De Krupe Law Firm Toronto Blog

18 August

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Is a Property Survey Necessary When Buying a Home?

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The process of purchasing a home, while exciting, is laden with decisions and evaluations. One of the most overlooked but critical components of this process is understanding the significance of a property survey. This document holds substantial weight, especially when navigating potential land disputes or making home improvements. What is a Property Survey? A property survey is a vital document delineating a property's boundaries and land features. It's essentially a graphic representation that provides specifics such as: the property's boundaries; its location relative to neighbouring properties; any structures therein. A thorough survey clarifies rights, ownership, and potential restrictions or easements. How often should a property be surveyed? While...

08 August

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Top 3 Things to Remember When Buying a New Home From a Builder

Posted by Daniel Simard

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Top 3 Things to Remember When Buying a New Home From a Builder

While it may seem daunting to consider when buying from a builder, researching the builder's reputation is crucial when purchasing a new home. You want to ensure that you are working with a builder who has a track record of delivering quality homes and providing excellent customer service, especially when cooperating with real estate lawyers. Research the Builder's Reputation Not all builders are created equal, and you want to ensure you're working with a reputable and trustworthy one. Online reviews — start by looking for online reviews and testimonials from previous customers. Check websites, forums, and social media platforms where people share their...

04 August

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Deposit Troubles in Real Estate: What to Do When Buyers Don’t Deliver Deposits

Posted by Daniel Simard

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Is it being a home seller dealing with the failure of a buyer to deliver the deposit? Can it be a much more frustrating and stressful situation? However, it is advisable to consult with real estate lawyers. Handling the matter carefully and professionally is essential to protect your interests and ensure a reliable real estate transaction. Understanding the Significance of the Deposit Before becoming this action machine, you should take when a buyer fails to provide the deposit, let's first understand the significance of this financial commitment. The deposit is a sum of money submitted by the buyer upon accepting the offer...

26 July

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Real Estate Property Taxes in 2023 Canada

Posted by Daniel Simard

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Real Estate Property Taxes in 2023 Canada

Taxes are pivotal in funding local services and providing the essential infrastructure for communities across different countries. The recent changes in tax laws and their implications on homeowners and investors will always be important matters to discuss with De Krupe Law toronto real estate lawyers. Overview of the Canadian Property Tax System The Canadian property tax system is a complex web of municipal and provincial levies. Property taxes depend on property assessments and serve as a major revenue source for local governments. The Canadian property tax system is multifaceted, involving both municipal and provincial components. Property taxes are calculated based on property assessments...

11 July

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Accelerate Your Mortgage Repayment: 5 Effective Strategies

Posted by Daniel Simard

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Accelerate Your Mortgage Repayment: 5 Effective Strategies

Owning a home is a significant milestone. For many, it is made possible through amortgage. Having your OWN place to live is perfect, but the burden of a mortgage repayment can linger for years. However, by adopting the right approach, you can pay off your mortgage faster and enjoy the true freedom of homeownership. Mortgage Definition A mortgage is a loan provided by a lender to finance the purchase of a property. It serves as a financial agreement between the borrower and the lender, outlining the following: The terms and conditions; Interest rate; Repayment schedule. Paying off your mortgage promptly is crucial, as it provides you...

05 July

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The Importance of a Good Credit Score for Your Mortgage Refinance

Posted by Daniel Simard

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Illustration of Good Credit Score for Mortgage Refinance

Whenrefinancing your mortgage, having a good credit score is your number one priority. After all, it's what shows that you're a responsible borrower. It plays a huge role in determining the interest rate you’ll receive, the loan terms available to you, and even your eligibility for refinancing in the first place. Understanding Credit Scores A credit score is a representation of your creditworthiness. It directly reflects your past financial behaviour, showing how likely you will be actually repaying the borrowed funds. The most commonly used scoring model is theFICO score, which ranges from 300 to 850. The higher your score, the higher...

26 June

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The Impact of Canada’s Two-Year Ban on Foreign Home Buyers on Real Estate: What You Need to Know

Posted by Daniel Simard

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The Impact of Canada's Two-Year Ban on Foreign Home Buyers on Real Estate: What You Need to Know

The Canadian real estate market has been a topic of great interest and concern, particularly when it comes to the impact of foreign home buyers. In an effort to address this issue, the Canadian government recently implemented a two-year ban on foreign home buyers. Prehistory of the Two-Year Ban Canada, known for its diverse and thriving real estate market, has experienced significant growth in property prices over the past decade. This surge in prices, especially in major cities like Toronto and Vancouver, raised concerns about housing affordability and accessibility for Canadian residents. During this period of rapid price escalation, foreign investors, particularly from countries with...

23 June

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Real Estate Lawyers’ Perspective on Interest Rates

Posted by Daniel Simard

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Real Estate Lawyers' Perspective on Interest Rates

[toc] Interest rates considerably affect the market state quite. After all, it concerns both buyers and sellers. Mortgage experts predict market heat due to the interest rate hold, so it's vital to understand the real estate lawyers' perspective. We'll cover the opinions of real estate lawyers on interest rates, their impact on the real estate market, the implications for buyers and sellers, and the advantages of consulting a Toronto real estate lawyer. Understanding Interest Rates in Real Estate Interest ratesare the added cost of borrowing money from financial institutions when you buy a property. They depend on several factors: Economic conditions Inflation rates Policies of the...