The short answer is ‘Yes … but’. Section 82 of the Condominium Act (“Act”) legislates that the builder (also called the declarant) must pay you interest on any funds you have paid as a deposit towards your purchase. This is great news for purchasers as we see more and more delays in the completion of new Toronto condominium projects and, as a result, builders holding purchaser deposits in trust for 3, 4, or 5 years and sometimes longer. Continue reading
When we quote our all inclusive fee to a real estate purchaser and list the various items included – search fees, transfer fee, registration fee, title insurance, disbursements and HST – we are often asked ‘what is title insurance?’. While title insurance is not a requirement in Ontario, as a firm, we purchase title insurance for every buyer as part of our services. Here is a short summary of what title insurance is:
This question was much less confusing when I was a financial advisor at one of the big banks; however, as a real estate lawyer, I am explaining the first time home buyer (FTHB) rules to clients on a daily basis. You see, the confusion lies in distinguishing between qualifying for the RRSP Home Buyer’s Plan versus qualifying for the Land Transfer Tax Rebate (provincial and municipal – if applicable).
Let us roll out the red carpet here and welcome you to the newest and most exciting legal blog (blawg for short) on the web – we call it ‘F|K in the House’.
We – David, Sonia and Jason – will primarily write about real estate law and wills & estates. This blog will be the go to place on the web for real estate professionals, non-professionals and everyone in between. Of course, you can also swing by and find posts that will surprise you, give you some insight into who we are and show you why Feld Kalia is a different kind of law firm – a breath of fresh air.
So, stop by often, read and peruse, make a comment or two, or send us an email.
We are thrilled to be blogging and we look forward to hearing from you.