Real Estate Investing
Close your real estate transaction with confidence. Available for virtual and in-person closing, we bring legal expertise to you in the most convenient and affordable way.
Toronto Real Estate
Growing rental vacancies have Greater Toronto Area real estate investors looking outside big cities for profits. The 50-year high since spring 2021 brings opportunities for astute property investors, new or seasoned. Axess Law assists potential investors with licensed legal services.
How It Works
01
Request Quote
Click on ‘Get Started’ button to receive a quote from us. If you decide to proceed, our customer care team will reach out to you within minutes to discuss the next steps.
02
Upload Closing Document
You will receive a secure intake link in your inbox to submit your closing documents. After receiving your documents, we will work with the lender to prepare for closing while keeping you informed at all times.
03
Sign Agreement
Once your closing documents are ready, we will book an appointment to review and sign the documents with you. Depending upon your convenience and location, you can meet your lawyer in person or virtually.
Documents We Need
Axess Law’s flat fee legal services offer good value for Ontario real estate investors. We have open law offices nearby, all over Greater Toronto Area. With our long, flexible hours, we can help you close your next deal, day or evening, 7 days a week.
Bring a draft or signed agreement of purchase and sale from the buyer or private seller to your initial appointment.
Whether you are buying, selling or refinancing your mortgage, Axess Law will need the name and contact information of your mortgage lender. Information your lawyer may require includes:
- mortgage loan agreements
- payoff amounts showing balances owing
- expiration dates for mortgages
- and per diems, which is the daily interest rate for a mortgage.
If you are paying off a home equity line of credit (HELOC), tell us the outstanding amount owing. Your mortgage lender can provide copies of mortgage documents on request.
Binder/Certificate of Insurance
Fire insurance is mandatory in Ontario when you have a mortgage. Your proposed insurer will give you a one-page fire insurance binder and our lawyers in turn confirm whether the certificate is valid and forward it to your mortgage lender.
Condominium corporations carry fire insurance for the whole building, including common parts of your unit, such as balconies. The details are contained in the condo status certificate you provide to us. We’ll touch on that next.
If you are buying a condo, contact the condominium corporation directly for a status certificate showing the building condition, reserve fund and expenses. The certificate includes the condo bylaws and rules, and any legal actions that may be outstanding. A small fee may apply.
Prior to closing, Axess Law will ask you for two pieces of ID. Proving your identity is obligatory to prevent mortgage and title fraud. You may use either two pieces of primary ID (Ontario driver’s licence, passport, Ontario photo card, Canadian citizenship card with photo or Canadian permanent resident card with photo) or one primary and one secondary ID (birth certificate, social insurance card or major credit card with your name on it).
As the closing day draws near, your Axess Law lawyer will contact you to finalize the amount you need to bring to our office to conclude your home purchase.
Pros of Real Estate Investing
Real estate investing has its pros:
- steady income streams
- quicker mortgage payouts
- higher mortgages equal better credit scores
- self-employment for motivated landlords
- and potential income tax write-offs.
As any experienced real estate investor knows, markets can be volatile. Buying and holding real estate until prices go up is a great strategy. Can you manage your investment if you have to keep property longer than you intended because the time is just not right to sell? First-time investors may find combining a principal residence with a rental suite solves cash flow problems flipping for a living can create. Either way, welcome to the exciting, and tumultuous, world of real estate investing.
Advising on Financing Investment Property
- You’ll need a good credit history, down payment of 20% or more for under four units, and positive rental income projections or market rent opinions to qualify for investment property mortgages. Non-rental income must be sufficient to meet mortgage obligations.
- Private mortgage lenders are good options for buyers turned away by banks or credit unions or who want high ratio mortgages. Borrowers can get up to 80% of a home’s loan-to-value ratio (fair market value if sold, minus mortgages and credit lines) by paying higher interest rates.
- CMHC insured mortgages for small rental loans come with premiums of 1.45% for loan-to-value ratios of up to 65%, maxing out at 2.9% with the minimum 20% down payments. The agency uses 50% of gross rental income to calculate if borrower’s qualify. Non-owner occupied properties with two to four units valued at up to $1 million are eligible.
- Married spouses or common law couples can borrow up to $70,000 in RRSP savings, and singles $35,000, for homes that are also principal residences.
What to Look for When Investing
Invest with confidence when you do your homework in advance. Experienced investors look for:
A steady rental market
Competitively priced or under-valued homes
Growing population and employment
Rents match renters' incomes
What Our Customers Say About Us
My wife and I had an amazing experience with Axess Law regarding our very first home purchase. They were very responsive to our questions, calling the same day (multiple times) and returning any missed call. They were diligent, fair, and transparent. I would use their services again.
★★★★★ 5/5
The team at Axcess Law was extremely easy to work with. They were quick to respond, answered all my questions and made the entire process of closing really easy.
★★★★★ 5/5
They set up a team dedicated to my sale of real estate, and dealt with my queries outside the scope of work, out of my inexperience and being detached from legal issues, diligently and with utmost patience. As a result, I not only achieved a smooth transaction with clear documentation, but also gained invaluable experience and a lawyer’s team that I would consult and retain for my future needs.
★★★★★ 5/5
My wife and I had an amazing experience with Axess Law regarding our very first home purchase. They were very responsive to our questions, calling the same day (multiple times) and returning any missed call. They were diligent, fair, and transparent. I would use their services again.
★★★★★ 5/5
"As this was our first time purchasing a home, my wife and I believe that Axess Law genuinely ensured that all the basics were covered by educating us. We felt comfortable moving forward with this transaction. Thank you to Axess and law the staff assigned to us for their due diligence and flexibility"
★★★★★ 5/5
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We are rated 4.8/5 based on 1,475 reviews.
Convenient Appointments
Make an appointment by calling +1.877.402.4207 or fill out our online booking form. Axess Law gives you the choice of booking an online or in-person appointment. Our lawyers are available 7 days a week, at times convenient for you. We can meet in person, by phone, email, or via a remote video call. In addition to these, there are 5 Axess Law offices located across the Greater Toronto Area – all with onsite parking or easily accessible by public transit.
Some FAQs
- Offered over the appraised value, lenders won’t finance.
- Bought a poor investment because they loved it.
- Waived inspection, can’t afford unforeseen problems.
- Did repairs or renovations without professional help. Took too long, cost too much.
- Hired an unqualified contractor or fraudster. Overpaid for shoddy construction that leaked, cracked, or was unwarrantied.
- Neighborhood, not the best, property values dropped while crime rates soared.
- Bought too early in a gentrified area, before home values increased.
- Landlord horror stories — you’ve heard them.
- Overestimated profits, overlooked upkeep and expenses.
- Made renoviction plans but didn’t understand tenant rights.
- Bought undervalued “flip” property or live-in home to renovate and resell without secure interim financing and renovation expertise.
- Thought distressed properties or foreclosures were good value, failed to hire a qualified home inspector for a clear grasp on purchase-to-profit ratios. It’s straight economics.
- Picked a joint venture partner who lacked financing or in-kind contributions like reno skills. Before organizing showings, assess if business partners have realistic shared goals or refer them to a trusted mortgage lender for pre-approval.
- Maxed out their capital gains allowance buying and selling property
Short of zoning changes or neighborhood decline, ICI properties (industrial, commercial, institutional) are reliable long-term commodities. For inexperienced real estate buyers who get over-involved personally with buying rental homes, commercial investing allows a balanced real estate portfolio.
Here’s what’s moving in commercial and residential property investing:
- Commercial real estate investments dropped 23% in fall 2020, but that’s still a 30% recovery over Q2, according to data marketer Altus Group. Opportunities abound for aggressive Toronto area investors who can swoop in with cash or solid financing already in place.
- Residential land investing led the way, followed by purchasing industrial land and land assembly for apartment sites. Apartments outperformed other income asset classes despite COVID-19 restrictions, Altus reports.
- Investor discounts dominated land pricing. Vendors held onto land longer to avoid selling at discounted rates, inflating a supply crunch.
- Warehouse and industrial sales remained strong due to online selling pressures for storage and packaging space.
- Office leases, hotel sales, and retail space vacancies were all affected by stay-at-home orders from employers and public health officials. That will likely see an uptick with widespread vaccinations and the lifting of travel restrictions. But single-asset investments remain problematic, experienced commercial brokers Mortgage Alliance Commercial advises.
- Social distancing didn’t stop Greater Toronto Area home buyers. TRREB predicts average home prices of $1 million by year-end 2021, with investment opportunities in low-rise new build apartments for middle-market renters. Whether inflationary pressures persist in 2022 or are temporary remains to be seen.
Attractive small cities like Niagara-on-the-Lake, Brampton, Thornhill, or Oakville are hot property for ICI or rental home investors. Buyers get more for their money in cities with low vacancy rates, high student populations, fewer municipal taxes, and good highway or transit access to major urban centers like:
- Sault Ste. Marie
- Thunder Bay
- Guelph
- Hamilton
- St. Catharines
- Sudbury
- Kitchener-Waterloo
- Peterborough
- Kingston
- London
- Windsor
- North Bay
- Hearst
- and Oshawa.
Contact Us
Every day you are faced with complicated decisions and we are here to help. Call us at +1.877.402.4207 or visit any of our 5 Greater Toronto Area locations to receive our legal services ranging from everyday legal needs such as real estate purchases and sales to wills, power of attorneys, probate, and notary services. We also offer business and corporate legal services such as shareholder’s agreements, incorporations, and business name registrations.