FAQ’s for Real Estate

Refinancing

People often refinance their mortgage to get a lower interest rate or access the equity they’ve built in their home. While this can be the best financial solution in some cases, it’s important to consider the costs associated with a refinance. To make sure it’s the right decision for you, contact a lawyer.

Title Transfer

Transfer of title happens when a person is added or removed from the property ownership or title by the owner of the property. In this transfer of title process, many documents are needed such as ownership documents, property tax bills, bank confirmation, property insurance, and much more.

Independent Legal Advice

Independent legal representation is a retainer in which a lawyer or paralegal has no conflict of interest with respect to the matter and acts as the legal representative. Independent legal representation is required for a lawyer’s client in certain transactions between the lawyer and that client.

Do I need my spouse’s consent to sell or refinance a property?

Even if only one spouse is on title, typically, spousal consent is required to sell or refinance a property if that property is occupied by both spouses (legally married rather than common-law) as their matrimonial home.

What is LTT Rebate and who qualifies?

Ontario’s Land Transfer Tax Rebate aids first-time homebuyers by offsetting some purchasing costs. Eligible buyers can get up to $4,000 back on provincial land transfer tax. Requirements include being 18+, a Canadian citizen or permanent resident, and never having owned a home before. The new home must be their primary residence within 9 months of purchase.

When purchasing a home, what are the typical fees and expenses required?

Legal fees cover the firm’s base fee plus additional costs for title searches, registration, and admin fees. Lender fees, usually 0.5% to 1% of the loan amount, are charged for processing mortgage applications and can be waived. Broker fees, 0.5% to 2% of the loan amount, connect borrowers with lenders and can also be waived. Land transfer tax, is based on property purchase price and calculated as a percentage.