A house purchase is a complex legal and financial transaction, and it should not be taken lightly. If you have not already signed an agreement of purchase and sale, it is a good idea to have a lawyer review the terms of the Agreement before you sign, to ensure that you are properly protected. So don’t wait to see a lawyer till last minute. Get your counsel onboard, before the agreement is signed, so that he may advise you about the important aspects of the agreement, which should be kept in mind at the time of negotiating the agreement of purchase and sale. We act for a wide range of clients from first-time home buyers to experienced investors, and treat each file with the full attention it requires.
We handle all aspects of real estate law including residential, commercial, sale, purchase, mortgages, condominium and leasing.
Buying a Condominium Property:
Buying a resale condominium property could be little different from regular sub-division home. It is worth having a lawyer look at the Status certificate before you waive the related conditions, in order to ensure that you are buying a clean property. You must ensure the credibility, reliability, assets, debts, liabilities of the condominium corporation, which can be explained to you by an experienced lawyer after reviewing the Agreement of purchase and sale. It is very important to discuss about the parking and lockers associated with the condominium and it should be addressed in the agreement. However, if you are in doubt about the title or what is included with your condominium, ask questions at the time of entering into an agreement. Any missed steps may cost you a fortune; Speak to a Lawyer before you waive conditions of the agreement and make it firm.
Brand new condominiums are closed in a unique way; typically a new condominium project will always first have what is called an interim occupancy. During the interim occupancy period, the purchaser must have the occupancy closing completed and the buyer shall pay the developer a monthly amount comprised of the monthly common expense, interest on the deferred purchase price and an estimate of the apportioned realty taxes (apportioned monthly), until the final closing.
Occupancy will take place as soon as the municipal authority issues the developer a permission to begin occupancy. The occupancy fees paid to the developer during the occupancy period are not credited to the final purchase price (except for some usual adjustments).
It is important to note that a mortgage cannot be secured on the occupancy date; therefore, a purchaser wishing to pay off the balance of the purchase price must do so without a mortgage secured on that condominium unit.
The developer will be ready to proceed with the final closing, after he registers the condominium declaration and will then transfer the title to the buyer. This date could be anytime after interim occupancy. The time span between interim occupancy and final closing could vary from one (1) month to two years (2) years, depending upon the prescribed Ontario New Home Warranty Plan’s schedule of occupancy and final closing provided to the purchaser upon signing the agreement of purchase and sale, which is subject to change by the builder, depending on the provisions in the agreement. The mortgage could be secured at the time of final closing, because that is the time when the purchaser receives the title to the purchased property.
Before Closing a Real estate Transaction:
Review your agreement for inspection clause timelines and hire a professional inspector to conduct an inspector of the subject property.
Mortgage / Line of Credits
Arrange your mortgage/loan before waiving the financing conditions in the agreement. Once your mortgage is approved, you have to provide the Lawyers information to the financial institution to provide him with the instructions. The Lawyer will then deal with the relevant financial institution to obtain the funds, on the day of closing.
Always arrange the required fire and liability insurance for the property on or before the date of closing to avoid any further inconvenience or delay of closing.
ADDITIONAL COSTS OF A REAL ESTATE CLOSING
Apart from the purchase price there will be other expenses such as land transfer tax, registrations fees, title insurance, applicable PST on CMHC and legal fees and disbursements.
However, the new properties may have certain additional charges such as developmental charges, Hydro meter installation charges, Tarion enrollment fee, Drive way paving fee etc.,
Cost Effective Service:
The good news is that now you don’t have to spend a fortune to have your real estate transaction completed. We at Deol & Nagpal Law Firm LLP provide cost effective, informed real estate services. We advise our clients on what is required between the time they sign a purchase agreement and the closing date. We advise you at every step, as to how your transaction is proceeding.
It is our practice to personally attend to all the closing details to ensure everything goes smoothly. We meet our clients personally and resolve any possible issues ahead of the day of closing.
We are available to assist you with any type of real estate transaction, whether residential or commercial property; please contact Deol & Nagpal Law Firm LLP.