Why Do you Need Real Estate Lawyer Toronto

Real Estate lawyer Toronto - LD Law specializes in all real estate matters, we ensure that our client's legal needs are secure and protected. We serve across/all over Ontario. If you are looking for real estate services in Toronto, Ontario, Our experienced real estate lawyer ensures worry-free and convenient real estate closings, Call us now!  Buy or sell a property located in Toronto or anywhere in Ontario. Check Real Estate Lawyer Toronto Fees and more. The lawyers at LD Law LLP in Toronto assist corporate & individual clients with a full range of real estate services, including litigation.

When you are in Toronto, owning real estate can be the reason for your hypertension unless you have a lawyer at your contact. LD Law is a professional law firm to provides you all kinds of help regarding real estate, wills, estate planning, and business law. Especially in the need of a real estate lawyer, nothing can be a better choice than LD Law firm. For any kind of help protecting your real estate, LD Law firm is always at your service with their 24x7 customer support. The finest work of Daniel La Gamba and David Baptista dos Reis accompanied by their LD Law firm will be enough to protect your real estate from the creditors. You can find yourself an appointment with Mr. Gamba and Mr. Baptista.
 
When looking for a genuine real estate lawyer in Toronto, there are numerous factors you need to take into consideration. From expertise to years of experience and a high reputation, finding a good lawyer could be a hectic task. Be it a car accident, divorce, or any legal case - a lawyer is always needed.
 

Real Estate Lawyer Toronto: Things to consider before looking for a Genuine One

We have listed out some of the things you must take into consideration before choosing one of the renowned real estate firms in Toronto

Experience
How long have they practiced law? Do they have enough experience to help the kind of case you are involved in? Even though every lawyer starts as a new lawyer, make sure you are not hiring someone with no experience at all for a high-end case.
 
Reputation
A good lawyer almost always has a high reputation amongst their peers and even otherwise. So make sure
you inquire about and find out about this before moving ahead.
 
Payment
Just because you are in urgent need of an attorney, it does not mean that you should settle for a very high price. While looking for a real estate agent, make sure you get a genuine lawyer for a very reasonable price. 
 
Availability
Lawyers indeed tend to be very busy most of the time, but this should not affect your case. Make sure you inquire about your lawyer’s timings and dates before finalizing your attorney.
 
Social Regards
One of the most crucial factors many tend to neglect is the social regard of their lawyer. Are they highly regarded in society? If not, what are the reasons? You need to know if your attorney is going to be able to understand your issues. In this case, you can talk to their previous clients. Personal referrals are quite valuable in such cases.

What does a Real Estate Lawyer do?

In simple words, a real estate lawyer helps in selling or renting a house, land, apartment, etc. However, the work of a real estate lawyer is certainly not limited to these things. Your real estate attorney can help you in all sorts of real estate disputes or issues you face during property transactions. 

 

They work with the buyers as well as the sellers.
 
Whether you are buying a new house or selling an old land, a real estate lawyer will help you in both these cases. 

If you are a seller
1. A real estate lawyer will understand your selling needs.
2. Your attorney will demonstrate market strategies and negotiating skills to you.
3. They will also help create a listing presentation and advertisements by taking digital photos of your house, etc.
4. Stage the property according to the market trend.
5. Conduct open houses.
6. List your property relevantly.
 
If you are a buyer
1. A real estate lawyer will understand your buying needs.
2. Research different listing services available and find the properties which best fit your requirements.
3. Your attorney will help you with negotiating techniques, offerings, etc.
4. Set you up with potential sellers and plan property showings.
5. Research and communicate with you about the different properties available.

Real Estate Lawyer Toronto: Why Choose LD Law

LD Law provide you with all the perks mentioned above and so much more. We have years of experience and the expertise to help you with all your problems. We strive to provide an exceptional service possible with our client-centered approach and make all legal issues an easy task. LD Law has a great team of experts, and we provide service in multiple languages that include English, Italian, Portuguese, and Spanish. Be it years of experience, a very high reputation, decent and reasonable prices, availability, and high social regards, your lawyers at LD Law are filled with these qualities and many more. 

Our company is made from a group of devoted labor and expert legal professionals and aid staff, who can provide all the guidance required with regards to employment, labor regulation matters, and all other cases. All the proper laws and regulations regulate the service we provide. LD Law caters its services to individuals and small businesses, local and international, in need of focused and solution-driven counsel. To find your real estate lawyer in Toronto, LD Law is the only firm you ever need to know.

Our top-notch trial attorneys will always be prepared and ready to resolve all your disputes. Clients as well as opponents recognize that we have a reputable courtroom experience, and our achievements make us very effective negotiators. With our expert team of lawyers highly respected amongst the peers, we have an unparalleled reputation throughout the legal communities.
 

Great Negotiators

Our expert attorneys will negotiate on your behalf, along with creating arrangements that are uniquely tailored for your needs. We only have your interest in mind while drafting your contracts. Whether you are the buyer or the seller, our lawyers will personally read and review your real estate contracts and ensure that they cover all your needs and everything is legally enforceable.

We make sure you get your filing rights

On transfers of real estate, you are made to sign legal deeds with the courthouse, and at times you end up not getting your filing rights. But LD Law are here to make sure this does not happen. Our group of attorneys can complete the procedures and filings faster and in a more efficient way for you, and remember this is too much of an important process to be risked with. 

Reviews and Disclosures

Our lawyers read and review all legal documents and clear all your doubts - that includes home inspections and other disclosures too. Make sure you are not tricked into believing that your new home is safe when it has serious problems that were hidden from you by your broker or the previous owner. Having a knowledgeable estate lawyer with LD Law, all your real estate transactions will be extra secured.

​​

LD Law for All Your Legal Needs

Other than the cases mentioned above, LD Law will also provide you with a real estate lawyer suited for any other legal proceedings such as addressing liens, Title issues, property disputes, or even if you need help understanding certain laws for business or otherwise - LD Law will provide you with the most experienced lawyers to explain your rights and outline your options.
With years of experience and trained professionals to help with all aspects of your lawsuits. LD Law will not only provide you with tailored solutions that are client-focused but also give you exceptional advisory, service, and compassion, during a rather difficult time of your life. 

Hire LD Law: Real Estate Lawyers

Client's Testimonials

Adam Fox

We have worked with Daniel on multiple home buy / sales.  His professional approach, calm nature, responsiveness, and organization are outstanding.  If you have any issues - he solves it immediately.  Aside from professional expertise and valuable input, Daniel is an all around great guy!  Highly recommend and wouldn't go anywhere else.  Thanks Daniel and team!

Ben Russell

We worked with Daniel and Carla on a recent home purchase and they were great to deal with! Daniel reviewed several condo documents and answered first time buyer questions we had before putting in an offer. The purchase process was smooth and easy, and their rates are quite reasonable as well. I highly recommend them!

Teresa Melo

An absolute pleasure working with Daniel and Carla. Very responsive with any questions or concerns that I may have had. I will refer everyone to Daniel, He is kind, patient and a very knowledgeable lawyer! Let's not forget his amazing assistant Carla .... you ROCK!

 

Thank you!!!

Teresa ;)

Christopher Toste

I have used LD LAW on numerous personal real estate deals and recommended them to many clients. They are both incredible lawyers that help guide you through the process and always have your best interests. They are both professional and honest, which I would highly recommend them.

FAQs (Frequently Asked Questions) on Real Estate Lawyer

Closing Cost

1. What does closing cost mean?

Closing costs are an umbrella term for different legal fees and expenses, paid on closing. They refer to anything from closing adjustments including prepaid property taxes and maintenance for resale properties to the builder, payments such as paving, tree planting, and more. 
To even Land Transfer Taxes and to even legal fees and expenditures. Closing costs do not have a precise definition and will differ depending on the reference.

 

2. Who pays the closing cost, when purchasing a house?


The buyer pays the closing costs, at the time of closing. This cost is then added to the payable total. Your lawyer’s fees and disbursements will be added to it as well. The land transfer taxes will be paid by your lawyer to the Province and the other closing costs will likely be paid to the seller with your real estate lawyer in toronto retaining the money that is payable to him on account of fees, expenditures, and HST.
 

3. What are the inclusions of Closing Costs?


Closings costs differ depending on the transaction. A builder might include costs of- tree planting, property tax adjustments, extension fees, etc. Not all builders charge the same amount of closing costs. Closing costs do not apply to homes for resale. 
Closing costs are normally limited to an adjustment in respect of any prepaid property taxes, fuel oil tank (if any), and prepaid maintenance for the month of closing, in the case of condos. Closing costs will include, your lawyer's fees and expenditures.


4. How much of the closing cost do I have to pay, in refinance?

There are usually no ‘closing costs’ in a refinance transaction, other than legal fees and disbursements, that would be payable to your lawyer.

5. How much are closing costs on a new home in Toronto?

This cost varies from builder to builder but excludes the Land Transfer. Homebuyers in the City of Toronto pay municipal land transfer tax (MLTT) in addition to the Ontario LTT(conditions apply). The MLTT follows the same rate structure as the provincial tax. First-time homebuyers do get a rebate. It would be reasonable to set aside at least 1.0% of the purchase price on account of closing costs (excluding Land Transfer Taxes). 

 

6. How to pay closing costs in cash?

Whether paying cash or purchasing with a mortgage does not change the closing costs. The only cost that may change is that the expenditures with the lawyer maybe a couple of hundred dollars smaller.


7. Who is required to pay “closing costs” on commercial real estate?

 

The buyer has to pay the closing costs on commercial real estate.

8. What does a cap rate in commercial real estate mean?

A CAP rate is a type of ‘rate of return’, in simple terms, a cap rate is an estimate of annual net rents (excluding financing costs) divided by the price paid for the property. There are other forms of ‘rates of return’. Financing drastically alters the rate of return. Cheap financing is a source that greatly increases the rate of return whereas expensive financing (i.e. high-interest rate loans) results in a lesser return. 

Since an individual's ability to finance the property differs depending on individual circumstances, all transactions become even by eliminating financing as a factor and comparing the value of the properties as if they were purchased for ‘cash’ (i.e. without financing). This enables a better comparison of prices between different properties and helps in evaluating a property’s potential. CAP rate is inversely proportional to price.

Market participants need only refer to a CAP rate. A higher CAP rate is more beneficial to the owner than a lower CAP rate, and thus a purchaser wishes to buy at a HIGHER CAP rate and a seller wishes to sell at a LOWER CAP rate. The lower the CAP rate the greater the price must be.
 

 


 

Refinance in mortgage

1. Do property taxes differ for foreign real estate owners?
NO, laws are the same for all. As long as you and your real estate lawyer Toronto follow the laws of the land. There is nothing to worry about.
 
2. As a foreigner owning real estate in Toronto, will I require a Will?
If you are willing to control the disposition of your property upon your death, then you should have a Will prepared. You can seek the advice of your lawyer on the same.
 
3. Can my lawyer retain the proceeds of the sale, to purchase another property for me as a foreigner?
Yes, your lawyer can surely do that for you. Your lawyer may not release the money from proceeds but can utilize it later for the purchase. 
 
4. Are the land transfer taxes greater or less for non-resident buyers?
NO. The laws are the same for all. But you have to pay additional taxes, being a non-resident. Which is referred to as NRST(Non-Resident Speculation Tax).
 
5. Can a non-resident qualify for a first-time buyer’s credit that is given by Toronto.
 
No, the first-time buyer's credit will only apply to your situation if you do not own a property anywhere on the globe. Generally, conditions change for non-resident individuals, when it comes to first-time buyer's credit. We highly recommend consulting a lawyer in this regard and getting professional advice.

6. Can a foreigner be regarded as a resident for tax purposes?
Yes. Not all newcomers (persons living in Canada who are not Canadian permanent residents or Citizens) are non-residents for income tax determinations.

7. Are there any restrictions on a foreigner selling real estate in Toronto?
NO. A non-resident can sell real estate in Toronto just like anyone else.
 
8. How will a buyer know if the seller is a foreigner (non-resident for tax purposes) or not?
On the day of closing, a seller provides a unique document to the purchaser that says whether the seller is a resident or not. It is not the duty of the buyer to determine whether the seller is or is not a non-resident unless of course, the fact is known. Here, you need to have the professional advice of your lawyer on the residential status of the seller. It is the buyer's role to ensure that he either obtains a document from the seller stating that the seller is not a non-resident or otherwise ensures that the seller’s lawyer holds back the 25% of the purchase price.
 
9. Are there special taxes to be paid when a non-resident sells real estate?
 
- Certainly, non-residents have to pay special taxes when selling real estate. This tax is NRST (Non-Resident Speculation Tax), paid by the resident, not of Canada, who is buying or acquiring property located in the GGH.  

- Thus, to ensure that the CRA gets their share, they pin the tax liability on the buyer. The buyer has to ensure that the seller pays his part of the tax due to the appropriate authority. Because of this, a special procedure has been implemented when a foreigner sells the property. The procedure is as follows: 

- When the deal comes to a close with the lawyer, the buyer’s lawyer retains from the seller 25% of the sale price. 
After closing, the seller hires an accountant to submit to the CRA, a specific application describing the profits that the seller earned on this real estate.
 
- These profits are usually calculated by taking the sale price, deducting all expenses (including commissions), deducting the purchase price, and all expenses associated with the purchase price. And calculating the net amount.
 
- The CRA will then assess this application and issue a certificate: under Section 116. The certificate will be sent to the accountant and it will the money the seller must pay on account of the income tax. 
 
- This figure will likely be approximately 25% of the profit (not the sale price). 
 
- The certificate will also say that upon the seller paying a specific amount to the CRA, the purchaser is free from any liabilities because the liability was on the purchaser to ensure that the seller pays his fair share of the taxes.
 
- The lawyer who represented the seller will then take his share from the amount that he was holding back, and pay that money to the CRA releasing the balance to the seller. 
 
- The seller has to submit an application to CRA, within 10 days of closing, otherwise, penalties would be posed.
 
 
10. Are there any other taxes, fees, or costs other than the section 116 procedure?
NO. There may be accountant’s costs. And increased legal fees to deal with the money that the real estate lawyer Toronto has to hold back and manage for a certain time, but generally, there are no additional fees, taxes, or expenses.
 

 Are you a Foreign Buyer?

1. Do property taxes differ for foreign real estate owners?
NO, laws are the same for all. As long as you and your lawyer follow the laws of the land. There is nothing to worry about.
 
2. As a foreigner owning real estate in Toronto, will I require a Will?
If you are willing to control the disposition of your property upon your death, then you should have a Will prepared. You can seek the advice of your lawyer on the same.
 
3. Can my lawyer retain the proceeds of the sale, to purchase another property for me as a foreigner?
Yes, your lawyer can surely do that for you. Your real estate lawyer may not release the money from proceeds but can utilize it later for the purchase. 
 
4. Are the land transfer taxes greater or less for non-resident buyers?
NO. The laws are the same for all. But you have to pay additional taxes, being a non-resident. Which is referred to as NRST(Non-Resident Speculation Tax).
 
5. Can a non-resident qualify for a first-time buyer’s credit that is given by Toronto.
 
No, the first-time buyer's credit will only apply to your situation if you do not own a property anywhere on the globe. Generally, conditions change for non-resident individuals, when it comes to first-time buyer's credit. We highly recommend consulting a lawyer in this regard and getting professional advice.

6. Can a foreigner be regarded as a resident for tax purposes?
Yes. Not all newcomers (persons living in Canada who are not Canadian permanent residents or Citizens) are non-residents for income tax determinations.

7. Are there any restrictions on a foreigner selling real estate in Toronto?
NO. A non-resident can sell real estate in Toronto just like anyone else.
 
8. How will a buyer know if the seller is a foreigner (non-resident for tax purposes) or not?
On the day of closing, a seller provides a unique document to the purchaser that says whether the seller is a resident or not. It is not the duty of the buyer to determine whether the seller is or is not a non-resident unless of course, the fact is known. Here, you need to have the professional advice of your lawyer on the residential status of the seller. It is the buyer's role to ensure that he either obtains a document from the seller stating that the seller is not a non-resident or otherwise ensures that the seller’s lawyer holds back the 25% of the purchase price.
 
9. Are there special taxes to be paid when a non-resident sells real estate?
 
- Certainly, non-residents have to pay special taxes when selling real estate. This tax is NRST (Non-Resident Speculation Tax), paid by the resident, not of Canada, who is buying or acquiring property located in the GGH.  

- Thus, to ensure that the CRA gets their share, they pin the tax liability on the buyer. The buyer has to ensure that the seller pays his part of the tax due to the appropriate authority. Because of this, a special procedure has been implemented when a foreigner sells the property. The procedure is as follows: 

- When the deal comes to a close with the lawyer, the buyer’s lawyer retains from the seller 25% of the sale price. 
After closing, the seller hires an accountant to submit to the CRA, a specific application describing the profits that the seller earned on this real estate.
 
- These profits are usually calculated by taking the sale price, deducting all expenses (including commissions), deducting the purchase price, and all expenses associated with the purchase price. And calculating the net amount.
 
- The CRA will then assess this application and issue a certificate: under Section 116. The certificate will be sent to the accountant and it will the money the seller must pay on account of the income tax. 
 
- This figure will likely be approximately 25% of the profit (not the sale price). 
 
- The certificate will also say that upon the seller paying a specific amount to the CRA, the purchaser is free from any liabilities because the liability was on the purchaser to ensure that the seller pays his fair share of the taxes.
 
- The lawyer who represented the seller will then take his share from the amount that he was holding back, and pay that money to the CRA releasing the balance to the seller. 
 
- The seller has to submit an application to CRA, within 10 days of closing, otherwise, penalties would be posed.
 
 
10. Are there any other taxes, fees, or costs other than the section 116 procedure?
NO. There may be accountant’s costs. And increased legal fees to deal with the money that the real estate lawyer Toronto has to hold back and manage for a certain time, but generally, there are no additional fees, taxes, or expenses.
 

© LD LAW 2021

1551 Bloor Street West - Toronto, ON - M6P 1A5 | Tel: 416-747-9900   Fax: 416-747-9901