Property transactions are not always as straightforward as we like them to be. But at Picov & Kleinberg Barristers & Solicitors, we make it our priority as a renowned real estate law firm in the GTA to help you bypass hidden obstacles when you’re selling, financing, or buying a home or business.
Buying a home or condominium unit before it has been constructed completely has never been easy. Our team of experienced real estate lawyers in Toronto is equipped to prepare, draft and review documents such as transfer documents, purchase agreements, title documents, assignment agreements of purchase and sale, and mortgage documents. Our team prides itself on condominium real estate and assignments. We work with you to go over the fine print in detail. We do this to ensure that the transfer or purchase is legal, binding, and in your best interests, allowing you to be carefree to invest your time in other aspects of owning a new property or a unit.
Our trusted team of real estate lawyers is well-versed in real estate agreements in Toronto. We can help you with legal preparing, drafting and reviewing legal documents and offer other legal services including:
House or cottage purchase
Drafting transfers of title
Survivorship application registration
Sale of property
Power of attorney transactions
Review of condo status certificates and all related documents
Condominiums purchase (new and resale)
Drafting and reviewing commercial leases
Commissioning and notarization of documents
Drafting and reviewing agreements of purchase and sale
Reviewing agreements for a new home or condo pre-construction
1. What Are Closing Costs?
Closing costs are an umbrella term for the entire set of legal fees and expenses due at the end of a deal. These include everything ranging from prepaid property taxes, maintenance fees, builder adjustment costs, etc.
2. How Much Are the Closing Costs Typically?
The closing costs associated with your real estate deed will vary as per the specific details of your real estate sale/ purchase/ lease deed. In case your real estate deal is a refinancing deal, your closing costs will typically include only legal fees and disbursements. On the other hand, if you purchase a new home in Ontario, your closing costs are expected to be somewhere around 1.0% of your purchase price. However, please note that the builder's cost will vary from builder to builder. Above this, you might have to pay Land Transfer Taxes as well.
3. What Is the Cap Rate?
CAP rate can typically be termed as the annual net rents (excluding financial costs) divided by the property's price. It can also be termed as a 'rate of return.'
4. If I Am Not an Ontario Resident, Can I Still Purchase And/Or Sell a Home Here?
If you are a foreigner, typically, there would not be any restrictions that would apply to your purchase of property in Ontario. The same applies to any foreigner who wishes to sell property in Ontario. When purchasing property as a non-Canadian resident, you would need to pay a 15% tax on top of the purchase price, known as Non-Resident Speculation Tax (NRST).