Real Estate Law
WE UNDERSTAND ALL ASPECTS OF YOUR REAL ESTATE TRANSACTION
At DeSantis Law we understand that for many people buying real estate will often be their most expensive investment. So whether you are a first time homebuyer or a savvy investor our legal advice is essential to ensuring that your property rights are protected. Owning Real Estate often represents substantially all of a persons assets and even when one is renting or leasing, those monies are often a tenants single largest recurring expense. With that in mind, cutting corners or looking to get a bargain on your legal representation is unadvisable as it may end up costing you more if your rights and interests are not properly protected at the beginning.
Our senior real estate lawyer has over 25 years of real estate experience and is dedicated to ensuring that your residential or commercial real estate transaction is handled professionally, timely, and thoroughly and have invested in business and software systems to ensure that transacting your particular real estate purchase, sale, or mortgage is properly managed with the highest attention to detail.
Our professionals understand that the legal landscape of Real Estate is changing and although often fast-paced and exciting, there are many mine fields to navigate and hidden risks which we will bring to your attention. We are adept and seasoned in all the different aspects of real estate law and are available to guide and advise our clients through their respective sale, purchase or mortgage transaction. Our lawyers are also equipped to handle the tangential aspects of commercial real estate transactions, including zoning applications, bylaw interpretation and development permits for new projects. Therefore, whether you are a vendor or purchaser, savvy investment entrepreneur, or simply refinancing, our lawyers are here to assist you in understanding the terms and conditions, rights, and obligations, associated with your respective transaction.
We are skilled in drafting and negotiating various agreements, both residential and commercial leases, institutional and private mortgages. Our relationships with realtors, mortgage brokers and other professionals in the industry who can provide their expertise to address your particular needs is invaluable to ensuring a successful completion of your transaction. With this value added service, you can confidently trust that your interests will be represented by the best legal team in real estate. Providing innovative and cost effective solutions to our clients’ legal needs is our mission.
We can provide assistance throughout every step of the process, including amongst other things:
- Drafting and Negotiating Agreements of Purchase and Sale (residential & commercial properties)
- Negotiating and Drafting Lease Agreements
- Dealing with Landlord & Tenant issues
- Land Development & Construction
- Mortgages, Private lenders, Syndicated Loans, and Construction financing
- Mortgage Enforcement and Power of Sale Proceedings
- Environmental and Conservation Issues
- Property disputes/Fencing Issues
- Zoning regulation and Building code compliance
LAND TRANSFER TAX - Ontario (LTT) and Toronto (MLTT)
When you purchase a home, condo, land or an interest in land in Ontario your transaction will attract a provincial land transfer tax. An additional municipal tax is also charged for those purchasing property in Toronto and therefore tax is payable any time real property is conveyed.
Notably it is the purchaser and never the seller that pays this tax. When we act on your behalf, our lawyers will calculate those applicable taxes and will ensure that they are paid on closing from the closing funds.
ARE YOU A FIRST TIME HOME BUYER? FIND OUT IF YOU QUALIFY FOR THE LTT/MLTT EXEMPTION.
First-time home buyers of an eligible home may be exempt from the payment of land transfer tax and be eligible for a refund of all, or part of the tax. To claim a refund, you must be at least 18 years of age, you cannot have owned a home or an interest in a home anywhere in the world, and your spouse cannot have owned a home or interest in a home, anywhere in the world while he or she was your spouse. Previous ownership in a home means you do not qualify for the land transfer tax first-time home buyers refund. The method of acquiring the home (e.g., purchase, gift or through an inheritance) is not relevant.If you or your spouse is a first time home buyer you may be entitled to a refund up to a maximum of $4,000 which can be applied to the amount of land transfer tax payable.
COMMON LAW COUPLES AND HOME OWNERSHIP
According to a study by Coldwell Banker Real Estate in 2013, 17 per cent of couples bought a home before they were married, with that number rising to 24 per cent among millennials with no indication that this trend will not continue to rise. If you are in a common law relationship it is important that you consider this non exhaustive list before committing to a binding Agreement of Purchase and Sale:
- How will you own the home? As a joint tenant or as a tenant in common;
- Location; Urban vs Rural and factoring in the commuting time, distance and expense;
- Type of dwelling. House, Semi-Detached, Condominium, etc., as you need to be aware of the expenses related to each type of home ownership.
- Who will pay the downpayment?Often one person may have previous owned a home and can therefore put down the downpayment from the sale proceeds of their previous home towards the purchase of the property you are buying together.
- Who will pay the utilities, municipal property taxes, mortgage, common expenses etc.
- Do you have a Co-habitation Agreement? Millenials have shifted away from traditional marriage which has gone the way of the dowry. It is therefore important to have a Lawyer prepare a Cohabitation Agreement for you since the CRA and provinces in Canada may recognize marriage-like relationships only in specific contexts, of which automatic property rights are not included
NON-RESIDENT BUYERS AND SELLERS
There are different tax implications when a non-resident purchases or disposes of real estate in Ontario under the Income Tax Act.