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 Toronto to help you bypass hidden obstacles when you’re selling, financing, or buying a home or business. Our team of experienced real estate lawyers is equipped to prepare and review documents such as transfer documents, purchase agreements, title documents, and mortgage documents. 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 can be carefree to invest your time in other aspects of owning a new property.
Closing costs' is 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.
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.
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.'
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).