Do you need a Real Estate Lawyer in Ontario?

If you are buying, selling, or taking a mortgage on a residential home in Ontario, you will need a lawyer to complete the transaction. However, you cannot hire just any lawyer.

Real estate lawyers are registered with the Land Registry Office and are adequately insured for professional liability in dealing with real property. Not all lawyers provide this service because of the added risks and costs to practice in real estate.

JCA Law Office Professional Corporation has been providing real estate services since its foundation in 2016.

Contact us if you have any questions regarding your real estate closing.

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    A REAL ESTATE LAWYER

    represents you on your home purchase and sale closing
    and helps you meet the requirements of your mortgage lender.

    Let us know how we can help you!

    Purchasing, selling, or mortgaging your real estate property?

    A home purchase or sale is one of the biggest financial decisions a person can make. It is important to make sure the deal is secure, deadlines are met, the title is clear, and any issues that may arise are resolved quickly and efficiently.

    Real Estate Closings - how to stress test your mortgage

    How to Stress Test Your Mortgage

    Buying a house takes so much consideration and planning. You need to assess if you could afford it and consider all the possible worst-case scenarios in case something happens due to a job loss or unforeseen expenses. It is like gearing up when it is cloudy and buying travel insurance when planning a long trip or vacation. It is the same way when taking a mortgage.

    The Office of the Superintendent of Financial Institutions (OSFI) introduced new, tighter mortgage rules, requiring borrowers with uninsured mortgages (those putting a down payment of 20 percent or more) to undergo a stress test. As of Jan. 1, 2018, uninsured borrowers must now qualify as a new minimum rate — the greater of the Bank of Canada’s five-year benchmark rate, which currently sits at 4.99 percent, or 200 basis points higher than their mortgage rate.

    While the stress test aims at ensuring that borrowers can afford mortgage rate hikes, some sources are questioning — if not outright opposing — the latest mortgage rule.

    A stress test is a way of determining exactly how much you can afford even on worst-case scenarios or twist of unexpected events, such as when income has been reduced due to job loss. Can you still afford to take a mortgage payment? What if the interest rates in the market spike-up? Do you think you can still afford to refinance your home?

    This type of planning is very crucial for various reasons. First, interest rates are on the rise. So too are the mortgages or real estate. According to the Canadian Real Estate Association, the national average home price was $496,500 in December 2017 with a year-over-year increase of 5.7%

    If you can still afford to pay the mortgage in the case of interest spike per year, then you can start shopping and re-evaluate your budget.

    Due to new mortgage rules that came into effect last January 1, 2018, all home buyers are required to get either the high-ratio mortgage or an uninsured mortgage are now subject to mortgage stress test and we should be qualified at a rate that is higher than I can pay.

    The minimum qualifying rate (or stress test) for consumers getting uninsured mortgages—borrowers with a down payment of 20% or more—will be the greater of the Bank of Canada’s five-year benchmark rate (presently 4.89%) or 200 basis points above the mortgage holder’s contractual mortgage rate.

    This means you may need to weigh your options: Do you save enough for higher down payment and defer the price of your real estate property or house? Or simply choose the more affordable home?

    Only you may know the best answer based on your income status. The best option is still to talk to an expert in real estate closings like our lawyers at JCA Law Office if you want to consider taking a mortgage.

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      Careful Legal Assessments

      No two pieces of property are ever the same. Each one comes with its own unique history and shape. This is why our team strives to make sure:

      There are no liens
      Undertakings are completed
      The property complies with bylaws and property laws
      There are no hidden surprises

      We will coordinate with the other party, brokers, and lawyers so you can focus on other matters. We will also help advise you on decisions regarding mortgage and financing concerns.

      Thinking of buying a house in Toronto?

      If you are looking for a house on sale in Toronto, paper works are one of the things that might make your life harder. We know it isn’t easy after all. We understand how stressful the transaction process can be for individuals and families. Our goal is to help alleviate any anxiety by taking care of the details for buying a house.

      We want you to feel comfortable and focus on your other priorities, such as getting ready to move in or out, while we keep the transaction moving. We will take care of any issues that arise and strive to keep your purchase or sale on track to meet the closing deadline.

      Call JCA Law To Find Out How We Can Help

      Find out how a real estate lawyer can help you protect your investment. Call 1-855-522-5290 to arrange a free 15-minute consultation* or send our firm an email using our online form. You can also contact our firm by sending us a message through our Facebook page.

      *terms and conditions apply

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