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If you require any additional services, such as Investment properties, commercial properties, occupancy closings, lines of credit or additional mortgages/lines of credit, bridge loans or any other matter beyond the scope of a standard real estate transaction, we will talk to you first for approval before incurring any additional costs.

What are closing costs?
Closing costs are fees and expenses that are required to close the purchase of a property. Closing costs may include a variety of items depending on the property you purchase (resale or new build, residential or rural, or an investment property, etc.)

For a resale home, common closing costs are things like adjustments on property taxes, propane/oil tanks (if applicable), condo maintenance fees, Land Transfer Tax, real estate commission, legal fees & disbursements, etc.

For new build homes, closing costs are typically things like the Tarion warranty, property tax adjustment, Land Transfer Tax, tree planting, driveway paving, extension or NSF fees on deposit cheques (if any), the installation of a hydro or water meter, etc). All builders are different so you may want to inquire to see what costs will be payable on closing.

How and when do I provide my closing funds?
Our office will communicate with you in advance of your signing appointment to advise you the amount required to close your property on it’s scheduled closing date. These funds are typically provided to our office by bank draft or certified cheque.

Title Insurance is an insurance policy that protects the legal owner(s) and lender(s) of a commercial or residential property from financial losses resulting from defects in a title to a property or other issues that can arise in relation to the property. Title insurance will cover losses up to the maximum coverage set out in the policy as long as you own, or have interest in your property. It can also cover most legal expenses related to reinstating your property’s title.

There are two types of title insurance: lender’s title insurance and owner’s title insurance. Most lenders will require the borrower to purchase a lender’s title insurance policy in order to protect the lender from any problems in transferring the title of ownership.

Although title insurance is not a legal requirement in Ontario, it will provide protection and cover losses such as:

Unknown Title Defects
These are title issues that prevent you from having clear ownership of the property.

Existing Liens Against The Property’s Title
This can happen if the previous owner had unpaid debts from any utilities, mortgages, property taxes or condominium charges secured against the property.

Encroachment Issues
This happens when a percentage of a structure that is on your property has crossed the property line to your neighbour’s and needs to be removed.

Title Fraud
Title Fraud occurs when a scammer impersonates a homeowner to falsely assume the title of a property in order to financially gain from either the sale of that property or by remortgaging the property.

Survey and Public Records Errors
Erroneous surveys, flawed public records or other title-related issues that could affect your ability to sell, lease or mortgage your property in the future.

To fully understand what type of protection title insurance can provide you, speak with us to discuss your specific situation and whether title insurance is a good option for you.

Fire insurance
Purchase
Sale
Refinance

Land Transfer Tax (LTT) is payable to the province anytime you acquire land or a beneficial interest in land. If you acquire land or a beneficial interest in land in the City of Toronto, you may be subject to their municipal land transfer tax (MLTT).

To help you prepare for your closing costs, use the calculator below to see how much LTT and/or MLTT you may be required to pay.

https://www.ratehub.ca/land-transfer-tax

If you are a First Time Home Buyer, you may be eligible for a refund on all or part of the LTT.

To qualify for a refund, you the purchaser:

• must be at least 18 years old.
• must occupy the home as their principal residence within nine months of the date of transfer.
• cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time.
• If the purchaser entered into an agreement of purchase and sale before December 14, 2007, the home must be a newly constructed home and the purchaser must be eligible for the Tarion New Home Warranty.
• If the purchaser has a spouse, the spouse cannot have owned an eligible home, or had any ownership interest in an eligible home, anywhere in the world, while he or she was the purchaser’s spouse. If this is the case, no refund is available to either spouse.

For more information, visit the website of the Ontario Minister of Finance.

https://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html

The Non-Resident Speculation Tax (NRST) is a 15% tax on the purchase or acquisition of an interest in residential property, located in the Greater Golden Horseshoe Region, by individuals who are not citizens or permanent residents of Canada or by foreign corporations (foreign entities) and taxable trustees.

What happens with my keys? – Selling a property
Typically, your keys will remain in the lockbox provided by your real estate agent until the closing date of the property.

When and where do I pick up my keys – Buying a property
Typically, once your transaction has been completed our office will provide you with the lockbox code to access the keys inside. Congratulations, the house is now yours!! The real estate agent that initially sold that property will be by to pick up the lockbox a few days after your house closes.

After your transaction has been completed you will receive a copy of the documents you signed along with the registered Transfer/Deed and/of Mortgage (Charge) by email or mail, whichever you prefer. Keep it in a safe place, you never know when you will need it again.

A title transfer is a process in which a person is either added to or removed from the property ownership or title by the owner. In Ontario, transfers of title are completed by lawyers.

Ownership
In Ontario, there are two common types of ownership: tenants-in-common and joint tenancy. The main difference between the two types of ownership is the survivorship rights, meaning what becomes of the ownership upon the death of one of the owners.

Tenants-in-common
Tenants-in-common ownership determines that upon death, the two or more people who own a property keep their own interest. Consequently, if one person dies, their share of the property will be added to their estate and be dispersed according to their will.

Joint Tenancy
When a property has joint tenancy, if one person dies, the other automatically assumes ownership of the entire property and it is not considered a part of the deceased’s estate. Each person is a 100% lifetime owner of the property and cannot sell their share without consent of the other individual.

Joint Tenancy is the most common ownership structure among legally married spouses in Ontario. When one spouse dies, the successor assumes sole ownership of the property. If the couple has children, the property will likely pass to them when the last spouse dies, through their will.

Understanding Survivorship
When two or more people take title to a property as joint tenants, they are also granted the “right of survivorship”, which is a legal principle that, upon the death of a joint tenant, allocates equally their portion of the property to the surviving owner(s), regardless of what is written in the deceased person’s will. The right of survivorship will invalidate probate or any other process that divides their estate.

For example, let’s say that Jim and Kelly own a home together as joint tenants. Kelly has a daughter, Rachael, who she has outlined as the sole beneficiary in her will. When Kelly dies however, Jim becomes the sole owner of the property as Survivorship Rights override any claim Rachael has to the share of the house through Kelly’s will.

Creating a Survivorship Application
A survivorship application is required as a property cannot be sold, mortgaged or otherwise dealt with until the official records are updated. When a joint tenant dies, their share of the property is evenly distributed among the remaining owners, however the successor(s) of the property would need a survivorship application registered in order to process the change in ownership.

In our example, when Kelly dies, Jim would have to apply for survivorship in order to remove Kelly’s name from the property title, instating him as the sole owner of the home.

Luckily the survivorship application process is a speedy one and can be completed within just a few days. The right of survivorship is automatic, unlike probating a will, which can take months or even years to finalize.

What Is Involved?
Now that we have covered what a survivorship application is and why you would need one, let’s explore how they are executed.

In order to make a change in ownership official, we can quickly and efficiently complete and register a survivorship application for you. Please give us a call for more information and a free quote. We will require from you some basic details in order to provide you with an all-inclusive quote.

An original or certified true copy of the deceased’s death certificate is required. This can usually be obtained from the associated funeral home.

Next, your lawyer will conduct a title search on the property. Barring no issues in the title search, the documents will then be explained to you prior to signing and then the application will be registered.

Lastly, your lawyer will advise the applicable government agencies of the change to ensure their records are updated.

A testator is a person who is making and executing the Last Will and Testament. A female testator is often referred to as a testatrix.

A Beneficiary is a party who is receiving a gift from the testator. Beneficiaries can be people or organizations.

An Executor is the person who will be carrying out the terms of the testator’s will and administering the testator’s estate. An executor is sometimes referred to as a personal representative.

Yes, A Power of Attorney for Property provides an agent to act on your behalf with the power and authority to deal with your property and make financial decisions for you only while you are alive. A Power of Attorney automatically ends on your death. Consequently, you need a Last Will and Testament to specify how you want your estate distributed on your death.

A Last Will and Testament is a document containing your instructions and wishes for the administration and distribution of your estate after your death. The Last Will and Testament records your wishes so that your assets such as your house, land, car, shares, bank accounts and insurance policies are distributed according to your wishes. A Last Will and Testament can be executed by any person eighteen (18) years of age or older and of sound mind.

If you pass away without executing a Last Will and Testament you are said to have passed away “intestate”. If your passing is deemed to be an intestacy your assets will be distributed according to a rigid formula set down by the laws of intestacy. Furthermore, with an intestacy you will have no say in who administers your estate or who may be appointed as a guardian of your children if they are under eighteen (18) years of age.

An Executor is a person(s) whom you trust to dispose of your assets in accordance with the instructions set out in your Last Will and Testament. You should obtain each Executor’s consent before making a nomination. Your Executor can also be a Beneficiary. You should also consider having substitute Executor(s) in the event a nominated Executor(s) cannot act for any reason.

The general role of the Executor(s) is to collect the assets of the testator’s estate, paying any debts of the estate, paying any applicable taxes, and distributing the assets of the estate in accordance with the directions of the Will.

A Power of Attorney is a legal document in which you grant a person (called your “attorney”) the right to make decisions on your behalf, if and when, a number of circumstances arise. For example, you are no longer able to (due to capacity) look after matters on your own

There are two types of Power of Attorney:

Power of Attorney for Personal Care:
The person you name as your attorney has the ability to make decisions about your health care, housing, and other aspects of care (such as meals and clothing) if you become mentally incapable of making these decisions.

Power of Attorney for Property:
The person you name as your attorney has the ability to make decisions about your financial affairs (including paying your bills, collecting money owed to you, maintaining or selling your house, or managing your investments).