We are there to protect your legal rights throughout the process of selling or buying a home. Most importantly, we will review your Agreement of Purchase and Sale to ensure that it meets your needs, and that you fully understand the legal rights and obligations you have agreed to. Before your offer has been accepted, you may find it useful to have your offer reviewed by us. We will explain the legal concerns that generally arise from the purchase and sale of a home, and advise you as to whether your offer protects your rights. If necessary, we can make changes to the offer to reflect your needs. Once your offer has been accepted by a seller, we will be responsible for a number of searches and administrative tasks. Most importantly, we will make sure that the person selling the property is the registered owner. We will also transfer the billing information with the utility companies, make sure that taxes and utility bills have been paid, find out if there are any mortgages, liens, or easements registered against the land, check with the municipality to make sure there are no unpaid taxes and that the property complies with the zoning requirements if a title insurance policy is not purchased, and check a survey of the property to make sure that the home is accurately described in the Agreement of Purchase and Sale. As an alternative to conducting some of the searches, we can explain the option of title insurance to you. If you are buying a home with another person such as your spouse, common-law spouse or a partner, we will also explain the different legal options for registering the legal title.
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Title insurance is an option for home buyer's who seek additional protection when purchasing a home. Buyers can pay an insurance premium which will compensate them if there is a problem with the title including zoning problems or ownership issues.
When they purchase title insurance, buyers will usually receive reduced legal and document searching costs. When you buy a home, you are essentially buying the legal ownership, or the "title", of a particular property. Lawyer perform a number of searches to ensure that buyers do in fact receive full legal title when they purchase homes. As an alternative to conducting all of these searches, the title insurance may be purchased for situations where there is little risk of any problems arising with the title to the property. The benefit of title insurance is the reduced cost for buyers arising from the elimination of a number of searches. Title insurance policies can only be obtained through a lawyer and provide buyers with protection against risks such as zoning problems, identity theft, title fraud, work orders against the property, and problems that a survey would reveal. The cost of title insurance varies with the value of the home and type of property. The cost of title insurance will be offset by reduced search fees. We can provide you with more information about this option and current pricing.
Both the government of Canada and the Ontario government have established several programs to assist first time home buyers. The RRSP Home Buyer's Plan was introduced by the federal government, and allows first time home buyers to withdraw up to $20,000 from their RRSP tax free to use towards the purchase of a home. To qualify as a first time home buyer, purchasers must not have lived in a home owned by themselves or their spouses in the last five years. If both you and your spouse qualify under the Plan, you can each withdraw up to $20,000 from your RRSPs for a total of $40,000. Before you are entitled to withdraw the money from your RRSP, you must have entered into a written agreement to purchase or build a home that you intend to occupy as your principal residence. The purchase of a cottage, for example, would not qualify for this program because it is not a principal residence. Money can be withdrawn from your RRSP provided it has been in your RRSP for at least 90 days. If you have signed an Agreement of Purchase and Sale and you have at least 90 days until your closing, you can open an RRSP and make a contribution, receive the tax deferred benefit and then withdraw the same money and put it towards the purchase of your home. Money withdrawn under this federal program must be paid back to your RRSP within 15 years. People generally deposit one fifteenth of the amount withdrawn back to the RRSP over each of the following 15 years. If you do not pay the full amount back to your RRSP within 15 years, the amount outstanding will be subject to tax when you file your income tax return in the following year
Title insurance is an option for home buyer's who seek additional protection when purchasing a home. Buyers can pay an insurance premium which will compensate them if there is a problem with the title including zoning problems or ownership issues.