The Government of Canada introduced a Homeownership Incentive Program to First-Time Home Buyer(s) Incentive (“Incentive”). The Incentive aims to help qualified first-time homebuyer(s) reduce their monthly mortgage costs. Eligible first-time homebuyer(s) who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of …
Real Estate Lawyers are essential to your home buying experience
A short video to help explain the important role of your real estate lawyer during a home purchase or sale. Video courtesy of Stewart Title.
Why Condo Owners should know their Condo Board
Recently stories have emerged in the news media concerning the hijacking of Condominium Boards. Non-resident Directors then proceed to convince the board to enter into contracts with third party suppliers. These contracts may be of greater benefit to the Director than the Condominium. I have been asked what steps can be taken to protect Condominiums from this kind of …
What is Title Insurance?
If you are purchasing a property in Ontario, your lawyer may recommend that you purchase Title Insurance, instead of the traditional “lawyer’s opinion on title”. It is important that you understand what you are purchasing and what benefits there are to you as a home buyer. Title insurance protects both residential and commercial property owners against certain losses relating to …
Selling a Home with a Tankless Hot Water System
When you sell your home, if you expect the Purchaser to take over any of your rental obligations, be clear, or you will end up paying for it yourself later. The increasing popularity of Tankless Hot Water Systems has created some more confusion and shows what can happen. A recent situation illustrates this; When the Vendors sold their home, the …
Tips for Buying a New Construction Condominium
Before signing the Agreement of Purchase and Sale, be sure to review it with an experienced real estate or condominium lawyer to ensure you understand it. Make sure you understand all the hidden extra charges that are contained in most new home Agreements, especially Condominiums. Ask the builder to give you a list of all extra charges provided for in ...
Fixture or Chattel? What is included when I buy a home?
When you purchase a house, in most cases you are not only buying the bricks and mortar but also fixtures and chattels. Offers will typically identify the fixtures and chattels which are included or excluded from the Agreement. What is the difference between the two and how can prospective buyers identify each? Chattels vs Fixtures There is much misunderstanding between …
Inspecting for Radon Gas in New Homes
Few homebuyers seem to be concerned about the presence of potentially harmful Radon Gas in the new home they are considering. A standard “Home Inspection” does not typically include a test for Radon. Although there are quick screening tests that can be done in a few days, proper testing requires several months of exposing the kit to the ambient environment …
Home Inspection: Raising the Bar
by Jill Ellis Bill Mullen has high hopes! The Ontario-based home inspector is also the director of external relations for a new organization, the National Home Inspector Certification Council (NHICC). The NHICC is pushing for nation-wide licensing of home inspectors, but at this time Ontario, the Atlantic Provinces and Saskatchewan are just looking at this possibility. Alberta and British Columbia …
Bridge Loans: The smart way to sell a home
Most homeowners generally aim to close their sale and purchase on the same day. While it sounds straightforward, this is a risky and stressful decision. First, it puts a lot of stress on everyone. You have to vacate your old house, load up the moving truck and also take possession of the new home and move in all in one …
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