A Committed Real Estate Team
At Prudent Law, we seek to simplify real estate transactions by leveraging our vast experience, advanced technology, and excellent relationships with real estate agents, private lenders, institutional lenders, title insurance companies, and other players in the real estate industry. Our team strives to offer highly personalized services at affordable rates. We have flexible hours, meaning that we will be there for you whenever you need us. All our staff are knowledgeable and friendly. Real estate is our business; we have been in the real estate business for years. Unlike some law firms that have many practice areas, we solely focus on real estate, meaning we can handle all types of real estate transactions.
We Understand All Types of Real Estate Transactions
Many customers approach us when seeking a legal consultation on issues of purchase and sale of real estate properties. Whether you are dealing with single or multiple properties, you can trust our lawyers at Prudent Law to assist you. We will handle all your real estate matters in an efficient manner while upholding the best local practices. With our vast experience spanning the breadth of real estate law matters, you can trust us if you’re seeking to secure a new real estate property or if you are just exploring your options regarding the properties you hold. Our real estate lawyers in Oakville can assist you in the following areas:
- Residential real estate properties
- Commercial and industrial real estate
- Commercial and industrial lending
- Private lending
- Purchase or sale of hotels
- Purchase or sale of gas stations
- Real estate litigation issues
We Facilitate Private Loan Transactions
For years, Prudent Law has served as a link between private lenders seeking to finance real estate acquisitions in Oakville and the Greater Toronto Area (GTA) and borrowers. If you are a buyer looking for alternative lenders, we invite you to contact us. For example, we facilitated over $100 million in private mortgage transactions in 2019 alone. We have a large network of private mortgage lenders, which enables us to obtain the best mortgage rates for our clients. When you come to us, we will swing into action; we can arrange a private mortgage in less than four hours. In everything we do, we keep the best interests of our clients at heart.
Providing Competitive Services for First-Time Homebuyers
Buying a home is one of the biggest financial decisions you’ll ever make in your life. Our real estate lawyers at Prudent Law will walk you through the homeownership journey, providing reliable advice on all areas of real estate transactions. We update you at every stage to ensure you know what to expect. We understand that the process of acquiring a home can be overwhelming, especially for a first-time home buyer. We will complete the real estate transactions within the shortest time possible without overlooking the necessary due diligence. We will explore all the available options, including government programs, to help you make tax savings and maximize your benefits.
Reputable and Committed Residential Real Estate Lawyers in Oakville
Let’s face it: the process of buying your first home can be rather intimidating. Purchasing a home is one of the biggest financial transactions most people will make in their lifetimes. Prudent Law is your go-to law firm in all types of residential real estate matters. We deliver on major real estate projects and transactions, providing continuous support whether you are buying or selling a residential property. All our lawyers have a local experience, making them well-suited to advise you on even the most complex issues facing the real estate industry. We are ranked among the top real estate lawyers in Oakville.
Apart from the sheer gravity of the financial commitment, buying your first home is a detailed and complex process of comparing deals, appraising homes, and finalizing the purchase. The first step to a rewarding and successful home-buying experience is seeking professional knowledge and understanding all the steps involved. Our real estate lawyers at Prudent Law will equip you with all the information you need to enable you to purchase your first home. We will help you understand the technical jargon and lingo to make the process clearer for you.
With our experienced and capable real estate lawyer by your side, you have a qualified legal professional capable of helping you throughout the home-buying process. Our lawyers will oversee all the legal matters pertaining to acquiring a home. We will ensure that you are getting fair treatment from all the players involved in the transaction, including property owners and real estate agents.
We will help you iron out all possible issues involving:
- Municipal services
- Title, including restrictions, registered encumbrances, or mortgages
- Zoning, building code, and by-law compliance
- Easements, surveys, and property line concerns
- Concerns relating to remote and recreational properties like septic systems and water supply
We Will Walk You Through the Whole Process of Buying a Home
Across Oakville and the GTA, many millennials are taking the plunge into homeownership, given that it’s one of the best investments they can make. Whether you are buying a condo or townhome, buying your first home can be daunting, and you may not know where to start. Our real estate lawyers will be with you throughout the home-buying process to ensure that the transaction goes smoothly and all the legal aspects are addressed. You will enjoy the personalized service you receive from our lawyers; we understand that every home-buying process is unique.
When Should You Involve a Real Estate Lawyer When Buying or Selling a Home?
You should not wait until you sign the purchase or sale agreement to involve a real estate lawyer. In fact, you should have a lawyer review the purchase or sale agreement before you sign it. It is best to involve a lawyer before you receive or make an offer on the property. A lawyer will ensure that the clauses in the Agreement of Purchase and Sales protect your interests. By consulting a real estate lawyer, you will be sure that the contract safeguards your rights and obligations before you even sign it.
What is Provincial Land Transfer Tax Rebate, How Does it Work, and Who Qualifies to Receive It?
A rebate is available in some provinces and cities in Canada to help first-time homebuyers to offset land transfer tax costs. The rebates are available to first-time homebuyers in Ontario, Prince Edward Island, British Columbia and the City of Toronto. You could receive a partial or full land transfer tax refund, provided you meet the criteria outlined by each province or municipality. You must be a first-time homebuyer to claim the LTT rebate. This means that you have never owned a home before. Note that you can only claim the rebate once.
You must apply for the LTT rebate within 18 months from the transfer date. The maximum provincial land transfer tax rebate is $4,000. The rebate covers the entire purchase amount, capped at a maximum purchase price of $368,333. You can still enjoy the tax rebate even when buying a home worth more than $368,333. However, you will have to pay any tax owed.
A homebuyer must meet the following conditions to qualify for a tax rebate:
- You must have attained 18 years of age.
- You must not have previously owned a home or have an interest in a home in any part of the world.
- If you have a spouse, your spouse should not have owned a home or had an interest in a home in any part of the world when they were still your spouse.
If you are purchasing a home with your spouse, but your spouse is not a first-time buyer, you could still be eligible to receive a rebate of 50%. Therefore, the maximum rebate will be $2,000.
With an LTT rebate of $4,000, a buyer will not pay land transfer tax on the first $368,333 of the home’s cost. Municipal Land Transfer Tax is applicable if you are purchasing a property located within Toronto. However, you can access a similar rebate program for qualifying buyers.
What is Title Insurance, and Who Needs to Purchase It?
The title is an optional cover that protects you against property title issues like fraud and liens. You must meet several closing costs when buying a home, including home inspection fees, mortgage insurance, real estate lawyer fees, and title insurance. Title insurance will shield you against financial loss if there is any issue with the property title. With all these expenses, you might be wondering whether title insurance is worth it or if you should opt out of it.
You can pay title insurance via a one-time fee or a premium. The insurance will cover the property for as long as you own it. You might be surprised to know that a title deed can be incorrect or fraudulent, which could make people challenge your ownership of property. You should not assume that your title is clean just because the previous owner had title insurance.
Every homeowner can benefit from title insurance, even if it is optional. Therefore, many homeowners opt to purchase it. Typically, buyers purchase title insurance at the time of closing, shielding them from any unpleasant surprises after taking possession of the property.
Can I Opt Out of a Signed Agreement of Purchase & Sale?
An Agreement of Purchase and Sale is a binding legal contract. Therefore, after you sign the contract, it is no longer subject to conditions. It’s best not to sign the agreement if you are not sure about the purchase. If you sign the agreement and then back out of the contract, you could be liable to the other party, making you incur a significant amount of money. For example, you could have agreed to purchase a home at $950,000. However, you later walk out of the contract, and the seller cannot find a buyer willing to offer the same price. For example, maybe the seller only manages to get a buyer willing to pay $700,000. In this case, you could be liable to pay the difference in price.
If you are the one selling a property and you opt out of the agreement when a contract is in place, the buyer might not find a property of the same price and value. The court could award financial damages to the buyer due to the inconvenience you caused them. Sometimes, the court may order you to complete the deal as already planned, especially if the property involved is unique.
Is There a Difference Between Joint Tenancy and Tenants in Common?
In a joint tenancy, every owner has an undivided share of the property. Each owner has an invisible interest in the property and has what we call the right of survivorship. The right of survivorship means that if one owner dies, the property ownership transfers to the surviving owners automatically. If two people own a property as joint tenants and one person dies, the surviving person will own the property solely.
However, in a Tenants in Common, each owner has a divided or fractional percentage interest in a property. There is no right of survivorship in Tenants in Common. For example, if two people own a property with an equal share of 50% and one of them passes away, the deceased person’s 50% share will automatically pass to their estate. This share will not be transferred to the surviving person.
Prudent Law in Oakville Offers Unmatched Guidance on Your Residential Real Estate Purchase or Sale
From the moment you contact us, we will embrace your case to protect your rights and best interests. We do not just consider our clients as acquittances; we take them as family, handling their needs like they were our own. You can count on Prudent Law to assist you with a wide range of issues relating to real estate, including:
- Property sales and purchases
- Purchase or sale of recreational properties
- Real estate litigation
- Mortgages & private financing
Contact Prudent Law in Oakville Today for Reliable Guidance Through Your Real Estate Transactions
Prudent Law focuses solely on real estate law, making us the go-to company for all types of real estate transactions. You can count on our support whether you are a purchaser, seller, lender, or borrower. We have offices conveniently located in Oakville, meaning you can easily access us. If you have a real estate transaction that you would like to discuss with a lawyer who understands the ins and outs of real estate law, we invite you to contact us today by visiting our offices, via phone, or online.