Property taxes run by calendar year. Closings do not. The property tax adjustment reconciles the two, so each party pays only for the days they actually owned the home. It appears on the statement of adjustments, the one-page summary your lawyer prepares showing what the buyer owes on closing beyond the purchase price. The rule in… Continue reading Property Tax Adjustment at Closing
Author: Daniel La Gamba
Daniel is one of the founding partners of LD Law. Having closed thousands of real estate transactions in his career, Daniel caters to a wide range of clients from the nervous first time homebuyer to the seasoned real estate investor. In addition, Daniel also advises clients on wills and estates and business and corporate law matters. Daniel is a well-known real estate lawyer Toronto.
Security Deposits in Ontario: Almost All of Them Are Illegal
If you are renting in Ontario and your landlord asked for a security deposit, a damage deposit, a pet deposit, or a cleaning deposit – that request was against the law. Ontario is unusual this way. Alberta permits a security deposit of up to one month’s rent; British Columbia allows a damage deposit of up… Continue reading Security Deposits in Ontario: Almost All of Them Are Illegal
Transferring Ownership of Property From Parent to Child
Canada has no gift tax. It has a rule that produces the same result, and most families discover it after the transfer is registered rather than before. The rule behind everything: deemed disposition When you transfer real estate to your child, the Canada Revenue Agency treats you as having sold it at fair market value – whether… Continue reading Transferring Ownership of Property From Parent to Child
11 Month Home Warranty Inspection Checklist for Ontario Buyers
Most buyers think a new house should be trouble-free at month 11. They’re wrong. An 11 month home warranty inspection checklist is where small defects get caught before they become denied claims, water damage, or an argument about whether the problem was ever reported. What an 11 month home warranty inspection checklist is An 11… Continue reading 11 Month Home Warranty Inspection Checklist for Ontario Buyers
What Happens If I Can’t Close on My Toronto House?
Failing to close is not the same as walking away from a deal. An agreement of purchase and sale is binding once conditions are waived, and a buyer who cannot complete is in breach – with liability that runs well past the deposit. What it costs a buyer The deposit. Forfeited. On a Toronto purchase that… Continue reading What Happens If I Can’t Close on My Toronto House?