Home Buyers’ Bill of Rights

Beleaguered home buyers’ bill of rights advocates are in for relief with recent announcements by the federal Liberal party.

Tax-free withdrawals from first home savings accounts and an infusion of cash to build or repair affordable housing are on the table — along with a home buyers’ bill of rights.

House flipping could get harder and mortgage insurance rates for buyers with the least to put down are headed south. CMHC will reduce its fees by 25% for high ratio mortgages for those who can’t afford a 20% down payment, if and when the bill is passed.

Can a seller cancel a purchase agreement in Ontario?

Changes to real estate law for Ontario home buyers would:

1. Give you a legal right to a home inspection.


Deal breakers like an uneven foundation or leaky roof can often be averted with a pre-purchase home inspection. Yet overheated housing markets cause many new home buyers to simply sign an agreement of purchase and sale and rush into a sale. Neglecting to add a home inspection clause to Ontario offers or being prodded to close too quickly can cost thousands in extra, potentially avoidable expenses. The proposed bill would make inspections a right, not afterthought.

Your home inspection goes wrong. What to do next.

2. End blind bidding.

Blind bids disadvantage buyers by forcing them to guess if the seller has competing quotes and for how much. Government would ban the practice. Property rights are a provincial responsibility and realtors are outraged by the proposal. Whether it survives in a home buyers’ bill of rights remains to be seen.

Strategies for winning bidding wars.

3. Require mortgage deferrals.

Mortgage deferrals were common during COVID’s early days. New measures could require banks to defer mortgage payments if a homeowner loses their job or suffers other financial shocks. The new home buyers’ bill of rights would require banks to give you up to six months to defer your payments.

Deferring a mortgage when you lose your job.

4. Inform you of your options.

Mortgage lenders who are too passive will be expected to step it up. Informing home buyers of all their options, including first home buyer incentives, is intended to prevent new and experienced buyers from being exploited.

What to do when you’re worried about do you lose your deposit if financing falls through.

5. Be more transparent.

Realtors with a financial stake in a home purchase or sale will have to disclose their interest if the new home buyers’ bill of rights is passed. That, and listing recent home sale prices in land registry offices, could curb profiteering at buyers’ expense.

Your real estate agent’s fiduciary duty, Ontario buyers and sellers.

Not part of the home buyers’ bill of rights, but still significant, government would ban foreign buyers from purchasing Canadian homes until 2023. Offshore speculation has been driving prices higher. Blocking sales, plus slapping a foreign buyers’ tax on vacant urban land, could temporarily stall the uptick.

Do you owe Ontario’s foreign buyers’ tax?

Why You Need a Real Estate Lawyer

Firm offer real estate deals can put you in a legal bind. Your Axess Law real estate lawyer (Ontario) walks you away from offers to purchase that place you at a disadvantage to the seller.

Access lawyers near you.

Real estate deposit rules (Ontario 2021) protect you from dishonest private sellers or realtors who take advantage of your trust. Our licensed lawyers draft an amendment to agreements of purchase and sale to make it clear if a deal falls through, who keeps the deposit.

When the pressure is on to find an affordable mortgage and you’re wondering can a buyer delay closing, we can review the agreement of purchase and sale. Axess Law offers independent legal advice for just $349.99 plus HST.

Home inspection turned up problems? We ask the seller’s lawyer to repair minor issues or reduce the price. We may even help you walk away if major defects like a faulty foundation are found.

Exercise your buyer’s right to cancel.

Axess Law real estate lawyers handle all the fine print and mortgage discharge details. All that’s left is for you to pick up the keys.

Our Affordable Flat Rate Fees

Legal fees can tax anyone’s home buying budget. Access lawyers you can afford instead. Our flat rate legal fees keep your expenses down — and give you top notch legal services for less.

You pay only $999.99 and up plus HST to buy a home or land or $799.99 and up plus HST if you’re the seller. Adding names to house title in Ontario costs just $649 and up plus HST.

How to transfer property title to family members in Ontario.

Your final statement of adjustments includes what it cost to buy your home, adjust property taxes and utilities and pay legal fees. You get no hidden surprises or extra charges at Axess Law.

Hire a Real Estate Lawyer Toronto, Greater Toronto Area or Ottawa

Axess Law has law offices in Greater Toronto Area or Ottawa open 7 days a week. We close real estate transactions quickly and efficiently. Talk to us to make an appointment by dialing our 647-479-0118 lawyer line (toll free to 877-402-4207) or book online in minutes. We have onsite parking and easy transit access.

Work or home commitments keeping you from finding a real estate lawyer, Toronto or anywhere in Ontario? Axess Law has a remote real estate lawyer anywhere you are. Your virtual real estate closing is confidential with our secure video conferencing software.

We can email or courier legal documents you need to complete a real estate sales transaction or you can drop by any office to sign.

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