Owning real estate with an investment partner is a popular choice among real estate investors, but this strategy comes with its own set of challenges. While there are many advantages to sharing ownership of properties with a partner, clear communication in agreements is the true key to success.
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Ontario Land Transfer Tax: How Much Do You Have To Pay?
What is land transfer tax?
In Ontario, the land transfer tax is a fee you pay to the provincial government when you acquire real estate. It’s calculated as a percentage of the property’s purchase price and is due upon closing. Your real estate lawyer will handle the land transfer tax payment on your behalf as part of the closing process.
Tips for selling a property that is a part of an estate
When settling the estate of an individual there are often hurdles and hiccups that must be navigated. If you are an Executor of an estate that has property to sell, we expect that you may have some serious questions. Read more about what to expect when you are...
What happens when… Red flags to watch for in your client’s title search – PART 2
Did you know that a real estate lawyer’s title search just before closing can sometimes find red flags that could have been rectified with a title search prior to listing? This is why at McMurter & Associates we always recommend a title search be done BEFORE the listing of a property.
Red flags that can arise in your title search
Red flags that can arise in your title search. When you are selling, the deal will not close without a current title search on your property. A title search ensures there are no hindrances for a new owner taking possession. Sometimes, there are red flags.
Estate Planning for New Parents
Planning for your new family should include making changes to your will or creating a will if you have not already done so.
Many new parents often overlook the process of planning for their future when it comes to their family. We want to share how important it is to have an estate plan in place even before you start a family.
What happens when… Red flags to watch for in your client’s title search
did you know that your title search through GeoWarehouse differs greatly from a real estate lawyer’s version through Teraview?
In a real estate lawyer’s ideal world, a title search would be conducted BEFORE every property is listed. While this may not be common practice, having the search done before could save a lot of sellers, buyers, realtors, and lawyers from some unfortunate situations.
What does a real estate lawyer actually do during a real estate transaction?
A real estate lawyer protects their client’s rights as laid out in the Agreement of Purchase and Sale. Your lawyer will ensure that all parties in the transaction have fulfilled their duties as outlined in the contract. They ensure the property taxes are up to date, ensure there aren’t any liens on the property, handle the funds to the appropriate parties, and land transfer tax… just to name a few things!
What happens when… the buyer doesn’t produce their deposit.
The Agreement of Purchase and Sale has been signed and the deal is firm. Congratulations to you, the agent, and your buyer. It feels like time to celebrate, but then…
The date scheduled for the buyer to pay their deposit passes without the funds anywhere to be seen. Besides an angry seller who is likely riddled with emotions, what happens next?
Protecting your loved ones living with a disability through estate planning
When estate planning, you might be wondering how you can leave assets to someone who does not have the capacity to care for themselves due to living with a disability. We understand that there is a constant worry about trying to protect them even after you are gone.