Real Estate Lawyers Newmarket, Ontario

You may be surprised at how economical hiring an Axess Law real estate lawyer in Newmarket really is. We keep our flat rate legal fees low by providing only the real estate lawyer services you need. You could pay $999.99 and up plus HST to buy a home, or $799.99 and up plus HST to sell a home in Ontario (call for our current rates or a quote). Your Axess Law real estate lawyer in Newmarket has no extra charges or hidden surprises. You pay the same low, flat fees regardless of whether you use our virtual real estate lawyer in Newmarket, or drop by Axess Law’s open law offices in Greater Toronto Area or Ottawa.

Your Axess Law real estate lawyer in Newmarket reviews your agreement of purchase and sale for essential clauses for buyers, like the right to a professional home inspection. Our attorneys check the offer to purchase for the seller’s right to cancel if a buyer is late with a good faith deposit, or to keep the deposit if the buyer walks away without mutual consent.

You can use your virtual real estate lawyer in Newmarket to amend contracts to change terms and conditions when needed. If a seller gets a better offer, or a buyer wants minor repairs made, we negotiate with the other party’s lawyer on your behalf.

Axess Law adds title insurance to homes and property to prevent mortgage fraud, and transfers the title from seller to buyer to conclude the sale. Our virtual real estate lawyer in Newmarket prepares a final statement of adjustments showing your fees and expenses, collects your keys, and ensures your real estate transaction is complete.

You can renovate or repair an investment property you buy, and if those improvements are major, temporarily move tenants out during that time. You can evict tenants permanently to demolish a building or, zoning permitting, convert it to other uses like commercial property, or if you or your family plan to move in.

Naturally, most property owners who incur renovation expenses want to recoup their expenses by raising the rent. That’s rarely possible, and evicting tenants for renos is a bit more complicated than merely handing them a N13 form.

Here’s why:

• The improvements have to require the tenant to temporarily vacate.
• A minimum 120 days written notice and the N13 are required.
• Tenants can move out earlier by giving you 10 days written notice and N9 form.
• You need a municipal building permit.
• Your tenant can move back. They must give you written notice if that’s their intent.
• You owe tenants three months’ rent or alternate accommodation if you renovate five or more units at a time.
• You can only raise the rent if your former tenant declines to return, and you rent to someone new.

You mean take out a collateral mortgage, like those offered by TD Bank or ING Direct. Here’s how it works:

• Most mortgages are linked to a home’s or land’s appraised fair market value.
• Your lender sends around an appraiser to calculate what a home is worth, based on its condition and location. That amount determines the size of your mortgage. Your down payment rests on the gap between the amount you offered for the home or land minus its fair market value.
• Collateral mortgages are readvanceable mortgages. Increasing your mortgage is simple because the lender advances more money as your home’s value increases. You can add to your mortgage without incurring refinancing charges or legal fees. You can take out equity for renos or travel without having to apply for a home equity line of credit (HELOC), or finding a new lender.

On the downside, your registered mortgage may appear larger than it really is. Holding a $500,000 collateral mortgage when you only owe $375,000 (the extra $125,000 being money you could borrow but haven’t) may make it more difficult for you to borrow other credit, like a credit card.

Not obviously, although your contract may require that you compensate the real estate brokerage for expenses like professional photography, measuring the rooms and lot, or advertising. The brokerage may even give the rights to reuse the photos, if you list your home privately and the photographer consents.

That’s assuming the brokerage agrees to terminate the contract. You could be faced with a conditional termination, requiring you to agree not to relist your home until the original listing expires. You could even be liable for a dual commission if you break a legally binding contract without the brokerage’s consent, and your home subsequently sells.