I had a client ask me an interesting question recently: can you hide your purchase price? The short answer is yes, but it is somewhat complicated. In order to purchase a property in Ontario, you have to pay Land Transfer Tax. The main reason that your purchase price...
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real estate law
Possession: still sometimes 9/10 of the law
As I have discussed before, nearly all properties in Ontario are in the Land Titles system. Under that system, if you try to claim property from your neighbour, you are barred. However, there is an exception: if you reached the threshold for a claim, which is either...
Taking a rural approach to urban home inspection
I practice real estate law right near cottage country, where a lot of homes have septic systems, wells, or both. It is fairly common to have a separate septic and well inspection in addition to the general home inspection before the agreement goes firm, to make sure...
Keeping things hidden
Let’s say you are buying a house, but you are an extremely private person. Can you hide the price you paid for the house so that no one can find out? The short answer is, yes. If you truly do not want to show your purchase price, you can pay your Land Transfer Tax in...
Helping out your children
Most parents work hard to protect and help their children as they grow, and continue to do so when their children become adults. One aspect of helping is often assisting their children in buying a home, often through co-signing a mortgage. Acting as a co-signer or...
Breaking up isn’t hard to do
I have a client who recently got a nasty surprise: while they were still together, but after things had gotten bad, his now ex-wife changed their house from joint tenants (meaning they both owned the whole house, with rights of inheritance on death of one party) to...
How a lawyer can help when you’re buying a condo
Buying a condo is as exciting as buying a house, but there are a lot more rules that go along with it. While having a lawyer is not an option in Ontario when purchasing a property, there are even more reasons to bring your lawyer on early if you are buying a condo:...
How low should you go?
Condo fees are a big part of the cost of owning a condo. If they are too high, they can make monthly expenses unaffordable, and can affect your resale value. What happens if they are too low? I was reading this great post over on the Toronto Realty Blog about how low...
How to plan for resale value
Many people buy a home with plans to sell it again - either they are buying a starter home, or they are buying an investment that they intend to flip and sell for a higher value. Flipping isn't as easy as it looks on TV, though. If you are planning to sell, keep these...
Flood preparedness
With the recent major flooding in Alberta and serious flooding in Toronto, I thought I would write a bit about flood preparedness. Here are some things to keep in mind: 1. Check your sump pump. The sump pump keeps water out of your basement. Most run on electricity...