Status Certificates
A status certificate (formerly known as an Estoppel) is a report on the current state of a condominium corporation, prepared by the Board of Directors, which offers a financial snapshot of the well-being of the building and information on those who run it. The package will include a current Insurance binder which will be required to complete your transaction.

In a condominium purchase, understanding small details can make all the difference. We are able to thoroughly review your status certificate before you sign your agreement or afterwards, to highlight and avoid any potential issues which could arise.

Title Searches
A Title Search is the first thing you should do when you are considering to buy a piece of property. A Title Search can uncover hidden truths about the property and can reveal any discrepancies which must be resolved to avoid any misunderstandings on or after closing.. Title Search results can show liens or mortgages registered on title of the property in question.

We conduct comprehensive title and off-title searches to provide you with peace of mind in what is likely going to be your largest asset transaction. We order tax certificates to confirm the accuracy of your tax adjustments on closing so as to avoid any miscalculations or future readjustments.

For more information, you can visit: https://www.ontario.ca/page/overview-land-registry

Why do I need Title insurance?
Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership.
For more information on title insurance, you can visit:
https://www.fsco.gov.on.ca/en/insurance/brochures/documents/undstitins.pdf

Understanding Land Transfer Tax
When you acquire land or a beneficial interest in land, you pay land transfer tax to the province when the transaction closes. It can also be payable if there is a change in title as part of a refinance. Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land.

For properties located in Toronto, an additional Municipal Land Transfer Tax is also payable (“MLTT”). The Toronto MLTT are equivalent with the provincial LTT rates. An additional administration fee of $79.50 plus HST is also payable along with the MLTT.

Additional information on Land Transfer Tax can be found on:
https://www.fin.gov.on.ca/en/bulletins/ltt/2_2005.html
To calculate LTT, you may use our LTT calculator. Please note that the results may not be 100% accurate. If you require more information on LTT, please contact us.

Land Transfer Tax rebates
Eligible first-time home buyers can receive a maximum refund amount of $4,475 on their Municipal Land Transfer Tax and up to $4,000 on their Provincial Land Transfer Tax. In order to qualify for the rebate, the purchase: Must be 18 years of age. Must be a permanent resident of Canada
The Ontario land transfer tax (LTT) is a marginal tax and each portion of your home’s value is taxed at a unique rate. These tax rates are as follows:

Purchase price of home	Land title transfer fee	First-time homebuyer rebate
Up to and including $55,000	0.5%	Full tax rebate
$55,000.01 to $250,000.00	1.0%	Full tax rebate
$250,000.01 to $368,333	1.5%	Full tax rebate
$368,334 to $400,000.00	1.5%	$4,000 tax rebate
$400,000.00 to $2,000,000.00	2.0%	$4,000 tax rebate
Over $2,000,000.00	2.5%	$4,000 tax rebate

An additional tax on amounts exceeding $2,000,000 is applicable only where the land contains one or two single family residences.

https://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html

Non-Residents
If any buyer, seller or mortgagor is not a Canadian resident, additional fees and procedures may be applicable. Where any individual who is not a citizen or permanent resident of Canada or any foreign corporation seeks to acquire an interest in a residential property located within the Greater Golden Horseshoe Region, a non-resident speculation tax (determined as 15% of purchase price) is applicable*.

Income tax guidelines require that 25% of the sale price of any property sold by a non-resident of Canada will be withheld to ensure payment of any income tax liabilities or arrears which may arise. Those funds will be released once the Canada Revenue Agency (CRA) provides a certificate of confirmation indicating that no taxes remain outstanding. Additional legal fees will apply if your transaction requires us to coordinate with the CRA.

* Some exceptions may apply
For more information on requirements of non-residents and non-resident speculation tax, please visit: https://www.fin.gov.on.ca/en/bulletins/nrst/

Capacity, understanding your choices
Title can be held by one person “registered owner”, or by two or more people as “joint tenants” or “tenants in common”. If the owners are registered as joint tenants, it means that if one of them dies, the property belongs to the surviving joint tenant. Only the last surviving joint tenant can leave the property to someone in his or her Will. If the property is held by tenants in common, however, if one of the owners dies, the property will belong to whoever is the beneficiary of the person’s estate. In other words, a tenant in common can leave their share of the property to whomever they wish in their Will because it does not automatically belong to the other tenant in common.
https://www.ontario.ca/laws/statute/90c34

Buying from a builder
When purchasing a new property directly from a builder there can be a series of hidden costs and lengthy documents which can become over whelming. At Advent Legal we can assist you by conducting a full review of the Agreement of Purchase and Sale. In some cases we can even have some of the builder’s closing costs capped so you do not have to worry about these added costs at the time of closing. The timeline for this review is crucial as you will be given a cooling off period, after which you are legally bound by the contract.
https://www.tarion.com/homeowners/you-buy/top-10-tips-new-home-buyers
https://www.ontario.ca/page/what-know-before-buying-home