New Build Condominium – Do You Get Interest On Your Deposits?

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

Buying Real Estate – What is Title Insurance?

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:

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Buying Real Estate – Are you a First Time Home Buyer?

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).

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First Time Home Buyers

If you’re a first time home buyer, you’re probably a little nervous about the prospects of buying a new home. You’re not alone. Thousands of people have done it and survived. You can too! The process is actually not that complicated, and if you get organized and make some good decisions at the outset, it should be a positive and happy experience.

 

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