An essential part of buying a home is finding the right financing for the purchase. Securing a mortgage through a financial institution is a common method of financing. The Canada Mortgage and Housing Corporation webpage is a great resource to get you started thinking about the proper form of financing for your situation as well as considerations to make when securing a mortgage. Specifically, the Homebuying Guide contains a lot of great information and could be really helpful to you. This guide discusses issues such as whether homebuying is right for you, whether you are financially ready to buy a home, financing your home, purchasing your home, etc. There is also a handy flowchart in this guide regarding what happens with your lawyer on closing day!
To further the discussion on mental capacity, this webpage by the Ministry of the Attorney General provides important information on steps that should be taken if you are concerned for someone else’s well-being or if you believe someone needs to have their mental capacity assessed. It also provides information on steps to take if you wish to contest the results of a capacity assessment.
In order to make a Will or to appoint a power of attorney, you have to have mental capacity. You might find yourself asking what is mental incapacity, how can I plan for it, what do I do if someone I know is or I believe he or she might be incapable, etc.? This page posted by the Ministry of the Attorney General answers these questions and more. It also provides a definition of mental incapacity and directs you to other helpful resources on this issue. Mental capacity is a widespread issue when it comes to estate planning, especially for the elderly. If you have concerns about your own or someone else’s mental capacity, contacting a legal professional or the Office of the Public Guardian and Trustee would be a good first step.
What is a “Power of Attorney”? Who should I appoint my attorney? What do I need to do or know to make these decisions?The Ministry of the Attorney General’s webpage on Powers of Attorney answers all of these questions and more. This page is very informative, describing the differences between the two types of powers of attorney, the requirements for creating a power of attorney, considerations on who to appoint, etc. If you want to inform yourself on powers of attorney, this webpage is a great place to begin. It will help you focus your thinking to the relevant issues and may bring to mind important questions or considerations to raise with your lawyer.
When purchasing a home in Ontario, keep in mind that you will have to pay Land Transfer Tax in addition to the purchase price. The Ministry of Finance has posted an informational page on Land Transfer Tax that explains what Land Transfer Tax is, who must pay it and how it is calculated. If you are purchasing a home for the first time, you may be eligible for a full or partial refund of land transfer tax. It is a good idea to let your lawyer know if you are purchasing your first home so they can determine if you’re eligible for the refund.
The Tarion webpage also provides a guide to your Tarion New Home Warranty. It provides information on your Tarion warranty as well as procedures under the Ontario New Home Warranty Plan. It would be beneficial to browse this page if you have any questions or concerns regarding your New Home Warranty either before purchasing or after closing.
Are you buying a newly built home? If you are, the Tarion webpage is a great resource to check out. There are a number of links you can browse through that may help to answer any questions that you have either before the purchase or after it is completed.
Something to consider when selling your house is whether you should complete a Seller Property Information Statement. This article from Real Estate Wealth entitled “Seller Property Information Statements: What you need to know” gives information on what a Seller Property Information Statement is, whether you are obligated to fill it out, and other considerations that you may find informative. Your real estate agent should be able to answer most of your questions about this document but a lawyer can also help you determine the legal implications of completing it or not completing it.