Real Estate Lawyer Serving Mississauga, Toronto, Oakville, Hamilton and Milton
Whether you are looking to buy, sell or refinance a residential property, you have significant assets at stake. You want to protect those assets. We understand that for many, a real estate transaction often represents the most significant financial commitment that an individual is likely to participate in throughout their lifetime. At Beganyi Professional Corporation, we have your best interest in mind when we assist you with your residential real estate transactions. Over the years, we’ve helped many families in Toronto, Mississauga, Oakville, Milton and Hamilton purchase, sell and refinance their homes.
What we do
At BPC, we understand that every transaction is unique. When you work with our firm, you can be confident that we’ll provide you with comprehensive advice tailored to your particular situation. Whether you’re buying or selling your home, acquiring a family cottage, or refinancing your existing property, we’ll be there to oversee the entire process and to provide you with timely, relevant, and targeted advice. By leveraging our experience in acting for buyers, sellers, and developers, we can help you navigate the complexities of your real estate transaction and, where necessary, help you resolve any issues that may arise.
Review of Purchase and Sale Agreements
Whether you’re buying or selling, you need to have a clear understanding of your obligations under the agreement of purchase and sale. Beganyi Professional Corporation can help you negotiate your next purchase and sale agreement and can assist you with meeting your legal obligations under the purchase and sale agreement once it has been signed.
Assistance with Purchase of a Residential Property
If you’re buying a house or condo in Mississauga, Toronto, Oakville, Hamilton or Milton, you’ll need a real estate lawyer to represent you.
A law firm with extensive experience in residential real estate purchases is invaluable to minimize your risk and stress levels with one of life’s biggest financial commitments.
Let Beganyi Professional Corporation Law Firm help you with your next home purchase.
Assistance with Sale of a Residential Property
In a hot market like Toronto, Oakville, Mississauga, Hamilton or Milton selling a home can be quite exciting. If you’ve owned your home for a number of years, you’ve likely generated quite a bit of profit.
However, before you can watch your bank balance grow, you need to make sure that your home sells successfully. Listing a home and selling it through the agent is just the first step. You will need a real estate lawyer to close the transaction and to help you deal with any issues or concerns that are brought up by the purchaser’s lawyer. Our firm can help you navigate this process.
Let Beganyi Professional Corporation Law Firm help you with your next home sale.
Private Mortgage Financing
Sometimes it is difficult to obtain financing through traditional lenders and you may need to turn to private lenders to get the money you need.
Private mortgage financing can be fraught with significant risks, fees and traps for the unwary. If you have need for private financing, let our firm assist you with the process. We will help you understand your options, obligations and risks.
If you’re considering obtaining financing from a private lender, please contact us for a consultation to see how we can assist you.
Tax Planned Real Estate Transactions
There are only two certainties in life: death and taxes. We can’t help you avoid death, but our firm can help minimize the taxes you have to pay.
Whether you wish to gift property to your children before you die or set up trusts or other structures to minimize the tax you pay while you live and after you die, we can assist you.
Ladislav Beganyi has extensive experience in helping individuals and business with the tax driven real estate transactions. If you’d like to have a consultation to see how our firm can assist you, please contact us.
We offer our clients competitive rates with exceptional customer service. We will inform you of all third party charges and disbursements and provide a full accounting for you so when you receive your bill there will not be any surprises on it.
Review of Purchase Agreement
Review of Title and Off-Title Documents
Registration of Single Public Lender Mortgage
Preparation of Purchase and Mortgage Documents
Meeting To Sign Documents
Review of Purchase Agreement
Discharge of One Mortgage
Preparation of Sale Documents
Meeting to Sign Documents
Review of Mortgage Instructions
Discharge of One Mortgage
Preparation of Mortgage Documents
Meeting to Sign Document
Review of Interim Closing Documents
Preparation of Interim Closing Documents
Meeting to Sign Documents
* legal fees do not include disbursements and applicable taxes on disbursements
Residential Real Estate FAQs
The safety of our staff and clients is our number one priority. We are an entirely virtual firm. The Law Society of Ontario has permitted lawyers to meet with their clients virtually via videoconference, including verifying a client’s identity. All closing documents are signed and reviewed with our clients in their homes’ comfort and safety. If possible, closing funds are wired to the other firm or directly deposited. If you’re purchasing, we work with the seller’s lawyer to ensure that the property’s keys are left in a secured lock-box at the property. The lock-box combination will be made available to you after closing. Our reporting to you after closing is prepared digitally and emailed to you.
Yes. In Ontario, only a lawyer can register title transfer documents. Moreover, a lawyer is there to protect you throughout the transaction. A lawyer will ensure that you understand your rights and obligations and ensure that you receive a good title to the property you are purchasing.
Residential real estate lawyers are a vital part of buying or selling a home. You should hire a real estate lawyer involved as early as when you make up your mind to purchase a new home or put your residential property up for sale. This way, they can protect your interests from inception and help you take on a real estate transaction’s challenges.
Absolutely. An offer to purchase is a legal contract that becomes binding on both the buyer and the seller once signed. You need to understand what you are signing. A lawyer can assist you with explaining your rights and obligations to you. A lawyer can also suggest changes to the contract that will protect you, help you avoid difficulties, and ensure that your interest is protected.
To obtain a mortgage, you need to have at least a 5% down payment available to purchase your property. A “down payment” is the amount of your own money you put towards buying a property. However, if you have less than 20% saved, the mortgage is considered a high ratio mortgage. It will need to be insured by the Canada Mortgage and Housing Corporation (CMHC) for a bank to lend you money for the purchase. If you do not have at least 5% of the down-payment available, you cannot obtain a mortgage from a regular lender as the mortgage will not be insured by CMHC.
While it is possible to sell a property and buy a new one on the same day, our firm does not recommend it. Typically a home sale will not close before 2 p.m. and sometimes not until nearly 5:00 p.m. If you need funds from the sale to finance the purchase, any delays in the sale could delay the closing of your purchase. In the worst-case scenario, you may default on the purchase and lose your deposit. We recommended that your property purchase occur a day or two before the sale. To finance the new property’s purchase before the old one’s sale, you can arrange for a bridge loan. A bridge loan allows you to purchase the new property by obtaining a short-term bank loan against your existing property’s equity. When you sell your existing property, you repay the bridge loan. While there is some small cost in interest and bank fees in using a bridge loan, the peace of mind and the additional security it delivers are often well worth the price.
It is quite common for two or more people to hold title to a property as joint tenants. In law, a joint tenancy is a form of ownership where two or more people owning a property together have an equal and undivided right to keep or dispose of the property. When joint tenants own a property, the interest of a deceased owner gets transferred to the remaining surviving owners by the right of survivorship. For example, if three joint tenants own a property and one of them dies, the two remaining tenants will obtain and hold a one-half share of the property.
Two or more people may own property as tenants-in-common. In such an instance, each owner has a divided percentage interest in the property ownership. The ownership interest held by each owner does not have to be equal. When parties hold the title as tenants-in-common, a right of survivorship does not exist. On the owner’s death, the deceased ownership share forms part of the deceased’s estate.
Title insurance is a product that protects your (or a lender’s) ownership interest in a property against losses incurred as a result of undetected or unknown defects. For example, a title insurance may protect you if you discover, after closing, that a part of your garden shed encroaches onto your neighbours property and your neighbour is now demanding that the shed be removed. A policy may also provide coverage for certain other off-title risks, such as real property tax arrears. However, it is important to know that the risks must exist as of the policy date and be unknown to you. If the risks arises after the policy date or the insurer determines you were aware of the risk prior to the policy date, the insurer will likely deny coverage. Some of the risks covered by a title insurance policy include:
- Someone else having an interest in your property;
- Violations of municipal zoning by-laws;
- Setback violations;
- Outstanding municipal utility charges, provided such charges form a lien on title;
- Existing work orders;
- Lack of legal access to the property;
- Unmarketability of the land due to adverse matters that would have been revealed by an up-to-date survey/real property report/building location certificate; and
- Fraud, forgery and false impersonation to the extent they affect the validity of the insured’s interest in title.
You may be eligible for a land transfer tax refund of up to $4,000 from the Province is you are a first-time home buyer. To be eligible for the refund, you must be at least 18 years old and you cannot have had an ownership interest previously in a property anywhere in the world. If you are married, your spouse also cannot have had an ownership interest previously in a property anywhere in the world.
In Ontario, the provincial land transfer tax (LTT) payable on purchasing a property is determined based on its purchase price. The buyer pays land transfer tax. The tax is a marginal rate calculated as follows:
- 0.5% on the first 55,000 of the purchase price;
- 1.0% on the amount between $55,000.01 to $250,000.00;
- 2.0% on the amount between $400,000.01 to $2,000,000.00; and
- 2.5% on anything above $2,000,000.00.
If you’re purchasing a home in Toronto, you will also need to pay the Toronto land transfer tax. Toronto is the only municipality with an additional layer of land transfer tax in Ontario.
Yes. It is generally a good idea to ensure that your property is insured when you purchase it. If the property is subject to a mortgage, the lender will typically require that you obtain property insurance. We recommend that you obtain property insurance for the “full replacement value” of the property. In the event of damage to the property, the insurance company will pay as much money as necessary to repair it.
You should arrange for property insurance coverage for your new home at least two (2) weeks before your scheduled closing date. Once your policy is secured, please have your insurer or broker fax an insurance binder (this is a one-page summary confirming your policy, etc.) to your lawyer’s office.