Residential Real Estate
As experienced real estate lawyers in Toronto, we know firsthand how important it is to provide attention to detail and give forethought to any property transaction. From the agreement of sale and purchase to due diligence and closing, a real estate lawyer can be a guide to ensure a deal is done properly and efficiently.
Types of Real Estate
‘Residential real estate’ applies to any property available for occupation for non-business purposes, usually as a single family or multi-family structure. Residential real estate can include collections of apartments, multi-family housing, townhouses, condos, cooperatives with multiple ownerships, semi-detached and detached dwellings, and portable dwellings such as mobile homes, houseboats, and tiny homes.
‘Commercial real estate’ is any property used exclusively for business purposes and/or which is used predominantly as a workspace rather. In most cases, commercial real estate is leased to tenants to allow them to conduct business on the premises. Commercial properties like this are wide-ranging, with examples including gas stations to shopping centers, retailers of all categories, office spaces, hotels, restaurants, and more.
‘Industrial real estate’ refers to any facilities used for manufacturing, production, research and development, storage, and distribution. In any national or international company’s supply chain, this is one class of real estate which is very important to day-to-day operations. Industrial real estate continues to be a necessity in consumption, trade, and eCommerce.
‘Land real estate’ refers to a designated portion of land on which any buildings or equipment are not included. Land real estate is oftentimes discussed as it relates to the natural resources on the land or to separate it from the man-made structures occupying it. Even when there is nothing built on a parcel of vacant land, it is still managed like any other real estate.
Residential real estate is land developed for people to live on and which is usually defined as such through local zoning regulations. To this point, residential real estate cannot be used for commercial or industrial purposes. This is the most common type of real estate and encompasses many potential dwellings. Depending on the area, there are oftentimes regulations which apply to how residential properties are expected to be managed.
For most Canadians, the purchase of residential real estate will be the most important financial investment they make. Residential real estate allows a buyer to pay into an investment while giving them a private area to call their own. In many cases, especially in cities such as Toronto where the value and growth rate of real estate is so much higher than it is in most Ontario rural communities, real estate like this is purchased to sell at a profit and/or to lease to others.
Commercial real estate focuses on offices, retail spaces, single-purpose business-oriented facilities, and properties which are dedicated solely to commercial affairs. Comparatively, residential real estate is used predominantly and almost exclusively as a living space. Although one may use a portion of residential real estate as a home office, the area’s primary use will always be as a living space. Therefore, this still classifies it as residential as opposed to commercial.
There are many types of properties which are classified as residential, including condominiums, townhouses, cooperatives, single-family detached and semi-detached homes, and multi-family homes. Residential real estate is a very broad category, with virtually anything used predominantly as a living space qualifying. Compared to other types of real estate, residential is less expensive and more widely available to individuals looking to buy.
What does owning residential real estate mean?
To successfully purchase, own, or sell residential real estate, it oftentimes requires the assistance and support of a real estate lawyer, lending institutions, agents, brokers, and the municipality. When someone owns residential real estate, there are many moving pieces – most of which advantageous. Residential real estate is a great investment, allowing someone to give money every month into something which they can sell at a later date usually for profit. A real estate owner is also provided with a piece of land and a home on which they can build and live, without having to pay a landlord.
Our real estate lawyers understand the ins and outs of buying a home in Toronto. From drafting an agreement of purchase and sale to completing due diligence and closing the sale, a Hummingbird lawyer will assist you in acquiring residential real estate in a fair and efficient manner.
In our nearly two decades of assisting Toronto homeowners, we’ve built strong relationships with lending institutions, real estate agents, brokers, and municipal representatives. Having participated in thousands of residential real estate transactions, there’s a lot of support we can provide.
First-Time Home Buyer Incentives:
- RRSP Home Buyer’s Plan
- First-Time Home Buyers’ Tax Credit
- GST/HST New Housing Rebate
- CMHC mortgage default insurance
- Land transfer tax rebate
The Process — How Hummingbird Supports You:
- Negotiations — We sit in and participate in negotiations for the Agreement of Purchase to reduce the hassle for you.
- Retainer Letter — We send you a retainer letter outlining exactly how we will be supporting you through the purchase.
- Title Search — We search the title, report any issues before you finalize, and prepare all closing documents.
- Sign Paperwork — We walk you through all documents and sign everything together — no hidden surprises.
- We Do the Work For You — We assemble closing documents, arrange delivery of funds, register the deed and mortgage, and call you when we close.
- Purchase Transaction Complete — We deliver your Registered Deed, send a post-closing report with copies of all signed documents, and report to your lender if applicable.
Contact Hummingbird Lawyers before you make an offer.
Read MoreAre you selling a house or condo in Toronto? It can easily add up to be a very complicated process. A residential real estate law firm will provide an expert set of eyes and work to ensure selling your home goes as smoothly as it can.
Responsibilities when selling your home:
- Pre-approval for financing a new home or condo purchase
- Checking your mortgage and verifying whether there are any penalties
- Determining the value of your home before putting it to market
- Completing renovations and repairs as needed prior to selling
- Estimating your total expenses and calculating estimated proceeds
Costs of selling a home: There’s a long list of costs which can add up quickly — real estate commissions, home staging, insurance, mortgage discharge fees, pre-listing inspection fees, and legal fees. Depending on the complexity of your sale, legal fees can vary accordingly.
Why a lawyer makes selling easier: Property law can be vague and complex. A real estate lawyer advises on laws and bylaws unique to your region, ensures the Agreement of Purchase and Sale reflects your specific situation, advises on tax responsibilities and potential savings, completes title searches, ensures funds are received before the deed transfers, delivers keys to the new owner, and informs utility companies of the sale.
The Process — How Hummingbird Supports You:
- Negotiations — We participate in negotiations to relieve the stress of this critical step and ensure you’re not making promises under the contract you cannot deliver.
- Retainer Letter — Your lawyer sends a retainer letter outlining exactly how we will be assisting you through the sale.
- Update Your New Address — As things roll forward, you’ll need to update utilities, driver’s license, and other accounts. We’ll guide you through what needs to change.
- You Have a Buyer — Once a buyer is found and the agreement is signed, we review all documentation to protect your interests.
- Meet With the Lawyer — We meet with you to review and sign all closing documents, ensuring everything is in order before the transaction closes.
- We Do the Work For You — We handle the legal heavy lifting — title transfers, mortgage discharges, fund transfers — so you don’t have to.
- Selling Transaction Complete — Once all conditions are met and funds are received, the deed is transferred and the transaction is finalized.
Contact Hummingbird Lawyers before you sign any Agreement of Purchase and Sale.
Read MoreWith esteemed, skilled and capable lawyers in Toronto and lawyers in Vaughan, Hummingbird Lawyers LLP has locations in both areas to serve our clientele. Choose the location more convenient to you, and let us assist you with your legal matters.
Are you selling or buying a house in Toronto? Hire a Hummingbird Lawyers LLP residential real estate lawyer to protect yourself, your time, and your investment. Regardless of whether it’s routine contract negotiation and review, or resolving a last-minute issue, let us be your representative and help you in facilitating a fair, amenable transaction.
Hummingbird Lawyers strategically assists businesses and individuals in the areas of business and corporate law, commercial and residential real estate transactions, wills and estates, employment law, family and divorce, litigation, and immigration.
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