Property Closings
Common questions about property closings.
How to do title search using OnLand
If you were not one of our previous clients, please see a guide below: To check if you still own land using OnLand.ca , follow these steps: Visit the...
Why does my spouse need independent legal advice?
Each spouse in a legally married couple is automatically entitled to one-half of their spouse’s interest in the value of the matrimonial home, whether...
What is a title search?
Every property in Ontario is composed of one or more parcels. Every parcel has a list of documents registered with the government, which indicates who...
What happens if the seller cannot resolve a valid requisition?
A requisition is an item that a buyer's lawyer has identified as an issue that needs to be resolved before closing. If a seller cannot resolve a valid...
I entered a joint retainer with my lawyer and a spouse/family member/business partner who now does not wish to proceed with the transaction. Can my lawyer continue to act for both of us?
No, a lawyer acting on a joint retainer cannot choose between clients and cannot act on contradictory instructions. If two or more clients provide con...
How do I qualify for the first-time homebuyer land transfer tax rebate?
There are four prerequisites for receiving the first-time homebuyer land transfer tax rebate in Ontario: The purchaser must be at least 18 years old. ...
What is a letter of requisitions?
When the buyer’s lawyer has completed their title search, they compose a letter to the seller’s lawyer listing all issues identified on title, as well...
What happens if the purchaser cannot (or chooses not to) close the transaction?
If the deal is still subject to conditions, and one of the conditions is not fulfilled by the stated deadline, the deal may be void and the deposit re...
What happens if the purchaser observes a defect after closing?
If the purchaser observes a defect after closing, unless it was actively hidden by the sellers, there isn’t much that the buyer’s lawyer can do to hel...
Under what circumstances does a buyer have to pay foreign speculation tax?
The Non-Resident Speculation Tax (NRST) applies on the purchase or acquisition of an interest in residential property located anywhere in Ontario by i...
How is an estate sale different from a regular sale?
An estate sale is a sale in which the title owner has died, and the executor named in their will and/or appointed by the court signs the documents and...
I am a seller living outside of Canada. Does my lawyer have to hold back funds for taxes?
If the seller is not a resident of Canada, the CRA requires the seller’s lawyer to hold back at least 25% of the sale proceeds on closing while the se...
What happens if the purchaser observes a defect before closing?
If a purchaser observes a defect before closing, they should bring it to their lawyer’s attention right away. Depending on the issue, the buyer may be...
How do I use a power of attorney to buy or sell property?
A Power of Attorney is a legal document that allows a person (the Donor) to name another trusted person (the Donee, or more commonly, the Attorney) to...
Can ownership be transferred without payment of land transfer tax?
Yes, in certain circumstances. Land transfer tax is paid based on the “consideration” being given by the buyer to the seller. If no actual money is be...
What kind of off-title searches does a lawyer perform when preparing for a property closing?
Years ago, lawyers would perform a number of off-title searches in the lead-up to the closing date on a property purchase, including searches for outs...
When does HST apply to a sale?
HST generally does not apply to the sale of a used residence, but will apply to a newly built residential property or a commercial property. If the pr...