Legal Insights

According to the Rules of Professional Conduct, one lawyer cannot act on behalf of both the buyer of real property (otherwise known as the transferee) and the seller of real property (also known as the transferor) except under limited circumstances. In the following series of circumstances, and so long as there is no violation of rule 2.04 of the Rules of Professional Conduct, a lawyer may act for the transferor and the transferee when transferring title with respect to real property: (a) The Land Registration Reform Act allows the lawyer to sign the transfer on behalf of both parties. (b) The parties are "related persons," which according to section 251 of the Income Tax Act (Canada) include but are not limited to the following: People connected by blood relationship, connected by marriage, common-law partnership, or adoption.  A corporation and a person who controls the corporation (assuming that the corporation is controlled by one person). A corporation and a person who is a member of a related group who controls the corporation. (c) The lawyer's practice is in a remote location where there are no other lawyers that either the transferor or the transferee could retain for the transfer, without causing them undue inconvenience....

A mortgage is a loan that is secured against real estate. If you want to purchase a home, it is always a good idea to get pre-approved on a mortgage. The pre-approval will outline how much, based on your qualifications and personal credit ratings, the bank feels you can afford to borrow. By being pre-approved, you will then know in advance what funds you will have available in order to negotiate your purchase price.  Additionally, if the property is very desirable you can put in an offer without it being conditional on financing and then the vendors (or the party selling the property) may be more inclined to negotiate an offer of purchase with you. There are many different kinds of mortgages a person can obtain. A conventional mortgage is a mortgage that does not exceed 80% of the purchase price of the property. Accordingly, this type of mortgage does not need to be insured against default. A high ratio mortgage is a loan that needs to be insured against loss by either Canada Mortgage and Housing Corporation (CMHC), a Federal Government Corporation, or GE Capital, a private insurer. If you don't have 20% of the lesser of (a) the...

Each party (the vendor and the purchaser) to a real estate transaction needs a separate, independent real estate lawyer in order to close a real estate transaction in Ontario. In addition, you will have questions with regard to what your legal rights are and what the best way is for you to proceed with the buying and/or selling of the property. Not only will hiring a real estate lawyer relieve stress that comes along with the legal transaction, but they will also ensure that you are fully aware of the implications of your actions and aware of what you are entitled to. A real estate lawyer serves a number of roles in the legal process of obtaining and selling a property: Help you prepare the purchase contact; Ensure that you understand the purchase contact; Prepare and register all other legal documents; Negotiating terms and conditions on your behalf; and, Review contracts prior to the closing. A real estate lawyer should be involved in the process as soon as possible, so that he or she can begin to start working to protect your interests. It is suggested, however not mandatory, that you obtain a lawyer before you sign any agreements with real estate...

When one refers to the mortgage amortization period, they are referring to the amount of time that it will take until the entire mortgage debt will be repaid. The mortgage amortization period is important, as it affects the amount of interest one will be required to pay on their mortgage, as well as the amount that they will have to put down on their home when they sign the mortgage. If you obtain an amortization period of less than 25 years, then you will be obligated to pay less interest on your mortgage each month, and will be required to make monthly mortgage payments for a shorter period of time. If you choose to do this, then you will be required to put down more money when it comes to the principal balance, however this means that you will be mortgage free sooner rather than later. If, however, you choose to have a 25 year long amortization period, you would pay a larger interest rate over a longer period of time. This means that the amount owed monthly would be less, however due to the extension of the pace of the mortgage, you would end up paying a larger amount...