Buying & Selling
Before an Agreement of Purchase and Sale is signed, we can assist you by reviewing your offer and drafting conditions. Once your offer is firm, we can act for you on both your purchase and your sale, and can assist with properties anywhere in Ontario. We want to make your experience seamless and stress free. If you are in need of legal Real Estate advice, no matter what stage you are in, contact our offices for a free consultation.
The lawyers and staff at our offices are always prepared to speak to our clients to ensure that they understand the details of the transaction and are comfortable with the procedure. Buying or Selling a home is the most significant decision that most people will ever make. At the Law Offices of G. Gord Mohan we strive to make the process as easy as possible. We provide legal services for all residential real estate, including new and resale homes and condominium units.
Home Equity Mortgages/Lines of Credit
Our office and staff are here to assist you with
- transferring your mortgage to a new bank
- increasing your home equity to consolidate your debt
- applying for secured Line of Credit.
Let us put our 20 years of experience in mortgage transactions (acting for Borrowers, Private Lenders and Banks) at your service.
The importance of title insurance in a real estate transaction cannot be overstated.
Whether you are buying a
- single family home
- condominium unit
- rural/farm property
- cottage or a
- multi-unit property
we have the experience in getting the right coverage and protection for you catered to your individual needs and circumstances.
For more information, please see links to some of the popular Title Insurance Companies in the Ontario market place currently used in real estate transactions.
Review of Builder Agreements
We provide a free service of reviewing Builder contracts for our clients as long as we are acting on their behalf for the Closing.
We have reviewed hundreds of Builder Agreements over the years and are familiar with their terms and know what we can negotiate to minimize your exposure.
Take a moment to familiarize yourself with the coverages in the TARION New Home Warranty—a mandatory province backed warranty which all builders must provide with some of the TARION coverages.
Review of Condominium Status Certificates
We provide a free legal service of reviewing Condominium Status Certificates for our clients as long as we are acting on their behalf for the Closing.
Drafting Offers to Buy/Sell
In case you decide to buy or sell your property privately, without the assistance of a real estate agent, it is strongly recommended that you consult a lawyer to either prepare or review the Offer before proceeding further.
We have the knowledge and the experience to guide you in this process to make sure that all the necessary terms and conditions are included in the Offer to protect your interests.
Real Estate Law Forms
Utility Company Phone Numbers
Checklist for Buyers and Sellers
Once you have decided to retain us to act on your behalf on the purchase or selling of your home, we will need you to do the following things immediately in order to ensure a smooth closing.
Calculating Land Transfer Tax
Many purchasers are unaware of their obligations to pay Land Transfer Tax to the Province of Ontario on closing of their home. The rate of tax is based on the purchase price and the calculation is as follows:
|Under $250,000.00:||Purchase Price x 1% less $275.00|
|Over $250,000.00:||Purchase Price x 1.5% less $1,525.00|
|Over $400,000.00:||Purchase Price x 2% less $3,525.00|
|Purchase Price of Home||Land Transfer Tax|
Please also note the following about land transfer tax:
- If you are a first time buyer, you will be exempt for up to $2000 in your land transfer tax payment;
- If you are buying a home in Toronto, then in addition to the Ontario land transfer tax, you will also have to pay the Toronto land transfer tax. In essence, your tax liability is doubled.