Residential Real Estate Lawyer Toronto
Our team understands that every property transaction requires attention to details. Whether you are a first-time buyer or an expert in the real estate market, looking to purchase, sell or refinance a property, we can give you the expert advice you need.
What residential real estate services does Concorde Law offer?
Concorde Law offers advice on real estate matters including:
- Buying or selling a condominium
- Buying or selling a residential property
- Landlord and Tenant Law
- Mortgage Refinancing
- Transfer of Title Ownership
- Land Transfer Tax Rebate
Buying a Condo
Can I cancel my purchase & sale agreement for a newly built condo?
Yes. Within 10 days after you receive a signed copy of purchase and sale agreement you may cancel the Offer (this is called a “cooling off period”) and receive a refund of your deposit from the builder. There are other circumstances where you may be able to get out of the deal at a later date, such as if there are material changes to the building or Unit you are unwilling to accept.
Before you sign the Purchase and Sale Agreement (“APS”) it is highly recommended to go over it with us in order to understand your rights and obligations.
Should I receive a warranty for a newly built condo?
Under the Ontario New Home Warranties Plan Act, all builders must provide you with a Tarion warranty. In addition to deposit protection and delayed closing compensation, the warranty can extend for one, two and seven years depending on the items covered. For a list of what is covered see: https://www.tarion.com/homeowners/your-warranty-coverage/outline-your-warranty.
What is the process of closing a new condo from a builder?
When purchasing a new condo from the builder, the closing is usually divided into two stages:
- Interim Occupancy Closing: Once the builder obtains an occupancy certificate from the local municipality and the Unit is substantially completed, you will be required to take occupancy and begin paying occupancy fees. You will need to come into our office to sign required documentation, provide proof of insurance and pay any remaining deposits agreed to in the APS. Some builders now require you to provide proof that you have a mortgage commitment in place or have the cash to complete the transaction on the final closing date. At this point you will not actually own your Unit; you only have the right to occupancy it until the final closing date.
- Final Closing (also referred to as the Unit Transfer Date): Once the condominium plan gets registered with the government, you will receive a final closing notice from the builder with a firm closing date which you should immediately forward to us. At this point, you should advise your bank of the closing date so they can provide mortgage instructions to us as soon as possible before the closing date. On final closing title to the Unit will be transferred to you and you will receive a transfer document with a registration number which will show your ownership.
What should I know when buying resale or preowned condo?
Buying a pre-owned condo differs from purchasing a newly built condo. For a resale condo, you can make the APS conditional upon financing, inspection, or solicitor’s review of the status certificate, condo declaration and bylaws, and reserve fund study which are issued by the condominium corporation. These documents will reveal if the corporation is managed properly and financially secure. We would glad to review these for you.
What is a Status Certificate, and do I need it for condo purchase?
A Status Certificate gives a snapshot of the current status of a condominium corporation and the Unit confirming the legal name of the corporation, ownership of the Unit, parking space(s) and lockers so this can be compared with what the vendor is purporting to sell in the APS. Generally, most APS’s are conditional for a period of about 10 days to allow you to obtain and review the certificate. It confirms whether the condo corporation has sufficient funds to meet its budget and the reserve fund is adequate. It reveals if the condominium corporation is named in any legal proceeding or if there are any circumstances now or in the future that may result in a special assessment or increase in maintenance fees.
You should review the Status Certificate with a real estate lawyer to help you decide whether there are issues with the Unit or condo corporation you should know about before you firm up your deal.
Do I need my own lawyer?
Yes, The Law Society of Ontario (formerly the Law Society of Upper Canada) requires the vendor and the purchaser to have their own separate legal representation.
Here at Concorde Law, we are looking forward to supporting our future clients who are purchasing units in:
- 9560 Islington Urban Towns – Development by Kingsmen Group Inc
- Murals Condos – Development by Forest Green Homes
- CG Tower – Development by Cortel Group
- Carrville Centre – Development by Norstar Group of Companies
- 2901 Hwy 7 Rd – Development by Liberty Development Corporation
- Centro Square Condos – Development by Liberty Development Corporation
- GO.2 Condos – Development by Pemberton Group
- Nord East at Expo City Condos – Development by Cortel Group
- Nord West at Expo City Condos – Development by Cortel Group
- Highway 7 & Jane Condos – Development by Gold Park Homes
- and many others in Toronto and the GTA!
Selling a condo can be as complicated as buying one, therefore it is important to have a professional adviser; someone who oversees the process from A to Z. Our real estate team will make sure that all documentation is in order and that any issues regarding your title have been resolved prior to the closing date.
What documents should I provide my lawyer with when selling?
- Two pieces of ID (usually a valid Driver’s Licence, Passport, valid credit card or another identity card, but not a Health Card)
- Copy of Purchase and Sale Agreement
- Information about any existing mortgages or credit lines
- Recent realty tax bills and details of payment
- Your email address, future mailing address and telephone numbers
I am selling my condo. When should I engage the services of a lawyer?
When you receive an offer from a buyer which you are willing to accept, you should contact our office as soon as possible. You should review the offer with us and your real estate agent before accepting it.
Next, once you formally retain us, we will open a file when all conditions have been waived and begin the process of obtaining and preparing all the documents necessary to close. We will, for example, order discharge/payout statements from your lender(s) for any mortgages or secured lines of credit registered against your property, remove any encumbrances on title that the buyer has not agreed to assume, and prepare all the documents you need to close such as the transfer, statutory declarations, directions regarding funds and statement of adjustments.
The purchase price will be adjusted to the date of closing for such items as property taxes and condo fees. We will review a buyer’s closing documents and will address any issues on your behalf.
Commercial Real Estate Lawyer Toronto
Commercial real estate lawyers at Concorde Law will help you with any commercial deals such as the purchase of offices, industrial buildings, retail spaces, and single-purpose facilities. We work with vendors and purchasers from across Toronto and GTA.
What commercial real estate services do you provide?
Here at Concorde Law, our team can help you with the following services:
- Prepare or review commercial property leases
- Commercial Building purchase or sale
- Commercial Property planning and development
- Commercial Real Estate Transactions Involving a Business
- Commercial Real Estate Negotiation & Dispute Resolution