Experts Questions and Answers

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Jun 15 2013

When a buyer wants to extend the closing date to a later date what are the vendor's options if he declines? Is this a practical move? Les

Posted by les spellman to Joanne McPhail Views (10749)

Hi there:  If a buyer cannot close on the closing date set out in the Agreement of Purchase and Sale, the seller can agree to extend that date, if he is so inclined.  Sometimes monetary inducements are given as a result of such a request by the Buyer, as pushing back a closing date can... [ read more ]

May 18 2013

Pheonenmal breakdown of the topic, you should write for me too!

Posted by Beyonce to Joanne McPhail Views (8793)

Thanks! [ read more ]

Aug 23 2011

What is Land Transfer Tax and how much will it be?

Posted by Nicholas Draper to Joanne McPhail Views (15085)

The land transfer tax you pay will depend upon the price of your home.   Here is a great link to do the calculation.  Just enter in the purchase price of your home and it will calculate your land transfer tax.  www.landtransfertaxcalculator.ca    [ read more ]

Apr 27 2011

How much do you charge and what would the land transfer fees be on a $320,000 house. I have a client moving in July so I will refer but he wants to know the charge. Will be selling in Barrie and buying in Springwater. Thanks Judy

Posted by Judy to Joanne McPhail Views (16655)

Hi Judy:  Thanks for your questions and for thinking of me!  Land transfer tax would be $3275.00.  Our fee on a purchase with a mortgage is $900 plus HST and the usual disbursements.  We usually tell clients to budget about $1600 plus the land transfer tax on a straight... [ read more ]

Nov 24 2010

I have two questions... 1. Can I really buy a home with zero down? 2. My husband and I are coming up on 1 year into a 5 year proposal..how will this effect us in getting a mortgage? Please advise. Thank you!

Posted by Katie Hicks to Cory Kline, AMP Views (5430)

Hi Katie,  Thank you for your request. Yes, buying a home without having a down payment is possible.  Some banks will give you the 5% down payment, if your credit history over the last 6 years is good, and you can afford the payments, based on a posted mortgage rate. With regards to... [ read more ]

Nov 22 2010

my husband has a mortgage now with royal bank ...and we think to do a blend mortgage...but we don't know if we can do the $0 down or that is an option only for first time buyers?...

Posted by Adriana Stutt to Cory Kline, AMP Views (5338)

a [ read more ]

Oct 21 2010

I have already been preapproved for a high ratio 5 year mortgage but would like to investigage my options. What would your firm offer me. Mike

Posted by Mike Jacobs to Cory Kline, AMP Views (4847)

a [ read more ]

Sep 17 2010

Can I really buy a home with $0 down?

Posted by Nicola Bean to Cory Kline, AMP Views (5183)

Hi Nicola, I have a few lenders that are willing to provide the down payment for home buyers OAC, provided you are willing to commit to keeping the mortgage with them for the first 5 years.  It's a great option compared to renting until you can save your down payment. -Cory [ read more ]

Jul 1 2010

Can I ask a Realtor what the previous home sales were and the amounts they sold for, before I consider an offer?

Posted by Valerie Martel to Joanne McPhail Views (13223)

Hmmm...this is more of a question for a realtor than a lawyer I think...I am fairly sure they can access the last transaction so I believe they can tell you what the Vendors purchased the home for.  I am not sure if they can go back further than that.  If you really want to know, your... [ read more ]

Jun 21 2010

what would be the separate schools (both elementary level & high school) for this property on 49 Ridgeway Ave ? thanks

Posted by Janice to Joanne McPhail Views (13080)

Sorry, I do not know the answer to this, however, I believe the school boards have a web site which allows you to do a search by address, to determine what school area you are in.  Try googling the Simcoe County Catholic School Board to find the site!  Good luck! [ read more ]

May 15 2010

Hi Joanne, Yes I am another McPhail :) Here's my question, hope you can help. I currently own 2 properties as joint title with my wife. (home and cottage) We are currently going through separation and will be listing both properties. We would like to avoid further loss from the capital gains hit on the cottage. If we changed the title to individual on each of the properties and documented that in the separation agreement, then when we sold the properties we would each be showing a principal residence. Could we then avoid the capital gain on the cottage ? Thank you Mark McPhail Barrie

Posted by Mark McPhail to Joanne McPhail Views (13204)

Hi Mark!  Unfortunately, I think this is more of a question for your accountant.  You will want to be very careful about doing anything until you have obtained tax advice, and also have a separation agreement, so that everyone is clear on tax and family law implications.  If... [ read more ]

May 11 2010

Why is HST added to a condo status certificate when the Act says that the fee includes all applicable taxes?

Posted by Merv Burgard to Joanne McPhail Views (12820)

Actually, you are correct, in that Ont. Reg 48/01 does stipulate in section 18(2) that a status certificate cost shall not exceed $100.00, inclusive of all applicable taxes.  However, in my experience, most condo corps have been charging $100 plus GST.  With the advent of the HST, I can... [ read more ]

Mar 27 2010

What are your legal fees and what is included in the fees when one is purchasing a first time home?

Posted by Rachel Berry to Joanne McPhail Views (12484)

Thanks for asking!  Our fee for a purchase with one mortgage  is $900.00 plus GST.  Then there are "disbursements" on top of that - these are out-of-pocket expenses incurred by us in order to complete your purchase (like registration fees, title insurance fees,... [ read more ]

Mar 25 2010

is it possible to put down like 2% for a mortgage? or is 5% the min

Posted by Greg Fleming to Cory Kline, AMP Views (5982)

Their are 3 main down payment solutions, that can assist you in providing anywhere from a 0%-5% down payment to buy a home. I look forward to reviewing these options with you. [ read more ]

Mar 24 2010

Is it possible to get a mortgage on a lot with out building on it right away? If not what are the other financing options? The lot is 10 acres and the asking price is $150 000 MLS listing #1002020

Posted by Brett Currie to Cory Kline, AMP Views (5918)

Hi, If you own an existing home with equity, your best choice could be to refinance your house and pay cash for the land. It may be also possible to get a bank to lend you 80% of the value on a line of credit being $120,000 on $150,000 Your other option would be a private mortgage of maybe... [ read more ]

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