Purchasing Real Estate
Purchasing a residential property is an important transaction. For first time home buyers, the process may seem even more daunting. Right from the initial contact, we assist our clients by giving them a clear understanding of the process and by explaining, in plain language, what the myriad of documents they are about to sign really mean.
Once you have removed subjects, your contract becomes firm and binding. Our primary role is to facilitate what has been agreed between you as the buyer, and the seller in the Contract of Purchase and Sale.
At this stage, your realtor's office is ready to forward the complete contract and other relevant information to us with a presumption that you have directed them to do so. If you are obtaining mortgage financing for your purchase, then your broker or lender contact should be directed to forward instructions to our office for the preparation of the mortgage documents.
We charge fees and disbursements to facilitate your transaction. Disbursements are all out-of-pocket expenses incurred by us (courier, photocopying, obtaining documents from outside parties) in order to prepare your file. Fees and disbursements are subject to HST.
Property Transfer Tax (PTT) and land title registration fees are applicable in all transactions which we collect and pay on your behalf to the provincial government and/or their agents. These are additional costs associated with your transaction which will be collected and remitted by us on your behalf (similar to an accountant collecting and paying your income taxes to the Canada Revenue Agency).
PTT is calculated at 1% of the first $200,000.00 of your purchase price and 2% on the balance. A full or a partial exemption is available for first-time homebuyers, related parties transferring interest in their principal residence and other specific transactions.
Selling Real Estate
When selling residential property, we can assist you by ensuring that your side of the bargain expressed in the contract is completed. This includes reviewing all documents pertaining to the transfer of your interest in the property, paying off charges from the title in order to deliver clear title to the buyer, receiving and disbursing sale funds as per your approval, and managing holdback amounts pending confirmations from third parties.
Tips
Prior to selling your property, it is recommended that you:
Consider any tax implications by seeking specialized advice from a tax accountant. The most common types of taxes relating to real estate are the HST, capital gains tax, and non-resident tax. If you are a non-resident seller, within ten (10) business days of the completion of your sale, you or your accountant must make an application to Canada Revenue Agency (CRA) to obtain a certificate of compliance prescribed under section 116 of the Excise Tax Act.
Determine the accuracy of your entitlement to parking stalls, storage lockers, or any other common or limited common property of the strata which you will be assigning to the buyer. You should make necessary inquiries and have in your possession any document that proves that you have entitlement to the use of such parts of the common property.
Discuss the amount of any penalty that may be charged by your lender for re-paying your mortgage before your term has matured. Your lender will be able to calculate and inform you of the penalty amount, if applicable.
Cancel your pre-authorized withdrawals for property taxes, utilities, strata payments, and any other payments relating to the property for the month following the completion of your sale.
Purchasing a residential property is an important transaction. For first time home buyers, the process may seem even more daunting. Right from the initial contact, we assist our clients by giving them a clear understanding of the process and by explaining, in plain language, what the myriad of documents they are about to sign really mean.
Once you have removed subjects, your contract becomes firm and binding. Our primary role is to facilitate what has been agreed between you as the buyer, and the seller in the Contract of Purchase and Sale.
At this stage, your realtor's office is ready to forward the complete contract and other relevant information to us with a presumption that you have directed them to do so. If you are obtaining mortgage financing for your purchase, then your broker or lender contact should be directed to forward instructions to our office for the preparation of the mortgage documents.
We charge fees and disbursements to facilitate your transaction. Disbursements are all out-of-pocket expenses incurred by us (courier, photocopying, obtaining documents from outside parties) in order to prepare your file. Fees and disbursements are subject to HST.
Property Transfer Tax (PTT) and land title registration fees are applicable in all transactions which we collect and pay on your behalf to the provincial government and/or their agents. These are additional costs associated with your transaction which will be collected and remitted by us on your behalf (similar to an accountant collecting and paying your income taxes to the Canada Revenue Agency).
PTT is calculated at 1% of the first $200,000.00 of your purchase price and 2% on the balance. A full or a partial exemption is available for first-time homebuyers, related parties transferring interest in their principal residence and other specific transactions.
Selling Real Estate
When selling residential property, we can assist you by ensuring that your side of the bargain expressed in the contract is completed. This includes reviewing all documents pertaining to the transfer of your interest in the property, paying off charges from the title in order to deliver clear title to the buyer, receiving and disbursing sale funds as per your approval, and managing holdback amounts pending confirmations from third parties.
Tips
Prior to selling your property, it is recommended that you:
Consider any tax implications by seeking specialized advice from a tax accountant. The most common types of taxes relating to real estate are the HST, capital gains tax, and non-resident tax. If you are a non-resident seller, within ten (10) business days of the completion of your sale, you or your accountant must make an application to Canada Revenue Agency (CRA) to obtain a certificate of compliance prescribed under section 116 of the Excise Tax Act.
Determine the accuracy of your entitlement to parking stalls, storage lockers, or any other common or limited common property of the strata which you will be assigning to the buyer. You should make necessary inquiries and have in your possession any document that proves that you have entitlement to the use of such parts of the common property.
Discuss the amount of any penalty that may be charged by your lender for re-paying your mortgage before your term has matured. Your lender will be able to calculate and inform you of the penalty amount, if applicable.
Cancel your pre-authorized withdrawals for property taxes, utilities, strata payments, and any other payments relating to the property for the month following the completion of your sale.
Purchasing a residential property is an important transaction. For first time home buyers, the process may seem even more daunting. Right from the initial contact, we assist our clients by giving them a clear understanding of the process and by explaining, in plain language, what the myriad of documents they are about to sign really mean.
Once you have removed subjects, your contract becomes firm and binding. Our primary role is to facilitate what has been agreed between you as the buyer, and the seller in the Contract of Purchase and Sale.
At this stage, your realtor's office is ready to forward the complete contract and other relevant information to us with a presumption that you have directed them to do so. If you are obtaining mortgage financing for your purchase, then your broker or lender contact should be directed to forward instructions to our office for the preparation of the mortgage documents.
We charge fees and disbursements to facilitate your transaction. Disbursements are all out-of-pocket expenses incurred by us (courier, photocopying, obtaining documents from outside parties) in order to prepare your file. Fees and disbursements are subject to HST.
Property Transfer Tax (PTT) and land title registration fees are applicable in all transactions which we collect and pay on your behalf to the provincial government and/or their agents. These are additional costs associated with your transaction which will be collected and remitted by us on your behalf (similar to an accountant collecting and paying your income taxes to the Canada Revenue Agency).
PTT is calculated at 1% of the first $200,000.00 of your purchase price and 2% on the balance. A full or a partial exemption is available for first-time homebuyers, related parties transferring interest in their principal residence and other specific transactions.
Selling Real Estate
When selling residential property, we can assist you by ensuring that your side of the bargain expressed in the contract is completed. This includes reviewing all documents pertaining to the transfer of your interest in the property, paying off charges from the title in order to deliver clear title to the buyer, receiving and disbursing sale funds as per your approval, and managing holdback amounts pending confirmations from third parties.
Tips
Prior to selling your property, it is recommended that you:
Consider any tax implications by seeking specialized advice from a tax accountant. The most common types of taxes relating to real estate are the HST, capital gains tax, and non-resident tax. If you are a non-resident seller, within ten (10) business days of the completion of your sale, you or your accountant must make an application to Canada Revenue Agency (CRA) to obtain a certificate of compliance prescribed under section 116 of the Excise Tax Act.
Determine the accuracy of your entitlement to parking stalls, storage lockers, or any other common or limited common property of the strata which you will be assigning to the buyer. You should make necessary inquiries and have in your possession any document that proves that you have entitlement to the use of such parts of the common property.
Discuss the amount of any penalty that may be charged by your lender for re-paying your mortgage before your term has matured. Your lender will be able to calculate and inform you of the penalty amount, if applicable.
Cancel your pre-authorized withdrawals for property taxes, utilities, strata payments, and any other payments relating to the property for the month following the completion of your sale.
Purchasing a residential property is an important transaction. For first time home buyers, the process may seem even more daunting. Right from the initial contact, we assist our clients by giving them a clear understanding of the process and by explaining, in plain language, what the myriad of documents they are about to sign really mean.
Once you have removed subjects, your contract becomes firm and binding. Our primary role is to facilitate what has been agreed between you as the buyer, and the seller in the Contract of Purchase and Sale.
At this stage, your realtor's office is ready to forward the complete contract and other relevant information to us with a presumption that you have directed them to do so. If you are obtaining mortgage financing for your purchase, then your broker or lender contact should be directed to forward instructions to our office for the preparation of the mortgage documents.
We charge fees and disbursements to facilitate your transaction. Disbursements are all out-of-pocket expenses incurred by us (courier, photocopying, obtaining documents from outside parties) in order to prepare your file. Fees and disbursements are subject to HST.
Property Transfer Tax (PTT) and land title registration fees are applicable in all transactions which we collect and pay on your behalf to the provincial government and/or their agents. These are additional costs associated with your transaction which will be collected and remitted by us on your behalf (similar to an accountant collecting and paying your income taxes to the Canada Revenue Agency).
PTT is calculated at 1% of the first $200,000.00 of your purchase price and 2% on the balance. A full or a partial exemption is available for first-time homebuyers, related parties transferring interest in their principal residence and other specific transactions.
Selling Real Estate
When selling residential property, we can assist you by ensuring that your side of the bargain expressed in the contract is completed. This includes reviewing all documents pertaining to the transfer of your interest in the property, paying off charges from the title in order to deliver clear title to the buyer, receiving and disbursing sale funds as per your approval, and managing holdback amounts pending confirmations from third parties.
Tips
Prior to selling your property, it is recommended that you:
Consider any tax implications by seeking specialized advice from a tax accountant. The most common types of taxes relating to real estate are the HST, capital gains tax, and non-resident tax. If you are a non-resident seller, within ten (10) business days of the completion of your sale, you or your accountant must make an application to Canada Revenue Agency (CRA) to obtain a certificate of compliance prescribed under section 116 of the Excise Tax Act.
Determine the accuracy of your entitlement to parking stalls, storage lockers, or any other common or limited common property of the strata which you will be assigning to the buyer. You should make necessary inquiries and have in your possession any document that proves that you have entitlement to the use of such parts of the common property.
Discuss the amount of any penalty that may be charged by your lender for re-paying your mortgage before your term has matured. Your lender will be able to calculate and inform you of the penalty amount, if applicable.
Cancel your pre-authorized withdrawals for property taxes, utilities, strata payments, and any other payments relating to the property for the month following the completion of your sale.