Selling Real Estate Lawyer
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Serving the Greater Toronto Area
and the rest of Ontario
Selling Real Estate Lawyer in Toronto
We understand that real estate transactions are often the most significant deals a person will be involved in during their lifetime. From reviewing purchase and sale agreements to conducting title searches and working with financial institutions for a timely and smooth closing, we assist our clients every step of the way. We recognize different types of properties and their unique considerations and guide our clients through the complexities of such transactions.
We are conveniently located in midtown Toronto, minutes from the Eglinton-Yonge station. Call us at 647-300-8391 or click the button above to book a FREE consultation.
Simplified Process
Calculate Your Quote
Fill out our form here and we will contact you to provide a detailed estimate for buying, selling, mortgage or title transfer transaction.
Collect Your Documents
Forward us a copy of your agreement and connect us with your real estate agent & mortgage broker for us to begin the transaction.
Document Execution
We will meet with you in person or remotely for signing and guide you throughout the process to complete the transaction.
When to Contact a Real Estate Lawyer?
Buyers and sellers will want to contact a real estate lawyer as soon as an Offer to Purchase is signed. Conveyance of a property can be complex and time-consuming – real estate lawyers have the experience and expertise to make sure the process is smooth and headache-free. Your Lawyer can explain the terms in plain language the steps you will need to take and help you guide throughout the process.
What information will my lawyer require?
Agreement of Purchase & Sale
The Agreement of Purchase and Sale is a binding contract between the buyer and seller. It outlines all terms, conditions, and responsibilities related to the transaction, including the purchase price, closing date, and any contingencies. A copy of the agreement is to be forwarded to the real estate lawyer.
Photo Identification
Two pieces of photo identification will be required for each purchaser, such as a driver’s license and passport. A health card is not accepted as photo identification.
Mortgage/LOC/Loan Statements
Mortgage, Line of Credit, or Loan Statements will be required if there are loan against the property. According to the loan agreement, the real estate lawyer will ensure the loan is discharged properly.
Void Cheque or Direct Deposit
Void Cheque or Direct deposit form from an online account is required for the proceeds of sale.
Rental Contract
Rental contract or bill that the buyer agrees to assume, if applicable.
Understanding Taxes & Fees
The following expenses are typically required when selling your property:
Legal Fees
A real estate lawyer is required to complete specific tasks such as title searches, registration of the deed, and preparation of closing documents, and will charge a fee for their services. Our Legal fees are flat rate based on the complexity of the transaction.
Mortgage Discharge Fees
If there’s a mortgage on the property, you will need to pay a fee to discharge the mortgage.
Real Estate Commission
The most significant expense is usually the commission for the real estate agent. This is typically around 5% of the sale price, but it can vary. This fee is split between the seller’s and buyer’s agents.
Capital Gains Tax
If the property is not the seller’s principal residence, they may have to pay capital gains tax on the profit from the sale. It is always recomended to discuss the tax implications with your accountant.
Tax Adjustments
The property tax adjustments will be calculated and prorated for both parties based on the closing date. Suppose the seller has already paid property taxes in full for the year. In that case, the buyer will have to reimburse them for the portion of the year they will have the property in possession.
Moving Costs
While not a direct selling cost, moving expenses can add up and should be factored into the overall budget.
Utility and Other Service Fees
These are prorated costs for items the seller has prepaid, such as utilities. The seller receives a credit for these at closing.
Selling Real Estate Legal Fees
Selling Real Estate
Selling real estate in Ontario involves a legal process that must be followed to ensure a successful and legally compliant transaction. As a seller, it is essential to understand the legal requirements and obligations involved in selling real estate in Ontario, and work with a knowledgeable Toronto real estate lawyer to ensure that your rights and interests are protected throughout the process.
Selling real estate in Ontario is a complex and legally binding process that must be followed to ensure a successful and compliant transaction. Working with a qualified Toronto real estate lawyer can help ensure that the legal requirements are met and your rights and interests are protected throughout the process.
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✔ Reviewing your Agreement of Purchase and Sale
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✔ Title Search Review
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✔ Reviewing the requisition letter from the purchaser
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✔ Reviewing documents sent by the purchaser’s lawyer
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✔ Drafting transfer, sale, discharge of mortgage and other closing documents
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✔ Coordinate payment of mortgage balance and completing the discharge
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✔ Communicating with financial institutions (if necessary)
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✔ Contacting you to book an appointment for signing
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✔ Remote signing available at no extra cost
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Additional charges for transactions >$1M
*Additional charges will apply for special conditions such as multiple mortgages, bridge loans, private lenders, rush fees, investment properties, commercial properties, etc. Please contact us for a personalized quote tailored to your specific situation.
Buying & Selling Real Estate
Buying and selling real estate can be stressful and time-consuming, but it can add a whole new level of complexity when you need to do both simultaneously. In Ontario, buying and selling real estate simultaneously requires careful planning and preparation to transition from one property to another smoothly.
Most people use bridge financing as an option if they need to buy a new property before selling their current one. This type of financing allows you to access the equity in your existing home to put towards a down payment on your new property.
When buying and selling real estate simultaneously in Ontario, working with a real estate lawyer is essential to ensure that your interests are protected throughout the process.
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✔ Reviewing the Agreement of Purchase & Sale
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✔ Title search review
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✔ Writ search review
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✔ Reviewing the requisition letter from the purchaser
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✔ Reviewing the documents sent by the vendor’s lawyer
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✔ Reviewing documents sent by the purchaser’s lawyer
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✔ Drafting transfer, sale, discharge of mortgage and other closing documents
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✔ Coordinate payment of mortgage balance and completing the discharge
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✔ Communicating with financial institutions (if necessary)
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✔ Preparing file including mortgage, transfer and other closing documents
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✔ Making sure the title is clear of liens
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✔ Communicating with financial institutions (if applicable)
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✔ Making the necessary arrangements for title insurance
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✔ Contacting you to book an appointment for signing
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✔ Remote signing available at no extra cost
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Additional charges for transactions >$1M
*Additional charges will apply for special conditions such as multiple mortgages, bridge loans, private lenders, rush fees, investment properties, commercial properties, etc. Please contact us for a personalized quote tailored to your specific situation.
What does a real estate Lawyer do?
Real Estate Lawyers handle the Conveyancing of the Property which includes handling of the paperwork that transfers the property title to your name, deal with your mortgage financing, and pay the seller the purchase price. Real estate lawyers review the legal documents and issues related to a transaction including the legal review of the Agreement of Purchase or Agreement of Sale.
Buying or selling a home in Toronto might be quite challenging since this may be the single most important transaction lifetime. While making every effort to ensure the transaction is closed smoothly and on time, our lawyers will also assist you in understanding the details of your transaction and strive to be accessible to you throughout the whole process. We provide quality legal services in real estate law to individuals and businesses while protecting the best interest of our clients even in the most complex matters.
Why Choose Insight Law Professional Corporation
Professional
We take pride in our work and are committed to providing knowledgeable and friendly service to all our clients. Our team is dedicated to ensuring that you have a positive experience and we strive to achieve optimal results in every case we handle.
Client Focused
Client satisfaction is at the forefront of everything we do. We place a high priority on client satisfaction and takes a personalized approach to every case. We take the time to listen to clients, understand their needs, and develop tailored solutions that meet their unique requirements.
Transparent
We have nothing to hide. Our fixed prices and hourly rates are visible upfront. Most of our add-ons are fixed line items. Because honesty is the best policy, and it saves time on both sides. We offer a free 15-minute consultation to understand your needs and to review our fees.
Flexible
We understand that our clients lead busy lives, and it may not always be possible to for everyone can meet during normal working hours. We can accommodate your schedule and discuss options to suit your needs.
Client Testimonials
Real Estate Lawyer Frequently Asked Questions
Real estate lawyers provide a wide range of services, including drafting and reviewing contracts, negotiating deals, conducting due diligence, advising on zoning and land use regulations, handling title searches, and order title insurance.
Whenever you are involved in a real estate transaction, whether you are buying, selling, leasing, or managing property, you should consider hiring or consulting a lawyer.
A title search is a process of examining public records to determine the legal ownership of a property and to identify any liens, mortgages, or other encumbrances on the property.
Title insurance is an insurance policy that protects the buyer and lender from losses that may occur due to defects in the title, such as undisclosed liens, boundary disputes, or errors in public records.
Disbursements refer to the various expenses incurred during a real estate transaction. These expenses can include things like land transfer taxes, title searches, title insurance, appraisal fees, tax certificates, software and office charges, and any other costs that are associated with the transfer of ownership from one party to another.
The Agreement of Sale and Purchase is a legally binding document that can be enforced in court. Therefore, it is not advisable to sign a second agreement without the seller's consent to release you from the first agreement, or without being willing and able to purchase both properties.
While it is possible to back out of a real estate deal, there are potential consequences. In cases where the seller incurs expenses such as mortgage holding costs or legal fees, or is unable to quickly resell the property, there is a likelihood that you may lose some or all of your deposit. Furthermore, if your offer was considerably higher than the new buyer's, the other party may choose to pursue legal action against you.
Purchasing land entails paying taxes to the Province of Ontario, which are determined by the land's assessed value. If you are a first-time homebuyer, you may qualify for a partial refund of the land transfer tax.
Please refer to the Government of Ontario website for calculating the Ontario Land Transfer Tax:
https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax
If the property is located in Toronto then an additional Toronto Municipal Land Transfer Tax will also apply:
Land Transfer Tax Calculator (Ratehub)
The cost of hiring a real estate lawyer varies depending on the nature of the work, the type of the real estate transaction, the complexity of the transaction, and the experience of the lawyer. Some lawyers charge on an hourly basis, while others charge a flat fee.
If you buy a pre-construction condominium from a developer, there will be a period between the time you acquire possession of the unit and when you take full ownership. This period is also referred to as the "occupancy period" or "interim occupancy". Throughout this interval, the developer will ask you to pay occupancy fees, also known as "phantom rent."
Real estate agents can help you find a property that suits your needs and provide valuable assistance in buying or selling a property, but they are not licensed to provide legal advice. It is important to hire a real estate lawyer to ensure that your legal interests are protected.
An agreement of purchase and sale is a legally binding agreement between a buyer and seller that outlines the terms and conditions of a real estate transaction, including the purchase price, financing terms, and contingencies. It defines the rights and obligations of both sides regarding the subject real estate transaction.
Typically, certain agreements of purchase and sale contain contingencies (or conditions) that must be met before a real estate transaction can be completed. Common contingencies include home inspections, financing approval, and appraisal.
An easement is the legal right for one property owner to enter another’s without permission. An Easement runs with the land and binds all subsequent owners.
Yes, a real estate lawyer can help with leasing commercial property by negotiating lease terms, reviewing contracts, and ensuring that the lease complies with applicable laws and regulations. Both landlords and tenants can hire their own real estate lawyers in order to obtain legal advice and other legal services regarding the lease.
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Directions to Our Office from Downtown Toronto
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