Real Estate Law Buying or selling a piece of property is often one of the most significant financial transactions in which you will be involved.  Not only will it involve a large amount of money, but often you can become emotionally attached to a particular property, making it even more difficult to act objectively.  Whether you are a buyer, seller, builder, tenant, landlord, borrower, or lender, our real estate lawyers can advise you of your rights and responsibilities at every stage of the transaction.  It is essential that you know what steps are required and what timelines must be met, and that you receive assistance with meeting those requirements. Generally, the lawyers at Carters Professional Corporation charge flat fees for most purchases, sales, and mortgages.  If there are additional issues that arise that must be investigated, we ask for our clients’ permission to proceed before doing any further work, which is charged at our regular hourly rate.  Please contact us to inquire about our fees and hourly rates. Some of the areas in which we practice include:        New and resale residential real estate, including residential condominiums A residential property is usually a home or cottage.  Understandably, it can be difficult to navigate through the steps of a transaction when you might be emotionally invested in the purchase or sale of your home or cottage.  We encourage you to seek legal counsel as soon as possible in the process, so that you can receive some assistance in successfully completing the transaction on time and successfully. If you are a first time home buyer, there are special rules that apply to you.  For example, you might be exempt from paying all or a portion of the land transfer tax.  Our lawyers will sit down with you to explain how these rules apply and how to take advantage of them. Our lawyers place great emphasis on quality.  Instead of immediately placing title insurance on a piece of property, we take the time to review our search of title and we communicate to you any possible concerns that we have.  Furthermore, we often consider what future use a buyer might wish to make of the property to determine whether that future use would be possible. Our lawyers also emphasize communication.  From our initial letter to our final reporting and closing letter, we aim to keep you apprised of what is happening in your file at all stages so that you are not surprised later.  Additionally, it is our job to answer client questions and concerns, and as such we encourage ongoing communication from our clients as well.       New and resale commercial real estate, including commercial condominiums A business’ success is often measured by profitability.  Business profitability can be significantly impacted by the terms used when buying and selling commercial real estate.  By negotiating favourable terms, your business can increase its profitability. Our lawyers are skilled in preparing all the necessary documentation when buying or selling commercial properties, including the negotiation of issues relating to environmental assessments, terms of financing, and construction.  Additionally, where the commercial property is fully or partially rented to another tenant, our real estate lawyers can assist in the negotiation of rental issues, including the transition between landlords, the collection of rental arrears, and what to do about any prepaid rent.       Commercial lease agreements Many businesses choose to lease space so that they have increased cash flow and capital to use elsewhere.  This provides businesses with greater flexibility.  However, commercial lease agreements can often be long (up to 100 pages), and they are often written using legalese that can be confusing.  Often landlords and tenants simply want to continue their business without worrying about the technicalities, which is where our lawyers can help. Our real estate lawyers can review any leases that you have been asked to sign, and can prepare any needed leasing documentation that you require.  We can also assist you in your lease negotiations and can act as an intermediary between you and the other party’s representative.  We are able to advise you of what clauses are typical or standard in commercial lease agreements, what clauses should be of concern given the nature of your business, and we can further assist you in bringing your concerns or revisions to the attention of the other side, with the goal of entering into an effective lease that both sides can work with.       Residential lease agreements In Ontario, most residential leases are governed by the Residential Tenancies Act.  This legislation outlines the rights of tenants and the responsibilities of landlords.  Our real estate lawyers have experience in interpreting and applying the Residential Tenancies Act, and in explaining the legislation in a down-to-earth way that clients can understand.  If you are unsure of whether your rental unit falls under the protections offered by the Residential Tenancies Act, we can also assist you in making that determination. If you are a tenant and are having concerns about your landlord or his or her actions, our real estate lawyers can advocate on your behalf.  Perhaps you are unsure of whether something he or she is doing is legal.  Our lawyers can advise you of the legality of your landlord’s actions, and can write a letter to your landlord advising him or her of your position and of his or her legal duties.  If the situation escalates, our lawyers are also able to assist in making applications to the Landlord and Tenant Board, and in representing clients at hearings before the Landlord and Tenant Board. If you are a landlord and are having concerns about your tenant’s actions, our real estate lawyers are also able to advocate on your behalf.  Perhaps your tenant is damaging the rental unit, or is threatening other tenants in the building.  Our lawyers can advise you of your rights and options in such a situation and on your instructions, we will advocate on your behalf to rectify the situation.  If the situation escalates, our lawyers are able to assist in making applications to the Landlord and Tenant Board, and can represent you at hearings before the Landlord and Tenant Board.     Representation of landlords and tenants in commercial lease matters In an ideal world, landlords and tenants would never have disputes large enough to warrant legal representation.  However, it is often the case that landlords and tenants inadvertently become involved in a dispute, and are uncertain of what their legal rights and obligations are. Our real estate lawyers have experience in interpreting and applying the Commercial Tenancies Act, which is the legislation governing most commercial tenancies in Ontario.  Commercial tenancies are different from residential tenancies because the parties have more flexibility to determine, pursuant to the lease agreement, what their respective rights and obligations are.  Our lawyers are able to read your lease to help you determine what your legal rights and responsibilities are.     Acting for borrowers or lenders in mortgage transactions Most buyers simply cannot afford to pay cash for the full price of the property.  Usually, a buyer will pay a down payment to the seller, and a bank or lending institution will give the buyer a loan to pay the balance of the purchase price.  Often, obtaining a mortgage is the biggest financial commitment a person makes in his or her lifetime. The buyer, as borrower of the money, must agree to repay the loan under specified terms (such as a certain interest rate).  Our lawyers can advise you of the possible consequences of failing to meet these specified terms and conditions.  Whether you are late making mortgage payments, or cannot make them at all, serious consequences may ensue, including the right of the lender to foreclose your property. When we act for a borrower to arrange mortgage financing, it is important that the borrower understands that the bank or lender is may also be our client.  Accordingly, we have a duty to disclose all relevant information to both the borrower and the lender.  We also take mortgage instructions from the lender to ensure that the transaction is successfully completed. Our real estate lawyers will communicate with your bank or lender on a regular basis in the weeks and days leading up to the closing of your deal, in an effort to ensure that your deal closes on time with the required financing in place.  We also help you discharge any previous mortgages you may have, and we complete our relationship with the lender after providing it with a comprehensive reporting letter containing the details of the mortgage.     Acting in re-financing situations When you refinance, you will either be replacing your existing matured mortgage, or you will be adding an additional mortgage to your existing mortgage.  People might refinance for various reasons, including to free up money for a home renovation, to consolidate debt, to extend the repayment time, to build up equity more quickly by converting to a loan with a shorter term, or to take advantage of better interest rates. However, mortgages usually have penalty clauses that require you to pay a monetary penalty which is triggered by an early payment of the loan.  Additionally, there are also closing fees associated with refinancing.  These fees could potentially outweigh any savings that might be generated through the refinancing itself.  Calculating the costs of refinancing will be an important part of the decision regarding whether or not to refinance.  Speaking with legal counsel or a mortgage specialist will assist you in making this decision. When you choose to refinance, our real estate lawyers can assist you throughout the process by advising you of your options and by preparing the necessary documentation.  Refinancing often involves a significant amount of money, making it all the more important that you have a real estate lawyer you can trust.     Severance applications, rezoning and minor variance applications Our real estate lawyers have experience appearing before Committees of Adjustment and other government agencies to obtain minor variances, building permit approvals, rezoning, and severances. Often, you will have to submit a fee when you apply for rezoning, a severance, or minor variance.  The fee can be a few hundred dollars to well over a thousand dollars.  We understand that you want assurance that the application fee will be well used.  Our real estate lawyers can assist you in preparing the application, obtaining the necessary documentation, and in advocating for you before any committees or boards.  Although we cannot guarantee the outcome, lawyers will assist in preparing and presenting the best application possible for you. The lawyers who practicse real estate at Carters Professional Corporation are: Terrance S. Carter Nancy E. Claridge You may contact us either by e-mail at info@carters.ca or by telephone at 519-942-0001 extension 270 Carters Professional Corporation Barristers   Solicitors   Trademark Agents Toll Free   1-877-942-0001 www.carters.ca info@carters.ca © 2011 Carters Professional Corporation All Rights Reserved Legal Statement Privacy Statement