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Real estate contracts are sometimes riddled with legal jargon that is difficult for the average individual to understand. Suppose you have purchased a real estate property or are considering purchasing one, whether it is a house, a piece of land, or a commercial building. In that case, you may wish to consult with an experienced real estate lawyer such as Zayouna law firm to ensure that you are protected against any unanticipated liabilities associated with the property.
An experienced real estate lawyer such as Zaylaw can help you from the stress of the deal by guaranteeing that all the documents are in order and ready according to the law.
Zaylaw is one of Toronto’s leading law firms with the best real estate lawyers who are recognized as legal experts in the fields of real estate law. We offer over 50 years of combined legal experience in achieving successful legal outcomes for our clients, whether individuals, families, or businesses.
Our team of top Toronto lawyers and solicitors specialize in purchase, sale, refinance, survivorship applications, title transfer, interim closing, review of purchase and sale agreement, and independent legal advice for a mortgage. Clients count on Zaylaw for our exceptional negotiation skills, professional judgment and top-flight law capabilities in handling their legal issues, business disputes and transactions.
With a leading reputation for trusted legal advice, outstanding client service, and efficient turnaround times, Zaylaw is the law firm of choice for clients seeking the best real estate lawyers in Toronto, Burlington and the broader Ontario region.
Our lawyers constantly challenge ourselves to deliver more to our clients. Contact Zaylaw for excellent customer service and reliable legal advice today.
Our real estate lawyers have taken responsibility for all legal aspects of a real estate transaction, from document preparation and review throughout the transaction.
Most often, both buyers and sellers will have their own real estate lawyer representing them during the transaction, and their duties and responsibilities will vary depending on which side of the transaction they are on.
Zaylaw’s knowledgeable real estate lawyers represent purchasers and sellers in acquiring or selling co-ops, condominiums, single-family houses, and multi-family homes. Here’s what we do for a home buyer and for a home seller:
Real estate lawyers are critical in maintaining that their clients’ best interests are protected while acquiring a property. This involves making sure that the agreement is fair, that you are getting what you paid for, and arranging for services such as title insurance. Zaylaw real estate services include:
A real estate lawyer ensures that the sale proceeds smoothly for sellers by resolving or eliminating any possible legal concerns, avoiding costly delays or additional expenses. Zaylaw real estate services for sellers include:
We’ll be With You Every Step Of The Way
The purchase and sale of real estate will be among the most important financial transactions that many Canadians will undertake over their careers. What information do Canadians require when buying or selling real estate in the country?
Instead of federal legislation that applies throughout Canada, most real estate laws in Canada are governed by provincial legislation relevant to each individual province. Real estate law is developed from English common law in nine out of Canada’s ten provinces, including British Columbia (although the specific laws generally are different in each province). On the other hand, real estate law is drawn from civil law in Quebec, which has a French tradition.
Canadians interested in purchasing or selling real estate in Canada should be familiar with a few important phrases. In Canada, an ownership stake in real estate is referred to as an “estate.” Under Canadian real estate law, there are two types of common estates. A “freehold” estate is one that has a continuous lifespan and is frequently used to denote ownership of the real estate. A “leasehold” property is leased for a specific period of time, such as a one-year lease.
According to the Canadian government, there are three types of real estate ownership systems in the country. When deeds and other instruments affecting real estate are recorded publicly, this is referred to as a “register system.” The right to own real estate is decided on the basis of priority, or “first to file.” The provinces like Prince Edward Island and Newfoundland and Labrador, and for the most part, operate a register system. A “land title” system (also known as a “Torrens” system) is one that is based on the registration of real estate titles by the federal government. The government guarantees the real estate ownership, which determines who owns what.
Land title systems are widely used in Alberta, British Columbia, Manitoba, and Saskatchewan and are being converted into land title systems in New Brunswick, Nova Scotia, and Ontario. The “cadastre” system, which is the third type of real estate ownership system, is based on the size, area, form, and location of real estate and neighbouring properties and their proximity to one another.
Canadians who purchase real estate in Canada may be liable to municipal land transfer tax as well as provincial land transfer tax depending on where they live. The rate of the tax varies from province to province, with the maximum charge (5 percent) now applied to real estate acquisitions in Toronto. Aside from that, Canadians who sell real estate in Canada may be subject to income taxation and, in some cases, sales taxation in their respective provinces (although the sale of a principal residence is generally not taxed).
When it comes to effectively completing their real estate transactions in Canada, Canadians must rely on a variety of third parties, including brokers, surveyors, mortgage lenders, title insurance, and attorneys, among others. Canadian attorneys may represent Canadians in all areas of their real estate transactions, including negotiating the terms of the deal, writing the contract to evidence the transaction, and closing their real estate transactions on time and on budget.
Canadian attorneys assist purchasers and sellers in maximizing the financial rewards and other beneficial results of their real estate transactions in the country. A further benefit of hiring Canadian attorneys is that they may defend purchasers or sellers of real estate in court to safeguard their interests if a dispute arises involving Canadian real estate.
When looking for the best great estate lawyer in Toronto, there are numerous factors you need to consider. From expertise in real estate law to years of experience and a high reputation, finding a good lawyer could be a hectic task.
Apart from the fact that many provinces require a lawyer to acquire or sell a house, hiring a real estate lawyer protects your rights and guarantees that the transaction is legal. Property in Canada may cost hundreds of thousands of dollars, yet legal expenses for a lawyer are often less than $1,000. Paying a little price for peace of mind and protection in the event of a problem is often worth it, particularly in high-value real estate transactions.
While you may not require the services of a real estate agent and may always sell or purchase a property without one, you will still require the services of a real estate lawyer in Canada when purchasing or selling a home. For instance, only lawyers and certain other professionals have access to Ontario’s Electronic Land Registration System, which is used to record property transfers and even conduct searches for land property data. This includes licensed lawyers like Zaylaw, who are covered by professional liability insurance for the practice of real estate law, licensed land surveyors, real estate agents and brokers, and mortgage brokers. Without the assistance of Toronto real estate lawyers, you will be unable to register property or acquire a home.
A real estate lawyer’s fee is often substantially less than a real estate agent’s. When purchasing or selling a house, you may deal only with a real estate agent, but then you will also be missing out on the services that a real estate lawyer normally provides. A real estate agent assists buyers in locating new listings and sellers in listing their properties and locating purchasers. Additionally, they will do a comparative market study, hold showings and open houses, as well as promote and advertise your home for sale.
If you have any legal concerns or want legal counsel, you should consult a real estate lawyer. The real estate agent is not a practising lawyer; he or she cannot address any legal inquiries. Due to the fact that lawyers are compensated on a fixed fee, they are also independent of the home’s value and can provide neutral advice. By contrast, real estate brokers are compensated depending on the sale price of a house.
A notary public will normally perform the same functions as a real estate lawyer during a real estate transaction. A notary would examine the purchase agreement, perform a title search, and record the transfer. Additionally, a notary public often charges the same legal costs as a real estate attorney.
The primary distinction between a lawyer and a notary is that a notary is not allowed to represent you in court, but a real estate lawyer is permitted to do so. If a dispute escalates into litigation and legal action, you will need to retain the services of a real estate lawyer. A notary, on the other hand, can always direct you to a lawyer if necessary.
Legal fees are used to compensate the real estate lawyer for his or her time. The flat price may also include some expenses, such as photocopies, postage, and fax charges. In Canada, legal services are subject to sales tax. For instance, you will be required to pay 13% HST on the legal expenses invoiced in Ontario.
Legal fees do not include any costs incurred by the lawyer to complete the transaction. For instance, the real estate lawyer will pay the title insurance premium, land transfer tax, title search costs, and registration fees in advance. These charges are referred to as disbursements, and they were paid in advance on your behalf by your lawyer. You will be responsible for reimbursing your lawyer for these costs. While application and registration costs might amount up to hundreds of dollars, in most situations, the main expense is the property transfer tax.
Application fees: The cost associated with submitting an application for a permit or license, such as zoning or construction permits.
Registration fees: This covers the cost of registering a property when it is transferred, as well as the cost of registering encumbrances such as a mortgage.
Tax on land transfers: A municipal and/or provincial government-imposed tax. In some instances, the buyer’s lawyer may discharge monies from the buyer’s account to pay the land transfer tax rather than the lawyer paying out-of-pocket.
Real estate lawyers in Toronto often charge a set legal fee for the transaction. This fee can range from $700 to $1,500 or more, depending on whether you are buying or selling a property, the home’s valuation, and your region. Certain real estate lawyers may charge an hourly rate rather than a fixed fee.
If the lawyer spends five hours on your transaction, from analyzing the purchase agreement through closing, the lawyer will charge you $1,000 in legal costs. In Canada, the average hourly pay for real estate attorneys with more than 20 years of expertise was $421.
If you’re paying an hourly rate for a real estate lawyer, you’ll want to ensure that this time is spent as efficiently as possible. This may involve ensuring that no duplicate tasks are performed. For instance, acquiring title insurance entails the title firm doing certain title searches. If you obtain title insurance, your real estate lawyer may not be required to conduct some municipal title searches, which saves both time and money.
To get legal insights and learn about our services, contact us: 416 622-4357
Having a lawyer analyze papers before a transaction, particularly the finer points of language, may make a big difference. Using the term “easement” rather than “encroachment” might significantly impact compensation payments. Ensure that the purchase agreement states that the sale is “conditional on obtaining the finance he [the buyer] desires,” not “conditional on financing,” to avoid future complications. The latter will compel the buyer to accept any loan offered by the bank.
If the property is a condominium, house purchasers will want the assistance of a lawyer to read the 30- to 50-page purchase agreement, which may conceal a slew of crucial restrictions that may make life tough. Additional expenses like guarantee protection against construction faults or the installation of a water meter and hydro might balloon the buying price if not noticed by a keen legal eye.
Looking for a Real Estate Lawyer Toronto Near You? To hire Zaylaw, a real estate lawyer Toronto, get in touch with us via email or phone.
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