Toronto Property Assignment Lawyer
Insight Law Professional Corporation is a Toronto Real Estate Law Firm. We understand that real estate transactions are often the most significant deals a person will be involved in during their lifetime. From reviewing agreements of purchase and sale 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.
While making every effort to ensure the transaction is closed smoothly and on time, we assist you in understanding the transaction details and strive to be accessible throughout the process. Many legal issues must be addressed whether you’re buying or selling a home. A real estate lawyer can provide valuable assistance with the conveyancing process, which involves managing and coordinating the transaction in compliance with legal documentation and relevant provincial laws.
We are conveniently located in midtown Toronto, minutes from the Eglinton-Yonge station. Call us 647-300-8391 or click button above to book a FREE consultation.
Assignment of Property
An Assignment refers to a transaction in which the original purchaser of a property (the Assignor), grants another buyer (the Assignee) the right to take over their Agreement of Purchase & Sale before the original buyer completes the transaction.
This type of transaction is mainly seen in pre-built homes and condominiums, where the Assignee will eventually finalize the transaction with the seller (the builder). Until the Assignee completes the transaction, the Assignor remains responsible under the Agreement of Purchase & Sale. The Assignor must obtain written approval from the seller to assign the property, and if approved, there may be a fee involved, and specific conditions must be met.
If you need assistance from a Toronto Real Estate Lawyer for an assignment of property, Contact Us!
*Additional charges will apply for special conditions such as multiple mortgage, bridge loan, private lender, rush fees, investment properties, commercial properties, etc. Please contact us for a personalized quote tailored to your specific situation.
Why Choose Insight Law Professional Corporation
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:
If the property is located in Toronto then an additional Toronto Municipal Land Transfer Tax will also apply:
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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