Real Estate Law

Our Fees depend on your specific situation. We provide an initial FREE 30 minutes consultation to evaluate your case. We will then determine the complexity and the amount of work that needs to be done, any other factors that might influence your particular situation. We discuss with you payment options such an hourly rate fee or block fee following that.

At ME Law, for regular property purchases or sales, we usually charge a standard block fee for our legal services. We then charge additional fees for the following:

• Reviewing new build Agreement of Sale and Purchase;
• Reviewing Re-Sale Condominium Status Certificates;
• Arranging First, Second, Third and Private Mortgages;
• Title Searches;
• Other Required Searches;
• Registration of Title and Charge;
• Title Insurance;
• Disbursements;
• Extension of Closing Date.

Please note that there are also might be other additional fees associated with selling, purchasing a residential property and purchasing and selling a commercial property, such as unpaid taxes,property management fees, penalties and others.

Please contact us if you any questions.

The process can start before you make the decision to purchase the property, either residential or commercial, by reaching out to retain a lawyer. The lawyer will be able to explain to you in detail the process and what will happen once the agreement becomes binding. Once you decided to purchase the property an agreement of purchase and sale is then drawn up between the real estate agents of the sellers and the buyers. Once that agreement is drawn up and signed, if you have not done so, you should quickly retain a lawyer so that the lawyer can review the agreement of sale and purchase to ensure that what is listed in the agreement is actually what the purchaser is buying. The seller would also need a lawyer in order to ensure that the agreement includes everything that the seller is selling. There are also other time periods that each lawyer needs to be aware of throughout the agreement of sale and purchase that the lawyer would explain to both the buyer and the seller. If you are purchasing a condominium, the lawyer acting on behalf of the purchaser will need to also review the status certificate at the same time they are reviewing the agreement of sale and purchase.

The process can last up-to the day of closing. At ME Law we like to always involve our client's throughout the process and we always like to inform them of what has been completed, what the issues are and what the next step are in the process. So you are in a safe hands as we are always trying to exceed your expectations.

Our office is conveniently located in the heart of dowtown Toronto, right across from Royal Ontario Museum (ROM). The closest subway stations are either St.George or Bay/Yonge/Bloor or Museum stations. There is a municipal parking in the back of the building. After our initial consultation over the phone, we will make an appointment and discuss all your matters confidentialy at our office.

You would typically pay a deposit upon entering into an agreement to purchase the property. If you have arranged a mortgage the funds that are advanced by the mortgage company will go towards the purchase price of the property. The lawyer will then provide you with a funds summary of the money that is required to purchase the property along with their legal and disbursement fees. The lawyer will then ask that you either provide them with a certified cheque in the amount outstanding or they will provide you with the necessary information that you require to have the money wired into the lawyer's trust account.

On the day of closing, the lawyer will attend the bank and have a certified cheque drawn up. The certified cheque will include all the money that was wired by the buyer and the mortgage received. If you are not obtaining a mortgage, the lawyer will draw up a certified cheque in amount of money you provided the lawyer.

Title insurance is an insurance policy that protects buyers and the mortgage lenders against any hidden and unknown problems and challenges to the ownership of the property or from any problems that may exist on title that are not known at the time.

Title insurance protects you for as along as you own the property and it protects you from the following (not limited too):

• Losses due to title defects (problems in title that prevent free and clear ownership e.g. rights of way or unpaid liens);
• Fraud and Forgery;
• Someone else having interest in the property;
• Encroachments;
• Easements;
• Zoning.

Obtaining title insurance is not mandatory, but some mortgage lenders require that you do obtain title insurance. Your lawyer will usually explain to you title insurance and will be able to purchase it for you when you are buying residential or commercial property.

There are online services available that would help you determine how much land transfer tax you will be paying (Land Transfer Calculator).

You should be aware that land transfer tax applies to all conveyances of land in Ontario and as a first time home buyer you may be eligible for a refund of all or part of the land transfer tax for the following:

1. Agreements of purchase and sale entered into before December 14th, 2017, the refund would only apply to the purchase of newly constructed home.
2. Agreements of purchase and sale entered into after December 13th, 2007, the refund would apply to all homes, whether newly constructed or resale.

In order to claim the refund you must be:

1. At least 18 years of age.
2. You must occupy the home as your principal residence within nine months of the date of transfer.
3. You cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time.
4. You entered into an agreement of purchase and sale before December 14th, 2007, the home must be a newly constructed home and you must be eligible for the Tarion New Home Warranty.
5. Your spouse cannot have owned an eligible home, or had any ownership interest in an eligible home, anywhere in the world, while he or she was your spouse. If this is the case there is no refund available to either spouse.
6. The home buyers refund program is restricted to Canadian citizens and permanent residents of Canada.
7. If you entered into agreements of purchase and sale on or before Nonmember 14th, 2016, you remain eligible for the refund regardless of citizenship or residency status.

Below is the percentage of Ontario and Toronto Land Transfer Tax that must be paid based on your homes purchase price:

Ontario Land Transfer Tax:

• 0.5% of the value of the property up to and including $55,000
• 1% of the value which exceeds $55,000 up to and including $250,000
• 1.5% of the value which exceeds $250,000 up to and including $400,000
• 2% of the value between $400,000 and $2,000,000
• 2.5% for amounts exceeding $2,000,000, where the land contains one or two single family residences

Toronto Land Transfer Tax:

• 0.5% up to and including the first $55,000
• 1% of the value which exceeds $55,000 up to and including $250,000
• 1.5% of the value between $250,000 and $400,000
• 2% of the value between $400,000 and $2,000,000
• 2.5% of the value over $2,000,000

At ME Law we would ask you series of questions that would help us to determine whether you are eligible for refund or all or part of the land transfer tax.