At Hope-Selkin Law, P.C. we are with you every step of the way for your Purchase, Sale, or Refinance transaction. Let's face it, buying or selling a home or investment property is one of the most daunting tasks you will face in your life. We ensure that your transaction closes as smoothly as possible, giving you peace of mind. We provide flexible appointments, due to the time constraints of life and offer a Premium Concierge Service, whereby a Lawyer will come to you remotely via video conferencing, utilizing technology to explain the documentation you are signing and witness the execution of documents presented to you by a paralegal or notary.
Why Choose Hope-Selkin Law, P.C.?
Your Real Estate Purchase. Your Real Estate Sale. Your Refinance. Made Simple. Period.
We Keep You and Your Real Estate Team Informed
When we are working on your behalf, it is important that your real estate team work together to ensure a smooth, seamless closing. In our Engagement Letter, you provide us permission to speak with mortgage brokers, bank mortgage advisors and realtors to ensure all your "ducks are in a row." If we are unaware of the fact that broker conditions remain outstanding or the bank is awaiting an employment letter, this could cost you if funding is not provided in a timely fashion. Failure to have funds on closing results in Breach of Contract and has far reaching ramifications. If the seller has bought a property, they too will be in breach of contract as they are relying on the funds from your purchase. Any misstep in the deal can lead to a ripple effect of liability.
At Hope-Selkin Law, we communicate with your broker, mortgage advisor and agent. We also do not mind if your agent contacts us with a question regarding outstanding conditions or a clause to put into the agreement if there is something found on inspection. It is imperative that there are open lines of communication between all the professionals getting your deal done! Your real estate agent and mortgage broker will thank you for using Hope-Selkin Law for your sale transactions, as we promptly pay their brokerage fees following closing. On purchases, your realtor will be happy that they are able to speak to your legal team with respect to any questions regarding the deal. Unlike other law firms, we do not keep the rest of your team in the dark. They are kept abreast of any new developments that arise and are promptly notified when the deal is completed.
Flat Fee Legal Fees
We are here to assist you from A-Z for your purchase. Our flat fee legal fees (Plus HST & Disbursements) ensure that you do not have to worry about paying a lawyer per hour for his or her time. There are no surprises in terms of closing costs, as we will give you an idea of all fees and disbursements associated with closing your property. Unless there is an issue that comes up on title or contractually in your deal, you pay one affordable flat legal fee.
Premium Concierge Legal Services - Available
If you are in a bind and unable to make it to our office, we also offer concierge services (not included in flat fee - GTA 50km radius from office), whereby we will come to you to execute your legal documents for your transaction. Since our office is very centrally located, you may also come into our office. We offer flexible appointments to accommodate your schedule wherever possible. This value added service takes the inconvenience out of purchasing, selling, or refinancing a property. Hope-Selkin Law truly provides personalized service, while at the same time utilizing technology to get your deal completed in the most efficient and cost effective manner.
Disbursements are the fees that must be paid on your behalf by your Lawyer to close your home purchase, refinance or sale transaction and includes Land Transfer Taxes, Title Insurance, Title Search, Tax Certificate, Government Teraview Registration fees, etc. The largest disbursement is the Land Transfer Tax (LTT) payable to the province of Ontario and is based on the value of the property you are purchasing. If you are in Toronto, you will be required to pay the Provincial Land Transfer Tax and the Municipal City of Toronto Land Transfer Tax. Depending on the costs of the property, it could be a significant outlay initially to reside in Toronto, but it often pays off in dividends down the road, since the property tax rate in Toronto is 0.614770% versus more than double this percentage in some of the GTA surrounding towns and cities.
Why is Toronto's property tax rate so much lower? Toronto's tax rate is significantly lower due to the City of Toronto Act, which allows the city to use special revenue streams not available to other municipal governments. For example, Toronto has municipal land transfer tax, sign taxes, personal vehicle tax, alcohol tax, tobacco tax, amusement tax, parking tax and potential road tolls that may be invoked to alleviate congestion issues on the highways. In addition to the foregoing reasons, there are simply a lot more people in Toronto to share in paying the taxes.
Knowledge is power and knowing the tax rates in surrounding GTA cities helps you in your property search as well as budgeting. Some people will decide that they want more land and more house at a lesser price than Toronto, which explains the urban sprawl. Ultimately, each buyer or investor has to do what is best for his or her wallet and what makes practical sense for their needs.
Wondering how much Land Transfer Tax will be payable? Plug in your figures below:
Budget. Budget. Budget. Know Your Budget
Speak to a mortgage professional as soon as possible if you have not already done so as affordability of your property is key. Utilize the widgets provided below to ascertain how much you will need for downpayment and how much will be required for closing fees. Speak to your mortgage broker or mortgage advisor at the bank to crunch numbers to avoid stress leading up to your closing and to avoid financial strain after the purchase. Whether you are purchasing a residential property for yourself and your family or buying an investment property to rent out, you need a Real Estate Law Firm that can provide all the answers you require to make informed decisions.
Wondering how much you can afford? Plug in your figures below to get an idea of your budget and then speak to a mortgage professional: