Real estate lawyers, Brampton

Yes. In Ontario, you will need the services of a real estate lawyer to register the title transfer in the electronic Land Registry System. This is to protect the financial interests of both parties involved in the transaction. At Nanda and Associate Lawyers, our Brampton real estate lawyers can also help you with the drafting of the Agreement of Purchase and Sale, negotiations on the terms and conditions, and facilitation of all formalities associated with real estate transactions, especially the closing. Our experienced lawyer will do the necessary due diligence and title search to uncover any liens, title defects, or problem clauses in the agreement to safeguard your interests.

The commission rates of a real estate agent typically range from 3.5% to 5% of the selling price of the property. This will vary from agency to agency, and the competitive nature of the real estate market often provides various offers and discounts on the commission. Typically, the seller pays this whole amount to the real estate agent and also covers the HST on the commission. If there are two agents involved, representing both parties, the amount is generally split equally between the two. For example, each agent gets 2.5% out of the total 5% commission amount. It is also possible for you to handle the sale on your own without an agent to save on the agent’s commission.

A real estate agent essentially acts as an intermediary between the buyer and the seller or the tenant and the owner. They facilitate the sale, purchase, or lease of a property in return for a certain percentage in commission as payment for their services. For example, a real estate agent typically charges between 3.5% and 5% as commission on the selling price of the property for facilitating the sale. His services will involve sourcing potential buyers for your house, arranging showings to the interested parties, negotiating the price on your behalf, and handling all the paperwork involved in the process.

Typically, the title insurance in Ontario might cost between $200 and $500. The final amount will depend on the property value, nature of the property, the insurance provider, and the type of insurance coverage you opted for. For example, the Title Insurance cost for a commercial property will be higher than that of a residential property. The location of the property can also affect the title insurance cost. Properties located in urban areas generally attract higher insurance premiums. Also, if you are choosing a higher coverage amount for the property, you will have to pay a higher insurance premium.

As the name suggests, it gives you financial protection against any issues related to the title or ownership of the property. While the terms and conditions of the coverage might depend on the policy, a typical Title Insurance policy generally covers unforeseen title defects, encumbrances and liens on the property, encroachment and easement issues, zoning violations, building permit or work order issues, and identity theft or fraud. It should be noted that known title defects, environmental hazards, native land claims or government rights over the land, and zoning violations caused by renovations or changes are not covered under such insurance policies.

Title insurance is not mandatory for real estate transactions in Ontario. However, at Nanda and Associate Lawyers, our Brampton real estate lawyers will strongly advise you to take title insurance for your property in order to protect your investment from any unforeseen issues associated with the ownership. For one thing, title insurance costs only between $200 and $500 and provides financial protection against unforeseen title or ownership issues, such as title defects, encumbrances, liens, encroachment, easement issues, building permits, zoning violations, and fraud.

No. Title insurance and home insurance are not the same, and they serve different purposes. Home insurance typically provides protection from physical damage, loss of property, liability issues, or theft to the house and its contents, such as from a fire. Title insurance, as the name indicates, gives you protection from any issues related to the property title or ownership. You must follow the advice of our Brampton real estate lawyers and ensure that your property is fully covered under both policies in order to protect your investment.