What Should I Know About Real Estate Law in Ontario?
Buying or selling a home is a complex transaction involving multiple steps before, during, and after. Whether you are a first-time home buyer or have been through the experience before, real estate law in Ontario can seem overwhelming and result in sleepless nights. Experienced real estate lawyers in Ottawa can help you navigate the buying or selling process to ensure that your transaction is smooth and stress-free.
What does an Ontario real estate lawyer do that my real estate agent doesn’t?
Real estate agents are invaluable because they help you find your dream home and negotiate on your behalf for the best deal. However, only a lawyer can answer your legal questions about these documents which you need to understand before you sign. Your real estate lawyer reviews every document related to your transaction. A real estate lawyer signs the transfer of land and ensures that everything is done correctly at the closing. Your real estate lawyers in Ottawa give you peace of mind by answering your questions and handling the transaction properly.
What are the different types of real estate transactions?
Real estate isn’t limited to making a purchase or selling a house. There are many other transactions that might require real estate lawyers in Rockland. If you are getting a mortgage or refinancing, you may want to have a lawyer review the documents before signing to ensure everything is correct. Title transfers outside of a sale, such as a transfer at death, can benefit from a lawyer’s expertise. An estate severance is another transaction where a lawyer can make sure the documents are in order.
Can a buyer back out of an accepted offer in Ontario?
Real estate law is often governed by the principle of “caveat emptor,” which is Latin for “let the buyer beware.” Generally speaking, once an offer is made and accepted, the only way to get out of it is for a material misrepresentation in the disclosure statements that is considered a significant part of the essence of the property. Buyers in this position should get advice from their real estate lawyer in Ottawa to determine the best course of action.
What is the difference between Joint Tenants and Tenants in Common?
Joint tenancy usually has a right of survivorship. Joint tenants are typically married couples. When one of them dies, the ownership passes to the surviving spouse. Tenancy in common is typically used by non-married parties who own real estate together, whether common-law spouses or family and friends. Each party owns a share of the property. When one owner dies, their interest in the property must go through probate to be dealt with under the terms of the will.
What real estate tax rebates are available in Ontario?
In Ontario, homeowners may qualify for certain rebates, such as the first-time homeowner’s land transfer tax refunds or new housing HST rebate. Each of these tax rebates has specific qualifications defining who is eligible and how much money can be refunded or applied. These laws are complex. It can be beneficial to discuss your options with real estate lawyers in Prescott-Russell to make sure you are utilizing the rebates correctly.
Do I have to register a transfer of title for my house after my spouse dies?
Yes, there is a process to register a transfer of title after the death of a spouse. How it is handled depends on how the property was held: either as joint tenancy or tenancy in common; if there is a will; and, if there are any debts of the estate. A real estate lawyer can help you understand what happens to the property based on the rules and exceptions to the rules.
Real Estate Lawyers Serving the Ottawa Area
Real estate law in Ontario is complex. Get legal advice about your real estate ventures from a team of capable lawyers with over two decades of experience in the Ottawa Region. Contact us to help you navigate your real estate transactions.