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Real estate questions answered from  Stephan Wilks

Canadian real estate law questions in 2017

April 21 2017 , Written by Stephan Wilks

What're zoning bylaws?

Zoning by laws are authorities' mechanism to control utilization of land. They frequently state how property can be utilized, what structures may be constructed on it, including place, measurements and their sizes. Each local government has its own zoning by laws.

How do you make an offer in Ontario?

Making an offer normally happens when a written agreement is signed by you. This understanding can be called Offer to Purchase or Agreement of Sale and Acquisition. This agreement should say just how much you are prepared to offer for the property, names of buyer and the seller, what needs to be contained in the purchase and also other conditions.

What type of mortgage may I get?

You can find various various kinds of mortgages a buyer can apply to. Depending on your own income and ability to refund the loan, you may qualify for a fixed-interest rate mortgage or a variable-rate mortgage. A mortgage could also be taken for distinct terms. For instance, it could be repaid over a 10, 15 or a 20 year period. The longer the term, the more interest that the borrower will need to cover. Additionally, some mortgages closed with no capability to pay back the loan before its end of period or could be open by having an option to settle the whole loan at any moment.

Which are the costs of closing a property purchase?

Closing costs range from costs like Land Transfer Tax, registration fees, legal fees, title insurance fees, HST (if buying a brand new house), and property taxes.

What is right of way (easement) agreement?

This kind of arrangement gives specific rights with respect to a party to access to and use of someone property/acreage. For example, oil companies may negotiate right of way agreements with farmers to get entry to farmers' properties as a way to set up a fresh pipeline.

What's earnest money deposit?

Earnest money deposit is a sum of money deposited by the buyer with the real estate broker or an escrow account when the buyer makes an offer to buy a property.

What's land transfer tax

New property is bought this tax is paid. The tax amount normally depends on the house purchase price.

What's Deal of Purchase and Sale / Purchase contract

This contact is an understanding a buyer along with a seller sign when going through a property sale trade. It summarizes conditions and the terms that seller and the buyer assurance to abide by when the house is sold. Some of the conditions that are most crucial deal together with the property purchase price, terms of payment, how the buyer will get the property, what property attributes are within the cost, and title clearance. Since signing this deal is a crucial part of buying/selling a property, legal counsel could be of great assist in ensuring the deal is correctly drafted.

Real estate lawyers in Markham

Are Chattels Subject to HST?

The brief answer is NO. Until I performed a Google search using a representative in the opinion department during a telephone call, they are not aware there was any confusion. The very first reason the sale of chattels that are used isn't taxable is because of the fact that the seller of a used residential owner-occupied property is not an HST registrant with the aim of their home.

Do you know the tax benefits of investing in a property?

In Canada, first home buyers can get "first-time home buyer's" tax credit. As well, you may be qualified to get an HST/GST rebate in the event the home may be worth less than $450,000. There may also be a credit for doing house renovations readily available.

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