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A real estate lawyer works to protect his or her clients when they purchase or sell a home, helping to ensure that the transaction is completed well—regardless of which side of the deal they are on. There are many facets of a purchase or sale that real estate lawyers deal with on your behalf so you can rest assured it will go smoothly.

Agreement of Purchase / Agreement of Sale

A real estate lawyer reviews a wide range of legal documents on their clients’ behalves, including the Agreement of Purchase or Agreement of Sale. These items detail the negotiations involved and range from an irrevocability deadline and completion date to matters of Harmonized Sales Tax and a title search.

Title insurance

He or she might also arrange for the client to obtain title insurance. Although this is not required, a real estate lawyer may recommend it to better protect you, the property owner. Coverage includes title issues that affect you from having clear ownership of the home, title fraud, liens that a previous owner may have had, public record or survey errors, a structure that requires removal by interfering with a neighbouring home, and related issues that impact your ability to sell or lease down the road.

Other issues that may arise

Real estate lawyers are also responsible for ensuring that no claims are listed against the home you purchase, as well as checking that property taxes are up-to-date and that you (their client) have a valid title upon closing. Some of their other roles include calculating the land transfer tax due, drawing up the applicable mortgage documents, exchanging legal documents and keys with the seller’s real estate lawyer, plus closing the transaction while ensuring all financial and legal conditions are met.

As a seller, your real estate lawyer also handles potential title issues that occur, prepares the deed to your home, and helps you negotiate the terms and conditions with your buyer. But no matter whether you buy or sell a home, having a professional in your corner is crucial to avoid as many complications as possible.

When it comes to finding a home in or around Toronto in the current real estate climate, it can be easy to get discouraged. Here are some important aspects to look for, procedures to follow, and matters to discuss when searching for a new home.

Set a Firm Budget 

Figuring out how much you can afford to spend is the first step necessary before house hunting, factoring in a down payment and monthly mortgage payments going forward. Most people require a pre-approval from a reputable financial institution to increase their chances of making a quick offer upon finding a home they wish to buy. As bidding wars may ensue, avoid the temptation to increase your spending limit beyond the parameters you and your lender have set. Chances are, it will be rejected anyway.

Keep an Open Mind on Location

As a commuter city, with growing traffic congestion but increasing efforts to improve public transit, many Toronto residents live over an hour away from where they work. If having three bedrooms and two bathrooms, a garage and driveway, backyard, and possibly even space for a rental unit in your garage are top priorities, you may need to compromise on geography.

However, there are many areas impressively developing beyond the central and downtown borders. The city has numerous pockets growing in both popularity and population. Pay attention to schools, restaurants, and other amenities in the neighbourhood, as well.

Find the Right Realtor

A professional real estate agent will have significant expertise, and greater insight into what homes are available, demographics, and price patterns both in buying a new home and—if applicable—selling your current one.

As with most major financial matters, while you may not require the help of a professional, it is often better to receive advice from someone with industry knowledge. Overall, they can help you find the right home within your budget and in a suitable location.

While the housing market has fluctuated in the past year, the condo market seems to grow steadily stronger. Real estate across the city is valuable, but mostly condominium owners have reaped the largest benefits. As demand increases, so does the supply. So how can people still charge so much for what is often so little space?

Relative affordability

When it comes down to it, condo units are often still more affordable options than homes and theoretically require less upkeep than homes. Many people appreciate not having to make their own decisions or worry independently when it comes to replacing or repairing certain aspects, such as a roof or windows. Condo unit owners are also not responsible for regular, simple maintenance such as mowing a lawn or shoveling snow.

Easier maintenance

Maintenance fees are a monthly payment required in a condo, but they vary from building to building and tend to rise only gradually. Further, they are meant to cover the cost of such repairs and replacements that tend to naturally occur in a home over time. Rather than it being the sole responsibility of the owner of a house, however, in this case, it is a shared responsibility of all condominium unit owners.

Security and community

There is arguably an increased sense of security living in a condo compared to a home, with cameras and possibly concierge in place to monitor any suspicious activity. This fosters an added familiarity and trust among residents who live in the building.

Units also closely neighbour other units to incite a sense of community, with residents sharing a variety of possible built-in amenities, such as an exercise room, swimming pool, games room, and theatre space. It is also helpful to have commercial businesses typically within walking distance or even right below a condominium.

Amenities vs. Square Footage

While houses offer greater autonomy, there is no question that condominiums offer a greater ease to homeownership. While incurring fewer responsibilities to maintain one’s property, residents can also take advantage of more security and social opportunities. Even though square footage may be an issue, having common use spaces arguably extends one’s feeling of home.