Adjusting the Purchase Price

For various reasons, a party might want to include a provision in an agreement of purchase and sale which allows for the adjustment of the purchase price.  A land development company, for example, in anticipation of environmental assessments, could include a clause which permits the recalculation of the purchase price that’s based on the ultimate[…]

Property Tax Assessment

Property Taxes: Can MPAC retroactively assess market value? Property taxes are based on a property’s current market value.  In Toronto, assessing the value of a property is the responsibility of the Municipal Property Assessment Corporation (MPAC), an independent body established by the Ontario Property Assessment Corporation Act, 1997.  MPAC assesses all property each year.  But[…]

Buying a Home: Things You Need to Know

In addition to legal fees (inclusive of disbursements and HST), you are required to pay on closing Land Transfer Tax (LTT).  If you are a first-time homebuyer, within the meaning of the Land Transfer Tax Act, you will qualify for the Land Transfer Tax Refund. Your lawyer will inform you on closing about the amount of refund and amount of LTT payable.[…]

Refinancing Your Property

There are many reasons why you might consider refinancing your mortgage: To use your home equity for renovations, or large purchases To consolidate debt To take advantage of lower interest rates We can help you in completing the necessary legal steps to re-finance your home. You will need to meet with your real estate lawyer[…]