Your home is likely the largest investment you will ever make. However, while most investments carry a large tax burden when you sell them for a profit, your home benefits from federal rules to encourage home ownership. As long as the property is your principal residence, you can claim an exemption on capital gains tax… Continue reading Capital gains tax and the principal residence exemption
Category: Law Day
A weekly column written by real estate lawyer Cesia Green that discusses law relating to real estate transactions.
What exactly are condominium declarations, by-laws and rules?
A condo declaration is a document that creates the condominium corporation. It defines what each unit is physically, establishes the common elements, and assigns responsibility for repair and maintenance of each unit and the common areas. It also sets out each owner’s proportionate interest in the common elements and share of the common expenses, and… Continue reading What exactly are condominium declarations, by-laws and rules?
Pushing your boundaries
Last week, I posted about the two types of property registration systems in Ontario. One element of the Land Titles system is that it generally cancels out any possibility of adverse possession, or squatters’ rights, so this week I’m going to delve a little further into what exactly adverse possession is. If you live in… Continue reading Pushing your boundaries
Land Titles vs. Land Registry
Ontario has two types of property registration: Land Titles and Land Registry. Parts of the province, particularly in the north, have always been in the Land Titles system, while the majority of the rest of Ontario has been in the Land Registry System. The Land Registry system in Ontario dates back to the late 1700s,… Continue reading Land Titles vs. Land Registry
Title insurance: you probably already have it
Every now and then, I receive mail from banks about getting title insurance for my home. Title insurance is a very valuable tool; it protects you from any problems with the title to your property that could not be discovered before your purchase was completed, and protects you going forward against fraud (either a false… Continue reading Title insurance: you probably already have it