12 August

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Interest in land

There are there ways in which you can have an interest in land. Fee Simple Estate – most common when buying land. A person who has a fee simple estate has the right to exclusive possession of the land and the right to transfer the land, gift it, lease it out, or dispose of it for an infinite period of time. The Life Estate – this type of interest grants the owner the right to exclusive possession of the land for a particular lifetime. When the owner of a life estate dies the land will revert back to whoever granted...

12 August

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Purchasing or Selling a Property

Posted by DeKrupe

in Real Estate

The Agreement of Purchase and Sale The Agreement of Purchase and Sale is the document on which the entire real estate transaction is based and is probably one the most important documents in the whole transaction. The Agreement will usually contain the following: Names of the parties, seller and buyer; Description of the property; Purchase price; Deposit; Special terms, such conditions, mortgages to be assumed, rights of inspection and so on; Standard terms such as the completion date, length of time the offer is valid, notices, chattels included, fixtures excluded, list of rental items and so on. Purchase of New Home

12 August

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Title to Land

Posted by DeKrupe

in Real Estate

Join Tenants When two or more people hold title to the property at joint tenants, they all own an equal interest in the property and an undivided interest in the entire property. In order for this to happen all owners must receive their interest in the same deed at the same time. In order to...

12 August

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The Land Transfer Tax

Posted by DeKrupe

in Real Estate

There are some conveyances that may be exempt from land transfer tax, such as: Property transferred under a will. Property transferred between spouses, and Property transferred by way of a gift. Below is a calculator designed to calculate the transfer tax that you will need to pay on your property. Remember if you are selling you do not need to pay this. Although we have made this calculator as accurate as possible De...

12 August

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Title Insurance

Posted by DeKrupe

in Real Estate

Like any other insurance be it automotive or home insurance, title insurance protects you from certain damages. You pay a premium to a title insurer to protect yourself from damages arising as a result of problems with title to you property. The premium for title insurance is usually paid only once and during a purchase of the property. A lawyer must order title insurance for you from a title insurer. Title insurance policies can be issued in favour of both the buyer and the lender of money. Some lenders will require you to obtain title insurance in order for them to transfer...

12 August

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Lien

Posted by DeKrupe

in Real Estate

Realty taxes The Municipal Act, 2001 provides that unpaid realty taxes create a lien. This is a special type of lien that takes priority over any other type of lien except the Crown’s and the Municipality does not need to register it, it is automatic. The Act also allows the municipalities to add to the tax lien any amounts not paid for public utility which can include...

12 August

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Condominium Unit

Posted by DeKrupe

in Real Estate

The common elements are generally areas such as the lobby, grounds, parking lots, corridors, and recreational facilities, which are used by all of the unit owners. Common elements also include machinery used in the condominium, such as heating and cooling equipment and exterior structure of the building....

Author: DeKrupe

Interest in land

Purchasing or Selling a Property

Title to Land

The Land Transfer Tax

Title Insurance

Lien

Condominium Unit