Questions and Answers


WHAT WILL OUR ROLE BE IN YOUR TRANSACTION?

While it depends on whether you purchase, sell or mortgage a property, we will, where applicable:
  • Review your agreement and/or mortgage instructions
  • Review title to certify valid chain of title and no encumbrances
  • Purchase title insurance policy
  • Prepare Transfer/Deed, Land Transfer Tax Affidavit, Charge/Mortgage, closing documents
  • Arrange and supervise closing and registration
  • Provide solicitor's undertakings where required
  • Receive and deliver closing funds, handle all necessary bank transactions
  • Provide you with a complete report of your transaction, including closing documents



WHAT IS TITLE INSURANCE?

Title insurance protects both the purchaser and the lender if someone else claims a legal interest in your property. It can protect you against pre-existing municipal work orders, frauds and forgeries which can affect the legal ownership of the property.


WHY DO I NEED TITLE INSURANCE?

A title insurance policy provides you with protection from certain types of fraud, including those that can occur after you purchase your home.


HOW MUCH LAND TRANSFER TAX WILL YOU PAY?

Land Transfer Tax is payable by you when you purchase property and is based on the purchase price, as follows:

  • $55,000.00 or less - 0.5% of the purchase price
  • Over $55,000.00 - 1% of the purchase price, less $275.00
  • Over $250,000.00 - 1.5% of the purchase price, less $1,525.00
  • Over $400,000.00 - 2% of the purchase price, less $3,525.00

  • Please Note: If you are a first time home buyer you are eligible for rebates for both the Municipal and Provincial Land Transfer Tax.

Municipal Land Transfer Tax (MLTT) Maximum $3725
Provincial Land Transfer Tax (PLTT) Maximum $2000


AFTER YOU HAVE SIGNED AN AGREEMENT OF PURCHASE AND SALE, WHAT DOCUMENTATION MUST YOU BRING IN TO US?


For Every Transaction:

Two forms of identification for each person who is on title or will be removed from title for the property. (These documents include, but are not limited to: a valid driver’s license, passport, citizenship card, or credit card.) Please note that an OHIP card is unfortunately not accepted as valid proof of identification for the purposes of a Real Estate transaction.

For Purchases:

  • Signed Agreement of Purchase and Sale, and all amendments
  • Full names and birth dates of all persons who will be on title to the property
  • Survey of the property, if the Vendor has provided you with one
  • If you are applying for a mortgage which is to be secured against the property, please inform the lender to forward all documentation to our firm
  • Confirmation of fire insurance on the property
  • Confirmation of how the property is heated


For Sales:

  • Signed copy of the Agreement of Purchase and Sale, and all amendments
  • Copy of your Deed to the property
  • Copy of a recent mortgage statement, for all mortgages registered on title
  • Survey of the property
  • Confirmation of how the property is heated
  • Most recent property tax bill
  • If the property that you are selling is a condominium, we will require the name and address of the Condominium Corporation
  • Your new address



WHAT ABOUT MY PROPERTY TAXES?

Because your taxes are typically paid in advance, you may have paid taxes to a date past when your property is sold. In such a situation, the purchaser will compensate you for the difference.



WHAT ABOUT THE UTILITIES?

For Purchases:
Prior to the closing date, you must contact all utility companies that service the property, to arrange to have the service either connected, or continued. Where applicable, these include hydro, water, gas, fuel oil, telephone and cable TV.

For Sales:
If your home is heated by oil, it is your responsibility to have the tank filled on closing. An adjustment will be made so that the Purchasers will reimburse you for this cost. You will also have to make arrangements to have the meters read by all the applicable utility companies. If you rent or have a purchase plan set up for any heating or cooling equipment, please let us know the details so that a proper adjustment or repayment can be made. It is your responsibility to be up to date and have paid off all outstanding utility bills as of the date of sale.


WHEN DO YOU GET THE KEYS TO YOUR HOUSE?


On the day of closing, assume that you will not get your keys until 5.00 p.m. We will make every possible effort to obtain your keys earlier. It is probably a good idea to arrange for your moving truck to come in the afternoon. This will avoid unnecessary charges by the moving company, as a result of any delays.

The above information is of a general nature and is not intended to provide legal opinions. Readers should seek professional legal advice on the particular issues which concern them. We would be pleased to elaborate on any information contained above and how it may apply to your specific circumstances.

 

REAL ESTATE FEE SCHEDULE

PURCHASE with 1 mortgage :
1449.44 ($1300 all inclusive + $149.44)
2 registration fees @ $74.72 each

SALE with 1 mortgage discharge :
$874.72 ($800 all inclusive + 74.72)
1 registration fee @ $74.72

MORTGAGE REFINANCE with 1 mortgage discharge: $869.72 ($795 all inclusive + 74.72)
1 registration fee @ $74.72

TRANSFER/SURVIVORSHIP APP with 1 registration:
$224.72 ($150 legal fee + 74.72 registration Fee)
Title and Execution Search Included
1 registration fee @ $74.72


To obtain further information with respect to real estate, please contact Julie Stevens, Real Estate Law Clerk, at Ext 216.
Mary may also be contacted by email at jstevens@oshawalawyers.com

 

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