same from three months ago. The price of a five bedroom detached home jumped to 2 million from 1.5 million a few months ago.

While Oakville continues to remain a hotspot the stagnation of prices may be attributed to the high cost of homes in Oakville.

OAKVILLE IS A POPULAR PLACE

Oakville remains a popular destination because of its affluent neighbourhoods, professional middle class population and trendy lifestyle. Moreover, a significant part of Oakville continues to work in downtown Toronto and the Go Transit makes it very easy.

The information above was retrieved from the following website: https://www.zolo.ca/oakville-real-estate/trends

If you’re looking for a Burlington Real Estate Lawyer or an Oakville Real Estate Lawyer call my office today.

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901

FIRST TIME HOMEBUYER ONTARIO

FIRST TIME HOMEBUYER ONTARIO

A first time home buyer is entitled to receive a discount on the Land Transfer Tax they have to pay.

HOW DO I QUALIFY FOR THE FIRST TIME HOME BUYER REBATE?

Simple, you must be a first time homebuyer and planning on living at the property and using it as a family residence.

WHO IS ELIGBLE FOR THE REBATE IF TWO PEOPLE ARE BUYING THE PROPERTY?

For example, if a married couple is purchasing a home and one of the parties is a first time homebuyer, that party will be eligible for a portion of the rebate.

HOW DO I RECEIVE THE REBATE?

For the most part people will receive the rebate at the time of the purchase. Your Real Estate Lawyer will apply for the rebate using an on-line government portal.

 

LAND TRANSFER TAX REFUNDS FOR FIRST-TIME HOMEBUYERS

You may also visit the Ministry of Ontario's official page on the topic entitled: Land Transfer Tax Refunds for First-Time Homebuyers

 

WHAT DOCUMENTS DO I HAVE TO COMPLETE?

Your real estate lawyer will make you swear an Affidavit with respect to your claim for the rebate.

I NEED A REAL ESTATE LAWYER

If you need a real estate lawyer call or text my office at 416-505-4901 or you can also email me at ray@rehankhalil.com

 

 

Burlington Real Estate Market for June 2018

BURLINGTON REAL ESTATE MARKET NEWS

WHAT YOU NEED TO KNOW

For the months of month May to June 2018 the market has remained normal.

COST OF HOMES IN BURLINGTON

The average price of a home was approximately $800,000. Two bedroom detaches were being sold for approximately $977,000. Whereas, three bedroom detaches were being sold for an average of $876,000.

Both these prices were increase from three months ago. A five bedroom room detached in Burlington for the month of May to June sold on average for 3.8 million and this was drastically increased from three months ago.

One bedroom townhomes for the month of May to June 2018 sold on average for $381,000 this was an increase from three months ago.

For the month of May to June 2018 there seems to be more detaches being listed versus townhomes.

The information above was reproduced from the following website: https://www.zolo.ca/burlington-real-estate/trends for the month of June 2018

BURLINGTON REMAINS A POPULAR PLACE

Burlington continues to remain a popular destination for home buyers.

If you are looking for a local Burlington Real Estate Lawyer call my office at 416-505-4901

 

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901

PURCHASING A HOME?

BURLINGTON REAL ESTATE NEWS

CONSIDER THE FOLLOWING TIPS FOR YOUR CLOSING DATE

Whether its their first home or not as a real estate lawyer I love handing the keys to people for their new property. It’s a great feeling of excitement for the client and even me!

When deciding on a closing date for the purchase of a home you should consider the following:

NOT TOO FAR AND NOT TO CLOSE

Absent, any issues of urgency you should ensure your closing date isn’t many months away from when you signed the agreement of purchase and sale. These days with the costs of homes dropping due to a volatile market people are even finding that their home’s value dropped from when they first moved in. Also, many months in between may cause for some buyers or even the sellers to consider backing out.

Even more important, ensure your closing date isn’t very soon after you signed the agreement. You need time to ensure you will be able to arrange financing. You will need time to retain a home inspector. Your real estate lawyer will also require time. Finally, you will have a great deal to do, so give yourself the breathing room.

PICK A SUITABLE MONTH

This is discretionary but its good to pick a month where the weather is stable. For example, it’s hard moving boxes, trucks and driving in the middle of January due to the weather. Not to mention its just not fun. Realtors and real estate lawyers generally experience their busy months in the spring leading up to the fall.

Also, try not to pick a month where there may be extended Holidays. For example, home closings on or around or after the Christmas season can at times become problematic as many people are away on vacation.

Also, depending on how far you may have to travel to your new place you may want to factor in what day of the month is best. For example, do you really want to be sitting in traffic during rush hour traffic trying to make it to the lawyer’s office to pick up your keys to the new home?

MONEY

Ensure your closing date for your purchase factors into account all the money you may require. You will have already provided a deposit. Now don’t forget there will be Land Transfer Tax and legal fees. There are also additional factors that could arise. For example, some lenders may require that you pay down certain debt prior to providing you funding. Other lenders may stall funding until you finalize certain conditions.

I am a real estate lawyer in Burlington if you have any questions or concerns feel free to contact me.

 

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901

HOW TO HIRE A REAL ESTATE LAWYER

BURLINGTON REAL ESTATE LAW NEWS

There are many things to consider when looking to hire a real estate lawyer. The closing process can be a rushed and stressful time. Having to find the right real estate lawyer can be equally frustrating. Consider some of the tips below.

YOUR REAL ESTATE LAWYER SHOULD BE CLOSE

I strongly believe your real estate lawyer needs to be local. This makes it easy for signing purposes or if something were to come up at the last minute. A local real estate lawyer may also be able to provide some insight into the local market, community and trends. Although, this isn’t necessarily relevant to the closing process it definitely helps. Finally, its nice to know your real estate law office is close by for when you need to pick up the keys.

WILL YOU MEET THE LAWYER OR A CLERK?

Many of my own clients are surprised to meet with me and correspond with me directly. The reason being they are familiar with only dealing with clerks. Only a lawyer should be present for signing and only a lawyer has the authority and jurisdiction to witness a signature. In some limited circumstances law clerks may be designated as a Commissioner. If that is the case then they may witness the clients signature. In any other case this is not permissible. When meeting with the real estate lawyer you can ask all the questions you want and ensure you are satisfied.

CALL THE REAL ESTATE LAWYER AND ASK

It’s best to call the real estate lawyer directly and ask your questions prior to hiring he or she. How many closings have they worked on? What possible issues should be of concern. How do the legal fees breakdown?

HAVE THEM EXPLAIN ALL DOCUMENTS

Again, it surprises me how many of my own clients mention that during previous real estate closings the lawyer or law clerk didn’t take the time to explain any of the documents. While its next to impossible to explain every line of a 20 page mortgage document. A good real estate lawyer will provide advice and guidance efficiently.

I am a real estate lawyer in Burlington and Oakville please call my office if you have additional questions.

 

IS THERE A REAL ESTATE LAWYER NEAR ME?

If you are buying a home or selling contact our office to speak with a real estate lawyer in Burlington.
I provide legal services in Burlington, Milton, Hamilton and Oakville.

My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901