Your Real Estate Transaction Roadmap

Disclaimer: This article is intended for the purpose of providing information on buying a home, the process in Ontario and more. It is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice. It does not purport to be exhaustive. 

Are you in the market for a new home? If so, then you need to read this blog post! We will walk you through the entire process of buying a home, from when you make an offer to when you move in. We’ll provide you with a step-by-step roadmap that will make the process as smooth and stress-free as possible. So whether you’re just starting to think about buying a home or are already in the thick of things, this blog post is for you!

Buying a Home: The Process in Ontario

At Beeksma Law, our real estate team has years of experience helping clients buy and sell homes. We’ve seen it all, and we know what it takes to get a deal done. Follow our roadmap, and you’ll be in your new home before you know it!

Step One: Find the home you love and make an offer.

The first step in buying a home is finding the one you love. Start by doing some research online and driving around neighborhoods that interest you. Once you’ve found a few homes that you like, it’s time to start going on showings.

Most people work with a real estate agent to help them find a home. If you don’t have an agent, we can put you in touch with one of our experienced agents. Once you’ve found the perfect home, it’s time to make an offer.

Your real estate agent will help you determine how much to offer based on recent comparable sales in the area and the condition of the home. The seller will then either accept,  reject, or counter your offer.

Step Two: Call Beeksma Law.

Once you have an accepted offer, it’s time to call us and have an initial consultation. Your legal team will then let you know everything that is required from you in order to complete the transaction.

Step Three: Your Legal Team Gets to Work.

Your legal team will begin to coordinate with all of the other parties involved in the transaction, such as the real estate agents, lenders, and title companies.

We will complete a title search to ensure that there are no outstanding liens, writs of execution or encumbrances on the property.  These searches are incredibly important, as they protect you from taking on someone else’s debt or legal problems.

We will also set up your title insurance policy, which will protect you in the event that there are any problems with the title of the property.

Step Four: Closing the Deal

Roughly seven days before closing, you will go through, explain and have you sign all of the necessary paperwork. On the closing day, the funds will be transferred, and you will be given the keys to your new home!

Commonly asked questions

Do I need to sign in person? 

No, you do not need to sign in person. We can send the paperwork to you electronically and you can sign it electronically.

When and how will I get the keys?

The keys will be given to you on the closing day – we will provide you with a lockbox code.

What if I have more questions?

At Beeksma Law, we want you to feel empowered and confident when buying your home. We understand that this is a major purchase – perhaps the most significant one that you will ever make.

We encourage you to ask questions throughout the process. Our goal is to make sure that you understand everything that is happening and why.

What are some common disbursements I will see on my invoice?

Some common disbursements that you may see on your invoice include:

  • Land Transfer Tax
  • Title Search Fee
  • Title Insurance Premium (Title insurance is required if you are getting a mortgage – it cannot be waived) 
  • Pre-searches (Execution and PIN)
  • Registration fees for transfer and mortgage

My realtor said that I don’t need to pay Land Transfer Tax

If you are a first-time property owner, there is a first-time homeowner tax credit.  This means that you have never been on title for any property anywhere in the world.

Some buyers are given faulty information and told that the credit applies to buyers who have not owned property in Canada or have not owned property in five years. It does not.

The credit applies to anyone who has never, ever owned any sort of property anywhere in the world. If that is you, then yes, you would receive the first-time homeowner tax credit.  

If you are buying a property with someone who has previously owned property, you will not be eligible for the full credit and will have to pay the amount of Land Transfer Tax proportionate to how much that person owns. For example, if that person will own 50% of the property, you are not eligible for 50% of the credit. 

What is title insurance? 

Title insurance is a type of insurance that protects you from any financial losses that could arise from problems with the title to your property. Again, it is mandatory for purchases where there will be a mortgage in place.

The Final Step: Enjoy Your New Home!

You’ve made it! You are now the proud owner of a new home. We hope that this guide has been helpful and informative. If you have any questions, please do not hesitate to contact us.

We would be more than happy to chat with you about your specific situation and help you figure out the best way to move forward.

Remember – the best time to reach out to your lawyer is as early as you can. We can help you navigate any challenges that come up along the way. Book your initial consultation here so we can get started.

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