I have nothing to add to this article, which features advice from excellent condo lawyer Chris Jaglowitz. If you're looking to buy a condo, keep all of this in mind.
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Real Estate
What questions do people forget to ask when buying a house?
Buying a house can be both exciting and scary. Whether it’s your first home or your fourth, there are some questions that you should definitely consider as you start looking. Lifehacker asked people a while ago what they were glad they asked when they bought a house....
Co-buying a home
Think of your siblings, or perhaps your closest friends. Could you buy a home with them? As in, have permanent, legal roommates? This is a new trend, mostly among millennials who are finding themselves priced out of hot housing markets. In Toronto, for example,...
When it comes to real estate, pay attention to the details
There is a lot of fine print in the real estate industry. Purchase and sale agreements, mortgage commitments...there's a lot there that most people don't read too closely. Ultimately, you should, but if you're not going to, you need to at least be aware of what could...
Keep your proof that your house is where you live for when you sell it
A short time ago, the federal government introduced changes to reporting requirements for selling houses. These rules do not change the actual tax - there are still full exemptions most of the time if it's your principal residence - but now you have to make a...
Buying under a power of sale
When the housing market shifts, whether from loss of value or from increased interest rates, an unfortunate consequence is often an increase in properties that are sold under power of sale, or sold by the mortgage lender in order to pay back the mortgage. This...
Selling when you aren’t a Canadian resident
If you are not a Canadian resident, or will not be on the day of closing, budget for getting a lot less money on the day of closing. Tax laws in Canada may require that you pay capital gains tax, and so your lawyer could have to hold back up to 25% of the sale price...
First-time buyer rebates on Land Transfer Tax
I get asked a lot about rebates for first-time buyers. The rules can be a bit complex, which is why it happens fairly regularly that someone thinks they qualify when they don’t. Here are the basic rules: You have never owned property anywhere in the world. That means...
Reverse Mortgages
Because of Remembrance Day tomorrow, I'm posting about real estate today. You see these commercials once in a while: happy older couple who are able to stay in their home because of the magic of a reverse mortgage. But what is a reverse mortgage? Basically, it’s a...
Some quick advice when buying from an estate
It comes down to one point: ask if the executor has gotten their probate order back yet. If they haven’t, there is always a chance that the closing could be delayed, because the seller cannot sell until that order has been returned by the court. If they have it, it’s...