In Toronto First-Time Buyer

You are a first-time purchaser of a newly constructed or re-sale residential property, it the following criteria is met.
The definition of a first-time purchaser is:
The purchaser is at least 18 years of age.
The purchaser must occupy the home as his/her principal residence no later than nine months after the date of the conveyance or disposition.
The purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.
If the purchaser has a spouse, the spouse cannot have owned a home, nor had any ownership interest in a home, anywhere in the world while he/she was the purchaser’s spouse. If this is not the case, no rebate is available to either spouse.
The rebate for first-time home purchasers is up to a maximum of $3,725.00. If you are eligible for a rebate of all or a portion of the MLTT you owe, your lawyer will be able to claim the rebate electronically through Teraview software when he/she registers your transfer/deed
For more information, please visit:
http://www1.toronto.ca/wps/portal/contentonly?vgnextoid=b271a58e82cc1410VgnVCM10000071d60f89RCRD&vgnextchannel=4f90ff0e43db1410VgnVCM10000071d60f89RCRD

What is Title insurance?

The word “title” is a legal term that means you have legal ownership of property. You obtain title to property
when the owner signs the deed (transfer document) over to you. Title is then registered in the government’s land registration system.

Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership

There are a lot of resources available to understanding Title Insurance and the links below can provide a good read for you to understand and compare different title insurers.

closing day ?

We will divide the post into 2 part. One for purchasers and another one for sellers.

Purchasers :

By the closing day, the purchasers lawyer would have received the keys from the seller’s lawyer’s office and funds from the bank would have been requested. The purchasers would have already brought their portion of funds to the lawyer. Once the funds are received from the lender, the purchasers lawyer will get the funds to the seller’s lawyer’s office (A certified chq delivered by courier or direct deposit to their trust account). Once they receive the funds and related paperwork, they will electronically sign the transfer deed for release and the purchaser’s lawyer will register the transfer deed and mortgage. Once that is done, the property is registered under the purchaser’s name and the keys can be released to the purchaser’s. A most commonly asked questions is “When do I get the keys, what time?”. Depending on when the funds were received from the bank and then transferred to the sellers lawyer, then release of deed etc, the process could be done by 1 pm or 5 pm (That’s when the land registry closes) so most lawyers would not promise the delivery of keys to the purchaser’s before 5 pm. If the registration process is complete by 1 pm, then the keys can be given at that time but there are many variables and number of actors involved, so for planning purposes (Moving, Appliances delivery, Prayers etc) key delivery should be factored in after 5 pm.

Sellers:

The funds are received from the purchaser’s lawyer and by the closing day, at least a set of keys has already been delivered to the purchasers lawyer to be held in Escrow until the transfer has been registered. Once the funds are received, the sellers lawyer will will electronically sign the transfer deed for release and the purchaser’s lawyer will register the transfer deed and mortgage. After that the funds received from the purchaser’s can be used. First and foremost is to pay the existing mortgagee (Deliver a chq to the bank as per payout statement) or mail the chq.. Then real estate commission is paid (Chq is normally mailed to the office) and then the balance of the funds can be given to the sellers (Mostly on the same day or next day). They can also be direct deposited if a void chq is provided and it’s one of the big banks in the area.

What happens on closing day ?

We will divide the post into 2 part. One for purchasers and another one for sellers.

Purchasers :

By the closing day, the purchasers lawyer would have received the keys from the seller’s lawyer’s office and funds from the bank would have been requested. The purchasers would have already brought their portion of funds to the lawyer. Once the funds are received from the lender, the purchasers lawyer will get the funds to the seller’s lawyer’s office (A certified chq delivered by courier or direct deposit to their trust account). Once they receive the funds and related paperwork, they will electronically sign the transfer deed for release and the purchaser’s lawyer will register the transfer deed and mortgage. Once that is done, the property is registered under the purchaser’s name and the keys can be released to the purchaser’s. A most commonly asked questions is “When do I get the keys, what time?”. Depending on when the funds were received from the bank and then transferred to the sellers lawyer, then release of deed etc, the process could be done by 1 pm or 5 pm (That’s when the land registry closes) so most lawyers would not promise the delivery of keys to the purchaser’s before 5 pm. If the registration process is complete by 1 pm, then the keys can be given at that time but there are many variables and number of actors involved, so for planning purposes (Moving, Appliances delivery, Prayers etc) key delivery should be factored in after 5 pm.

Sellers:

The funds are received from the purchaser’s lawyer and by the closing day, at least a set of keys has already been delivered to the purchasers lawyer to be held in Escrow until the transfer has been registered. Once the funds are received, the sellers lawyer will will electronically sign the transfer deed for release and the purchaser’s lawyer will register the transfer deed and mortgage. After that the funds received from the purchaser’s can be used. First and foremost is to pay the existing mortgagee (Deliver a chq to the bank as per payout statement) or mail the chq.. Then real estate commission is paid (Chq is normally mailed to the office) and then the balance of the funds can be given to the sellers (Mostly on the same day or next day). They can also be direct deposited if a void chq is provided and it’s one of the big banks in the area.

First-Time Purchaser – Toronto

You are a first-time purchaser of a newly constructed or re-sale residential property, it the following criteria is met.
The definition of a first-time purchaser is:
The purchaser is at least 18 years of age.
The purchaser must occupy the home as his/her principal residence no later than nine months after the date of the conveyance or disposition.
The purchaser cannot have previously owned a home, or had any ownership interest in a home, anywhere in the world, at any time.
If the purchaser has a spouse, the spouse cannot have owned a home, nor had any ownership interest in a home, anywhere in the world while he/she was the purchaser’s spouse. If this is not the case, no rebate is available to either spouse.
The rebate for first-time home purchasers is up to a maximum of $3,725.00. If you are eligible for a rebate of all or a portion of the MLTT you owe, your lawyer will be able to claim the rebate electronically through Teraview software when he/she registers your transfer/deed
For more information, please visit:
http://www1.toronto.ca/wps/portal/contentonly?vgnextoid=b271a58e82cc1410VgnVCM10000071d60f89RCRD&vgnextchannel=4f90ff0e43db1410VgnVCM10000071d60f89RCRD

Title insurance

The word “title” is a legal term that means you have legal ownership of property. You obtain title to property
when the owner signs the deed (transfer document) over to you. Title is then registered in the government’s land registration system.

Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership

There are a lot of resources available to understanding Title Insurance and the links below can provide a good read for you to understand and compare different title insurers.