Real Estate

Etobicoke's Real Estate Lawyer

Toronto's Real Estate Lawyers for Buying or Selling Your Home across Ontario

We make completing your Real Estate Home Purchase or Home Sale easy!

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More About Real Estate Law

​Whether you are buying a home, selling a condo or refinancing a residential home, condo, or cottage, choosing a Real Estate Lawyer is an essential element of the process. Maio Law office services Toronto, Etobicoke, Mississauga, Thornhill, Richmond Hill and surrounding areas.

Advantages of Using Maio Law

  • Flat fee billing whether it's a purchase, sale, or refinance (*subject to unforeseen circumstances);
  • Deal directly with a lawyer;
  • Receive timely responses to your phone calls and emails; ​
  • Free parking at our office
  • Off site signing availability
  • Flexibility in client meetings 7 a.m. to 10 p.m.

When Should you Call a Real Estate Lawyer?

​Whether you are buying or selling with a Real Estate Agent, or with Com Free or a similar service, it is recommended to contact a Real Estate Lawyer as soon as you're ready to sign an Offer to Purchase. These documents can be technical and serious legal consequences can arise should conditions be broken.

Quick Tips For The First Time Home Buyer

  • Financing - either through one of the banks or arranged through a mortgage broker
  • Fire Insurance - home owners insurance or condo insurance. If you are arranging financing it is likely that the lender wants to be named a loss payee on the Insurance Binder/Policy
  • Land Transfer Tax - Land Transfer Tax is calculated by the purchase price of your home. If your house/condo is within Toronto, then you will have to pay additional Land Transfer Tax. See below to calculate this figure​
  • Title Insurance - the fee for title insurance is dependent on the price of your home/condo. See below for additional information
  • Adjustments at closing - These are any amounts that were paid by the Seller that benefit the Purchaser. Example - Pre-paid property tax - the Purchaser is responsible for the property tax from the date of closing forward and will have to reimburse the Seller for any overages.

I'm Selling A Home

1. You will be required to provide the following information to our office by email, fax or in-person:

  • Copy of the executed Agreement of Purchase and Sale
  • Copy of your existing Transfer/Deed (Ownership document that you would have received when you originally purchased the property)
  • Details of any existing mortgages, lines of credit or encumbrances
    • Name of Mortgage Company
    • Address and telephone number
    • Mortgage Reference number
  • Current year's Realty Tax bills as well as details of any payments being made prior to closing
  • Copy of survey that may be in your possession (Not applicable if property is a condominium)
  • Your forwarding address after closing

2. Attendance at law office: You will be required to attend our office prior to the scheduled closing date to review and sign the required legal documents necessary for closing. Usually this is done two days prior to the scheduled closing date. At this time you will be required to provide two pieces of identification, one being a valid photo ID (not a health card), as well as a set of keys to the residence. Should you require on-site signing at a specific location, please inform our office ahead of time so that appropriate arrangements can be made.

3. Sale Proceeds: Typically the net sale proceeds are available by certified cheque payable only to the registered owners of the property. These funds are usually available on the next business day following your sale. If two or more people are selling a property and separate cheques are required, we will require written direction confirming how the net sale proceeds are to be payable. In such situations, it may be advisable that each party obtains independent legal advice prior to directing our law office on how the funds are to be divided.

4. Purchaser's Deposit: Should a Purchaser's deposit, which is being held by a realtor in trust, be in excess of the realtor's commission and applicable H.S.T., the excess funds will be refunded to you directly by the realtor after the transaction is complete. Our office will provide the realtor notice that the sale has been completed.

Fire Insurance Policy: We suggest not making any arrangements to cancel the Fire Insurance Policy until after you have confirmed with our office that the Sale has been completed.

6. Utility companies (water, hydro, gas, oil, cable, etc.): You are to contact the utilities companies and arrange a final meter reading. You will be responsible for such accounts up to the date of closing. If your water bill is a flat rate fee payable every 6 months, please notify our office so that proper adjustments can be made. Should your property be heated by oil, please inform our office so appropriate steps can be taken prior to closing.

7. Monthly Payments/Fees: Any payments falling due prior to the closing date will be your responsibility. Adjustments can be made to factor in overpayment of any fees made. It is your responsibility to cancel any pre-authorized payments or cheques that have been scheduled after the closing date of your property.

Closing Cost Calculator »


I'm Buying A Home

You have been shopping the real estate market to find your perfect home and you've made an offer and the Seller has accepted it. NOW, what do you do?

1. CALL MY OFFICE

2. Agreement of Purchase and Sale: Provide my office with the Agreement of Purchase and Sale as soon as possible. If you used a real estate agent, you can direct him/her to email it or fax it to our office.

3. Financing: Likely prior to making any offer you will have met with a mortgage agent and determined the price range within your budget. You likely have already satisfied any outstanding conditions or lender requirements, if you are unsure, please confirm with your mortgage agent. You will then want to provide our law office contact information to your mortgage agent so that the necessary instructions can be sent to our office by the lender. Once the required instructions are received our office will be in a position to prepare the required mortgage closing documents.

4. Fire and Contents Insurance: Purchasers of a house will be required to provide our law office with an Insurance Binder/Policy prior to the closing of your purchase. You will want to provide our law office contact information to your Insurance Agent and request that they provide our office with the required documents. If you are purchasing a condominium, it is necessary for the unit owner to obtain content insurance for the individual unit and as well for public liability. The condominium corporation will have separate insurance in place for the building and common areas.

5. Land Transfer Tax: At the time of closing you will likely be required to pay Land Transfer Tax on the amount of the purchase price. The total Land Transfer Tax payable can be calculated below. First time home buyers are entitled to a rebate. Land Transfer Tax payable is in addition to the purchase price and will be required on closing.

6. Closing Adjustments: Prior to the scheduled closing date, the lawyer for the Seller will provide our office with a Statement of Adjustments. The purpose of this is to credit the Seller or in some cases the Purchaser, for any items prepaid by the Seller beyond the closing date. Such items can include: Property Tax; Fuel Oil; Hydro; Water; Condominium Fees. Upon closing, our office will provide the local tax department with a Notice of Change of Ownership for property tax purposes.

7. Closing Funds: You will be required to provide my office with a Certified Cheque or Bank Draft. My office will provide you with the required closing funds that will be due upon closing. Funds will be made payable to our office in Trust.

8. Attendance at Law Office: You will be notified when all the required closing documents are ready for your signing. If there is more than one individual going on title, both individuals must attend to sign the required documents. Two pieces of identification will be required at the time of signing, one being a valid photo card (excluding health card). Should you require on-site signing at a particular location, please inform our office ahead of time so appropriate arrangements can be made.

9. Utility companies (water, hydro, gas, oil, cable, etc.): It is your responsibility to contact the utilities companies and set up the necessary accounts or provide the necessary information to effect any transfers.

Closing Cost Calculator »


What is Title Insurance

If you are purchasing real property, you want to be sure that you are getting good title. Two options are available for purchaser's:

  • (1) lawyer's title opinion or certification of title; or
  • (2) a title insurance policy.

Where the purchaser options for title insurance, the policy will protect your ownership interest from losses incurred as a result of unknown title defects or other covered matters that exist at the time of your purchase, but are unknown to you at that time.

How Does Title Insurance Work?

You pay a ONE TIME premium to protect yourself against loss or damage suffered as a result of problems with TITLE to your property. However, a title insurer may exclude certain risks that it is not prepared to cover.

Title insurance policies can be issued in favour of both the purchaser(s) of real property and lenders of money secured by real property - most lenders require that title insurance be taken out as a condition to advancing funds.

What Does Title Insurance Cover

Once purchased - the policy will list risks or losses that will be covered, and risks or losses that will not be covered.

  • On-title matters:
    • Conflicting ownership interests in the property
    • Any charge, lien, or encumbrance on or other defect in the title;
    • Unmarketability of title;
    • Lack of a right of access to and from the property;
  • Off-title matters:
    • Work orders;
    • Zoning issues;
    • Defects that would have been revealed by an up-to-date survey;
    • Realty tax arrears
  • Excluded matters:
    • Problems that the purchaser agreed to accept;
    • Certain government rights in land;
    • Certain expropriations;
    • Environmental and conservation authority issues;
    • Native land claims;

First Time Home Buyer

To qualify for a refund of the applicable land transfer tax you must:

  • Be at least 18 years old
  • Occupy the home as your principal residence within nine months of the date of transfer
  • Cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, and
  • ** if you entered into an agreement of purchase and sale before December 14, 2007, the eligible home must be newly constructed and you must be eligible for the Tarion New Home Warranty.

Are you MARRIED:

  • If you have a spouse, your spouse cannot have owned an eligible home, or an interest in an eligible home, anywhere in the world while being your spouse.

Survivorship Application

Where individuals hold title as "joint tenants" there is a right of survivorship. What this means is that if one person dies, their interest passes to the surviving person upon application. The surviving person thus becomes the sole owner of the property. It is important to attend a real estate lawyer and make a survivorship application to remove the deceased individual so that any future dealings with the property, such as refinancing the home, or the sale of the home can take place without complication. To do this application you will need to have your original deed and an original death certificate for the deceased. Usually the funeral home can provide an original death certificate. Maio Law can handle this process for you for a flat legal fee plus disbursements for the registration of documents on title.


Residential Real Estate Legal Fees & Closing Costs

​(Purchases under $500,000.00)

Sale

$675.00

  • Plus disbursements & HST*
  • Includes Mortgage Discharge

Additional Closing Costs:

  • Applicable Registration Fees for Deed Registration ($75.27) & Charge Registration ($75.27)
  • LSUC Levy ($65.00)
  • Not Subject to Land Transfer Tax

Purchase

$850.00

  • Plus disbursements & HST*
  • Includes Mortgage Preparation

 

  • Applicable Registration Fees for Deed Registration ($75.27) & Charge Registration ($75.27)
  • Title Insurance or LSUC Levy ($65.00)
  • Any Applicable Land Transfer Tax
  • Toronto Admin Fee: $84.75 ​​

Sale & Purchase

$1475.00

  • Plus disbursements & HST*
  • Includes all Mortgage Payouts & Preparations

 

  • Applicable Registration Fees for Deed Registration ($75.27) & Charge Registration ($75.27)
  • Title Insurance or LSUC Levy ($65.00)
  • Any Applicable Land Transfer Tax
  • Toronto Admin Fee: $84.75 ​​

Refinance

$450.00

  • Plus disbursements & HST*
  • Includes all Mortgage Payouts and Preparations

 

  • Applicable Registration Fees for Deed Registration ($75.27) & Charge Registration ($75.27)
  • Title Insurance or LSUC Levy ($65.00)
  • Any Applicable Land Transfer Tax

*Disbursements: Title & Off Title Search Costs; Print, Fax and Admin Costs; Courier Costs; Banking Fees; Actual fees associated with said service may vary depending on market rates.

*Conditions: Legal fees quoted above are for the work involved with the typical Real Estate transactions in the Greater Toronto Area. Fees are subject to change based on market conditions without notice. Legal fees quoted do not included unforeseen complications that may arise. Should unforeseen complications arise you will be notified, hourly rates start at $300.00/hour. Legal fees quoted above are not applicable where any financing is arranged through a private lender. Legal fees quoted do not include preparation of bridge financing, additional fees required. Title Insurance is a one time fee payable upfront and last as long as you own the property or mortgage. Land Transfer Tax is payable every time there is a change in the beneficial ownership of a property, this fee can be off set with first time home buyer credits. Legal fees quoted above are not applicable to New Build's, Condominium's, Houses, or Townhouses.


Down Payment Required As Of February 15, 2016

 

Existing eligibility rules

Eligibility rules as of Feb 15, 2016

Home Purchase Price

Minimum down payment percentage

Minimum down payment amount

Minimum down payment percentage

Minimum down payment amount

Under $500,000

5%

Up to $25,000

5%

Up to $25,000

$600,000

5%

$30,000

5.8%

$35,000

$700,000

5%

$35,000

6.4%

$45,000

$800,000

5%

$40,000

6.9%

$55,000

$900,000

5%

$45,000

7.2%

$65,000

$999,000

5%

$50,000

7.5%

$75,000

$1 Million and Up

%20

$200,000 and up

20%

$200,000 and up

  • Purchases under $500,000.00 will not be affected, the minimum downpayment will still be 5%
  • Purchases greater than $500,000.00 but less than $1,000,000.00 will require 5% down on the first $500,000.00, plus the remainder over $500,000.00 will be at a rate of 10%
  • For exact calculations please see your mortgage specialist
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