Tim shared a great post a few weeks back from Genworth regarding closing costs on a real estate deal. These are all important considerations before you confirm that you have enough funds to be able to close. Here’s another: tax adjustments. Depending on where you live, your city will charge property taxes every so often.… Continue reading Closing time
Tag: real estate law
Rentals to be assumed
Most people (in Ontario, anyway) rent their hot water heaters. What happens when you sell your house? Most agreements will provide that the hot water tank rental is to be assumed by the buyer. Generally, this is quite simple; if your rental is through Enbridge, as most are, it will automatically transfer over to you… Continue reading Rentals to be assumed
Toeing the line
In Ontario, most purchases close without an up-to-date survey, because most buyers purchase a title insurance policy at the same time that they buy the house. What happens if you find out after the fact that your neighbour’s property encroaches onto yours? Generally speaking, this is covered by your title insurance policy, if you bought… Continue reading Toeing the line
Renting to own
You may have heard of this scenario: a seller wants to sell their house, and is willing to take rental payment for a set period of time with the tenant to have a first right to buy at the end of the period, usually one-two years. Good for everyone, right? Well, maybe not. In rent-to-own… Continue reading Renting to own
Registration
Way back when we first started this blog, almost exactly a year ago, I wrote this post on what a real estate lawyer does. Today, I thought I would expand on the last point I haven’t already: what exactly is registration? In Ontario, we have electronic registration through Teraview. In order to close a deal,… Continue reading Registration