How does the purchaser get keys for the property?
The usual process is for you to leave the keys (and access fobs, if your property is a condominium) in the same lockbox that your realtor has used for property visits. Once we are officially closed, the lawyer on the purchasing side is provided the code so that the purchasers can access the property.
How do I get paid / receive funds from my sale?
After closing, our team coordinates with you so that we can send a wire transfer or EFT directly into any account of your choosing. There is never any need to come physically pick up a cheque from us.
What is the role of a real estate lawyer in a home sale in Ontario?
We play a vital role in ensuring a smooth and legally sound home sale. We review contracts, conduct title searches, facilitate the transfer of funds, ensure that all closing documents have been signed and swapped accordingly, and handle various legal aspects to protect your interests throughout the transaction.
How does the home selling process work in Ontario?
The home selling process in Ontario typically involves preparing the property for sale, listing it, negotiating with potential buyers, accepting an offer, and then proceeding to the closing, where ownership is officially transferred.
What legal considerations should I be aware of when selling a home in Ontario?
Legal considerations for sellers in Ontario include providing accurate property disclosures, adhering to contract terms, having any mortgage(s) discharged from the property, and complying with local bylaws and regulations.
Are there specific requirements for disclosing property defects to buyers in Ontario?
Yes, in Ontario, sellers are legally obligated to provide potential buyers with a property disclosure statement, outlining known defects and issues with the property.
How do I determine the fair market value of my property in Ontario?
The fair market value of your property can be determined through a professional appraisal, a comparative market analysis, or by consulting a real estate agent familiar with the local market.
What are the costs associated with selling a home in Ontario?
Costs associated with selling a home include real estate agent commissions, legal fees, and minor ancillary expenses (such as any fees that your bank may charge to discharge your mortgage from title). It's important to get a clear understanding of these costs before proceeding with the sale.
Can a real estate lawyer assist with negotiations in the home selling process?
While real estate agents often handle negotiations, our team can provide legal advice and guidance during the negotiation process, especially in cases involving complex legal issues.
What is the difference between a listing agent and a real estate lawyer in a home sale?
A listing agent is responsible for marketing and selling the property, while a real estate lawyer focuses on the legal aspects of the transaction, including contract review, title searches, and ensuring that closing day goes as smoothly as possible.
Do I need to provide a property survey to the buyer in Ontario?
In some cases, providing a property survey may be required to satisfy the buyer's lender or to resolve any boundary disputes. Consult with your real estate lawyer to determine if a survey is necessary.
How does the process of closing a home sale in Ontario work?
The closing process involves finalizing all paperwork, transferring ownership, and ensuring all financial obligations are met. Our lawyers will handle all such aspects of the closing.
Can a real estate lawyer help with resolving disputes or complications during the home selling process?
Yes, we regularly deal in resolving disputes or complications, such as issues related to title, contracts, rental HVAC equipment, or any legal challenges that may arise during the sale.
What are the implications of selling a home with tenants in Ontario?
Selling a property with tenants can involve legal complexities and must account for the rights of the tenants. We’re able to help you understand tenant rights, lease agreements, and the legal steps required for a successful sale.
How does capital gains tax apply to the sale of a home in Canada?
In Canada, if your home is your principal residence, it is generally exempt from capital gains tax. However, it's essential to ensure compliance with tax regulations, and our team can provide guidance here.
Are there any specific rules for selling a heritage property in Ontario?
Heritage properties may be subject to additional regulations and restrictions. Consult with our team to cover all of the legal aspects of selling a heritage property.
What is the process for transferring utilities and services when selling a home?
Transferring utilities and services typically involves notifying service providers and ensuring a seamless transition to the new property owner.
How can I protect myself from potential legal issues when selling a home?
To protect yourself, it's crucial to work with a qualified real estate lawyer who can review all legal aspects, including contracts, title searches, and disclosures, to ensure a legally sound transaction. Our team provides this service every day.
What are the legal considerations when selling a condo or townhouse in Ontario?
Selling a condo or townhouse in Ontario may involve specific legal considerations, such as condominium bylaws, regulations, or outstanding common expenses (aka condo fees). We can help you avoid any such issues before they arise.
Can a real estate lawyer assist with the removal of liens or encumbrances on the property?
Yes, we regularly identify and address any liens or encumbrances on the property, ensuring a clear title for the sale.
What are the obligations of the seller regarding property inspections in Ontario?
Sellers in Ontario are typically not required to conduct inspections, but they must provide accurate information about the property's condition and disclose any known defects to potential buyers.
What should I know about the potential impact of HST on the sale of my property in Ontario?
The impact of HST (Harmonized Sales Tax) on the sale of your property depends on factors such as property type and use. Our team can explain how HST may apply to your specific situation and whether any exemptions or rebates are available. But, as with anything tax-related, we always advise to first consult with your accountant, to avoid any unwelcome or unexpected tax consequences.