Real Estate Lawyers Ingersoll, Ontario

The builder may offer to apply for the rebates and reduce the purchase price of your new home by the rebate amounts. Provided you qualify, the builder will have you sign a Canada Revenue Agency form GST190, GST/HST New Housing Rebate Application for Houses Purchased from a Builder. The builder submits the form and claims the rebate amounts on their net taxes.

Signing away your right to have condominium corporation status certificate reviewed leaves you without potential legal recourse if you find defects after the closing date. Axess Law Ingersoll reviews your agreement of purchase and sale and advises if clauses you signed ought to be withdrawn. We negotiate with the seller’s lawyer to amend the agreement to preserve your right to have a condo inspected by a professional and to ensure the status certificate is reviewed before you close the sale.

You can apply, but proof of ownership is required before you can obtain and use the permit. You won’t legally own the home until construction is complete and the title registered in your name. Axess Law Ingersoll provides a copy of title to the property once it is registered.

Closing in escrow occurs when you move into a property before title to the property has been legally registered in your name. If a transfer can’t be filed before the local land registry office closes, you’ll be asked to sign an escrow closing agreement extending the closing date until it can be registered and agreeing the seller’s lawyer will hold your funds in trust until then. Your title insurance usually includes gap coverage for the period until the transfer is registered, but double check your policy with your lawyer.

Other than for new condos purchased from builders or developers, generally not. New condo buyers can withdraw their offer within 10 calendar days of receiving the agreement of purchase and disclosure statement. Ask Axess Law to review your contract to see if it has a cooling-off clause.

You might negotiate a flat rate fee with your lawyer — Axess Law’s fees are all flat rates — but otherwise, no. Closing costs are fixed fees that add as much as about 5% to the cost of a home. They include land transfer taxes, plus Toronto’s municipal land transfer tax, title and fire insurance, and registering title to your property. Legal fees and your share of property taxes and utilities are included. For high-ratio mortgages with less than 20% down, mortgage default insurance is added to your costs. HST of 13%, minus any rebates you qualify for, is due for new or substantially renovated homes. As the closing day draws near, your Axess Law lawyer will contact you to finalize the amount you need to bring to our office to conclude your home purchase.