REAL ESTATE & MORTGAGE TRANSACTIONS

Our Real Estate department represents clients in the purchase, sale and mortgaging of commercial and residential real estate. In addition to handling ordinary residential real estate, we also deal with matters related to multi-unit properties, apartment buildings, condominiums, land development, zoning, subdivision, leasing and construction contracts.

First Time Home Buyers
If you’re a first time home buyer, you’re probably a little nervous about the prospects of buying a new home. You’re not alone. Thousands of people have done it and survived. You can too! The process is actually not that complicated, and if you make some good decisions at the outset, it should be a positive and happy experience. The process is simple in theory:

1. Find a house that you like and can afford;
2. Sign an offer that protects you and that is accepted by the Vendor;
3. Close the purchase and move in.

If you surround yourself with a good team, your experience of buying a new home should be a good one. Benefit from their experience and expertise, and allow them to deal with the issues and problems that may arise in the course of finding and buying the right house for you.

1. Get Informed
2. Get a good Mortgage Broker
3. Get a good Real Estate Agent
4. Get good Home Inspector
5. Get a good Lawyer (that’s where we come in!)

View our First Time Home Buyers Information Package

The Ontario Government currently imposes a Land Transfer Tax (LTT) on every conveyance of real property in Ontario. Therefore, every time someone acquires an interest in land, LTT is payable to the Ministry of Finance. Some or all of this LTT is refunded to “eligible” purchasers of newly constructed homes if that purchaser has never owned a home anywhere in the world before. The current refund is capped at $4,000.00 and is available instantaneously.

First-Time Home Buyers’ (FTHB) Tax Credit
The costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes, can be a particular burden for first-time homebuyers who must pay these costs, as well as save money for a down payment. To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief starting in 2009.

Canada Mortgage and Housing Corporation (CMHC) has an excellent publication for first time home buyers called Home Buying Step by Step — A Consumer Guide and Workbook.

Title Insurance
“Assuring Title” refers to the methods by which you are given assurance that you are acquiring good legal title to the new home that you are buying when your new home deal closes. In Ontario, there are 3 methods of assuring title:

(a) Lawyer Opinion – this is the traditional method that has always been available, and which is still available. After closing you will receive a letter from the lawyer which states that in his or her opinion you have a good and valid and marketable title to your new home subject to certain exceptions such as your new mortgage;

(b) Title Insurance – this is a new method that has only been available recently in Ontario, although it is very common in the U.S. After closing, you will receive a letter from your lawyer enclosing a policy of title insurance which protects you against certain title risks, instead of a lawyer’s opinion. The policies are issued by different U.S. based title insurance companies, such as First Canadian Title and Stewart Title;

(c) TitlePLUS – this is also a new method that has only been available recently in Ontario. It was developed by the Law Society of Upper Canada, the governing body for lawyers in Ontario, essentially in response to the American Title Insurance Companies that began to sell policies in Ontario. It provides title insurance coverage and additional coverage not provided in other title insurance policies at competitive prices.

Proponents of title insurance argue that it provides wider coverage than a lawyer’s opinion and at a lower cost because the fee for the title insurance is usually less than the searches the lawyer would be obliged to obtain to provide an opinion (which searches are not usually required for title insured properties).

Proponents of legal opinions argue they would rather know about a problem and have it fixed by the Vendor before closing, than afterwards.

HOME PURCHASE
Single Family Residential
$649.00 Plus Disbursements *
* To a maximum of $1,625.00 which includes fees, disbursements, HST and $200 toward Title Insurance. Title insurance premiums above this amount will be payable by you in addition to the $1,625.00.
* Does not include Land Transfer Tax
* If there are any complications the fee will be increased accordingly
* In certain circumstances, additional fees may apply

Condominium Purchase
$649.00 Plus Disbursements *
* To a maximum of $1,625.00 which includes fees, disbursements, HST and $200 toward Title Insurance. Title insurance premiums above this amount will be payable by you in addition to the $1,625.00.
* Does not include Land Transfer Tax
* Includes Title Insurance up to $200 and Status Certificate
* If there are any complications the fee will be increased accordingly
* In certain circumstances, additional fees may apply


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On-Line Closing Cost Calculations for Home Purchase
All calculations are approximations and need to be confirmed by a legal professional. All fixed costs below are based on the above rates of Chinneck Law and are subject to change without prior notice.
Enter price of property then click “Calculate” at bottom of table


Enter price of property:

(eg. 450000, no commas or decimals)
Legal Fees + GST + Disbursements to maximum of $1,625 Max $1,625
Land Transfer Tax
Total Closing Costs

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HOME SALE
Single Family Residential
$549.00 plus Disbursements *
* To a maximum of $900.00 which includes fees, disbursements & HST
Does not include multiple payouts or Registration of Discharge of Mortgage or any Instruments on Title.
*If there are any complications the fee will be increased accordingly
*In certain circumstances, additional fees may apply

Condominium
$549.00 plus Disbursements *
* To a maximum of $900.00 which includes fees, disbursements & HST
Does not include multiple payouts or Registration of Discharge of Mortgage or any Instruments on Title.
*If there are any complications the fee will be increased accordingly
*In certain circumstances, additional fees may apply

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REFINANCE
$499 plus Disbursements * 
* To a maximum of $900.00 which includes fees, disbursements & HST
* Includes Preparation and Registration of Mortgage, Sub Search, Executions and Title Insurance
* Does not include multiple payouts or Registration of Discharge of Mortgage or any Instrument on Title
* Kindly contact our office for a quote for all Multi-Family Transactions
* If there are any complications the fee will be increased accordingly
* In certain circumstances, additional fees may apply

COMMERCIAL REAL ESTATE
Review of Retail Lease Agreements for Small Businesses $850 + HST
For this fee, one of our real estate lawyers will review your lease and will provide advice as to the terms of the agreement, answer any questions you might have and will also revise the agreement if minor changes are required.
* If there are any complications the fee will be increased accordingly
* In certain circumstances, additional fees may apply

(Rates as of March, 2017)

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