Real Estate Lawyers Whitchurch-Stouffville, Ontario

Not wholly, but they can assist a real estate lawyer.

Only an Ontario lawyer can complete real estate transactions. Paralegals work alongside lawyers, preparing real estate documents for review. Axess Law’s Whitchurch-Stouffville real estate lawyer service includes paralegals licenced by the Law Society of Ontario.  

When you hire an Axess Law real estate lawyer in Whitchurch-Stouffville , you hire a team of trained, competent, licenced professionals. If you have any concerns about virtual lawyer services you receive from Axess Law, we welcome your feedback.

You can’t take out a mortgage for someone else. Using a family members’ income, credit history, or identity to apply is fraudulent. But you can lend to family members from your own funds, co-sign or share a mortgage, or rent mortgaged property to family members. 

Sharing a mortgage is an easy way to assist a family member with no or a low credit score. Remember though, you are responsible for 100% of the mortgage if they fail to pay. That’s because mortgaged properties are owned jointly by the lender and anyone who signed the mortgage.  

You’ll need a larger down payment if you apply for an income property mortgage — anywhere between 20% and 35% of the agreed-to sales price. Your tax situation with Canada Revenue Agency will change as well, and you may be charged an empty home tax if your family member vacates, and you use income property as a second home.

All Ontario mortgage brokers, agents, and administrators are licenced by the province. They are vetted for training, experience, and personal suitability. Check here to verify their licence, or write or email: Financial Services Regulatory Authority of Ontario (FSRAO), at 25 Sheppard Ave W, Suite 100, Toronto, ON M2N 6S6, contactcentre@fsrao.ca.  

FSRAO advises clients to ask 6 questions before signing a mortgage broker service agreement:

1. The broker’s licence number.
2. Who they represent (borrower, lender, or both).
3. If a contract is required.
4. What services the broker offers.
5. Their fee and how it’s paid.
6. The number of lenders they represent, or if they work for a single lender.

Read more on working with a mortgage broker or agent.

Yes, if the damage occurred after viewing the property. Discrepancies between a home’s condition when the buyer toured it and the day they take possession may be grounds to request repairs, compensation, or withdraw an offer. Buyers can pursue a seller after possession if the damages were covered up. 

Sellers are expected to maintain property insurance until the buyer takes possession (usually 11:59 p.m. on closing day). Any damages or repairs between a viewing and transfer of title are the sellers’, or their insurer’s, responsibility.

Buyers have a right to inspect a property (the final walkthrough), and expect sellers to act in good faith by being honest about damages or repairs. If repairs are still underway when they take possession, a buyer can hold back a portion of the purchase price until they are complete, or request a price reduction.