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Sale of Residential Single/Multi Unit transactions:

Selling and purchasing a home is one of the biggest and most important investments for both families and investors in Canada. Whether it is a Detached Single Family Home, Semi-detached, Townhouse, Condominium, Vacant Land/Rural property or any parcel of real estate, our law firm provides the best, unbiased legal advice and guidance to complete each transaction.

We ensure comfort by guiding and updating clients throughout each step of the Sale and Purchase process making sure that they are also aware of their responsibilities. He also guarantees that their rights are not violated in any way throughout the process as many Real Estate Sales and Purchase Transactions involve Banks, Local Municipalities, Government of Ontario/Canada and last but not least, the Canada Revenue Agency.

Services Provided:-

  • Detailed review of executed Agreement of Purchase and Sale
  • Preparation of Transfer from seller to buyer and execution of transfer process.
  • Resolution and Response to Requisitions on Title Searches.
  • Preparation of Statement of Adjustments
  • Execution of Closing Documents
  • Closing and Completing the Sale Transaction.
  • Arranging a Payout Statement from current Mortgagee/Lender.
  • Arranging the discharge of Mortgage/s on sold property.

We would require the following information for a sale of a house or condominium:

  • Copy of your Agreement of Purchase and Sale.
  • Two Original forms of identification: (1) Photo ID such as passport, driver’s license, citizenship card (2) non photo ID such as a credit card.
  • Confirmation that you have contacted Water, hydro and gas companies to arrange the final reading of your meter. (We suggest that you also contact your hot water tank and/or security company to update their records). Advise us in advance if you rent your hot water tank and/or you oil for the heating.
  • Details of any existing mortgages or lines of credit against the property that may include name of lender, address & phone number, loan reference number etc.
  • Current realty tax bill, including any existing property tax bill and any future bill received prior to closing as well as details of payments being made by you prior to closing
  • Seller’s forwarding address for our records for future correspondence and future telephone number.
  • Keys of the property to be provided to new buyer- provided when you attend our office to sign all closing documents
  • If you are selling a cottage, please advise if city water or well water, advise if sewers or septic system, advise if on a river or lake, advise if road access issues

For further services, real estate lawyers in Brampton , Mississauga, Toronto and GTA area services and more detailed information, please contact:
Baljinder Singh Tung, Tung Law Office: 8- 1332 Khalsa Dr., Mississauga ON L5S 0A2, at Phone 905-670-2001, Fax 905-670-2003 and email tung@tunglaw.ca

Purchase of Single/Multi Unit Residential Property

Buying a home is an important decision. Our team of Real Estate Lawyers and professionals can help guide you through the closing process from start to finish.

Services provided to close the purchase of residential transactions:

  • Review of executed OREA forms / Agreement of Purchase and Sale, Investment property (Detached house, Semi-Detached House, Condominium, Town House, Condominium Town House and Vacant Land etc.
  • Purchase of cottage and vacation properties
  • Mortgage Financing and Refinancing
  • Review of Builder Agreements for the purchase of a new home or condominium constructions.
  • Preparation of Agreements of Purchase and Sale for private purchases
  • Investigation of validity and Requisition of Title, description and on other matters in the agreement.
  • Search for arrears of realty taxes and all other taxes and rates constituting statutory liens.
  • Executions Searches against the seller and buyer.
  • Review of transfer of land
  • Review of  Survey ( if available ) and Statement of Adjustments
  • Execution of transaction documents
  • Attend/Tender to the closing
  • Give opinion on Title of the property.
  • Obtain and issue Title Insurance policy.

This is the Information we would require from a Client towards the Closing transaction

 

  • The Copy of your executed OREA form 100/Agreement of Purchase and Sale including clauses , subsequent additional forms and waivers;
  • Identification of Purchasers such as Photo ID i.e. passport, driver’s license, citizenship card, non-photo ID such as a credit card. Ontario Health Card is not a piece of ID for the purpose of real estate client identification.
  • Identification and Verification form from all the purchasers.
  • Your option that how would you take the title of the property such as Joint Tenants or Tenants in Common
    • Joint Tenants: Where title is held as Joint Tenants and one of the owner’s dies, the surviving Joint Tenant automatically becomes the property owner and no probate tax is payable – this is most commonly used by spouses.
    • Tenants in Common: When title is held as Tenants in Common and one of the owners dies, the deceased owner’s interest passes to a beneficiary according to any last will & testament made by the deceased – in this case probate tax will be applied
  • Provide the information regarding your Real Estate Broker/Agent, your Mortgage Broker/Agent or Mortgage Lender/Private Financer (where applicable) as they must forward Solicitor’s Instructions to our office.
  • Fire Insurance for the NON-Condominium property (Fire insurance binder is not required from you if you are purchasing Condominium Property) this will be issued by your insurance agent.
  • Closing funds – After reviewing the SOA from Purchaser’s lawyer and including other applicable LTT and closing costs you would be advised total closing funds which you  must bring in the form of Certified Cheque or Demand Draft payable to TUNG LAW OFFICE IN TRUST
  • Meter Reading – You will be advised to contact Utilities Departments.
  • Confirmation that you have contacted hydro and gas companies to arrange the final readings and change of account. (We advise that you also contact your hot water tank and/or security company to update their records) If you rent your hot water tank you should advise us. If your house is heated with oil you should advise us.
  • Arrange a fire insurance policy from your house insurance provider; include your mortgage lender as an “insured party” with a standard “Guaranteed Replacement Clause”. Many lenders require replacement value coverage. The mortgage company must fax us an insurance binder letter noting the mortgage company as an insured party before closing of your transaction.
  • If swimming pool or any special feature of the house is there in the property.
  • Advise us of tenants in property;
  • If you are a first time home buyer as you will be entitled to Ontario Land Transfer Tax rebate and if you are buying in city of Toronto, Toronto Land Transfer Tax.
  • If you are purchasing a cottage, please advise us if city water or well water, advise if sewers or septic system, advise if it is on a river or lake, advise if road access issues.
  • If you are a NON- Resident in Canada as per Section 116 of Income Tax act as well as Immigration Act of Canada.

Others:

  • Title Insurance Disputes and Mediation
  • Nasty Neighbor Conflicts
  • Failed Real Estate Transaction/Collecting the Deposit
  • Power of Sale/Foreclosure Actions
  • Certificate of Pending Litigation
  • Fraudulent Discharge of Mortgage
  • Residential Leases and Disputes
  • Lien Claims
  • Notice of Lodgment on Title.
  • Correcting Title Mistakes, Errors, Omissions and Puzzles
  • Tarion Home Warranty Disputes- Ontario New Home Warranty Protection
  • Condominium Disputes, Mediation and Arbitrations
  • Condominium Management
  • Condominium Plans and Agreements
  • Condominium Complaints
  • Condominium Conversion to Absolute Title.

For further services, real estate lawyers in Brampton , Mississauga, Toronto and GTA area services and more detailed information, please contact:
Baljinder Singh Tung, Tung Law Office: 8- 1332 Khalsa Dr., Mississauga ON L5S 0A2, at Phone 905-670-2001, Fax 905-670-2003 and email tung@tunglaw.ca

Purchase of Commercial Real Estate

 

We takeon real estate transactions of any size or scope. Commercial deals tend to be more complicated compared to residential transactions. Buying / Selling office or investment property creates a whole new set of requirements. Be it a project of any scale, both you and your investment need to be protected. We are a firm that stands by its clients so they may achieve all their goals. Contact us today to book your free consultation with a commercial real estate lawyer near you.Each commercial real estate transaction is different and the services we provide will vary depending on situations and merit of the file involved:

We provide the following services for the purchase of commercial real estate including:

  • Review executed Agreement of Purchase and Sale
  • Investigate into title, make requisition on title and on other matters recited in the agreement
  • Search for arrears of realty and all other taxes and rates constituting statutory liens
  • Writ searches and executions.
  • Review transfer document.
  • Prepare one charge given back and/or personal property security agreement
  • Search under the Personal Property Security Act for registrations
  • Review all leases and/or tenancy agreements, service contracts and employment contracts (if there are any) with respect to the property
  • Review bill of sale
  • Review statement of adjustments and examining survey if required
  • Do zoning and building by-law enquiries
  • Search for work orders and resolution of the same
  • Discuss with the client all matters related to title, zoning and statement of adjustments
  • Attend onto execution of documents
  • Provide opinion on title to you and your lender

Sale of Commercial Real Estate

 

We provide the following services for the sale of commercial real estate:

  • Review executed agreement of purchase and sale.
  • Prepare transfer, bill of sale, bulk sales documents, assignment of lease and/or tenancy agreement.
  • Assignment of service contracts.
  • Prepare statement of adjustments.
  • Answer requisitions on title and on other matters recited in the agreement.
  • Review charge taken back and/or personal property security agreement and perfecting security interest.
  • Attend to the closing and completing the sale.

For further services, Commercial Real Estate lawyers in Brampton , Mississauga, Toronto and GTA area services and more detailed information, please contact: 
Baljinder Singh Tung, Tung Law Office: 8- 1332 Khalsa Dr., Mississauga ON L5S 0A2, at Phone 905-670-2001, Fax 905-670-2003 and email tung@tunglaw.ca

Purchase of Residential Condominium Unit

We provide the following services for the purchase of residential condominiums:

  • Status Certificate: Before you make your offer firm for the purchase of the condominium, we need to review your Status Certificate and advise you on title, restrictions, by-laws etc. In case it does not fit your requirement of bad health of the corporation we have 10 days to withdraw our offer.
  • Review of the agreement of purchase and sale and all accompanying documents, including review of declaration, by-laws, management contract, insurance trust agreement, and all other condominium documentation
  • You should advise me whether your unit(s) include parking or locker(s) so we can ensure these are provided to you on closing
  • Investigate title and check description.
  • Search for arrears of realty and other taxes and rates constituting statutory liens, and work orders
  • Confirm common expense payments by current owner are up to date and there are no outstanding special assessments
  • Make requisitions on title and on other matters recited in the agreement
  • Review transfer
  • Review statement or adjustments
  • Attend to the closing
  • Attending on execution of documents.

Information you will need to provide Tung Law Office when closing a purchase of a house or condominium:

  • Copy of your Agreement of Purchase and Sale including all waivers
  • Two original forms of identification: (1) Photo ID such as passport, driver’s license, citizenship card (2) non photo ID such as a credit card. Please note that Provincial law does not allow us to accept Ontario health cards.
  • Status Certificate package from Condominium Corporation
  • Complete legal name (or names) of the person(s) who is to appear on the title, including date of birth, current mailing address, telephone numbers and email
  • Clarification whether you will take title on the new property as Joint Tenants or Tenants in Common

o          Joint Tenants: Where title is held as Joint Tenants and one of the owner’s dies, the surviving joint tenant automatically becomes the property owner and no probate tax is payable – this is most commonly used by spouses.

o          Tenants in Common: When title is held as Tenants in Common and one of the owners dies, the deceased owner’s interest passes to a beneficiary according to any last will & testament made by the deceased – in this case probate tax will be applied.

  • Forward Tung Law Office’s contact details to your real estate agent & mortgage broker/lender (where applicable) as they will be faxing solicitor instructions to our office
  • If you are purchasing a non-condominium property, we require the fire insurance binder for the property (if you are purchasing a condominium property, we do not need a fire insurance binder from you)
  • Closing funds – your certified Cheque and mortgage monies represent the funds needed and must be made payable to Tung Law Office in Trust. You will be required to present your certified Cheque when you attend our office to sign your closing documentation.
  • Meter Reading (if your utilities are not included in your maintenance)
  • If the building you’re buying is a high-rise, set up appointment for elevator prior to moving
  • Set up pre-authorized payment play or provide condo management office with post-dated cheques for your common expense payments
  • Advise if you are first time homebuyer as you will be entitled to reduction of Ontario Land Transfer Tax and if you are buying in city of Toronto, Toronto Land Transfer Tax

Sale of Residential Condominium Unit

We provide the following services for the sale of residential condominiums:

  • Review of executed agreement of purchase and sale
  • Supply copies of the declaration, by-laws, management contract, insurance trust agreement, up-to-date insurance certificate
  • Prepare transfer of title
  • Answer requisitions
  • Prepare statement of adjustments
  • Order a mortgage payout statement
  • Attend on execution of documentation
  • Attend to the closing and completion of the sale

Information you will need to provide Tung Law Office when closing a sale of a house or condominium:

  • Copy of your Agreement of Purchase and Sale – a copy is usually faxed to our office by your Real Estate Agent
  • Two original forms of identification: (1) Photo ID such as passport, driver’s license, citizenship card (2) non photo ID such as a credit card. Please note that Provincial law does not allow us to accept Ontario health cards.
  • If not included in your common expenses, confirmation that you have contacted hydro and gas companies to arrange the final reading of your meter. (We advise that you also contact your hot water tank and/or security company to update their records)
  • We will need details of any existing mortgages or lines of credit against the property (name of lender, address & phone number, loan reference number)
  • Confirmation that your maintenance payments to the condominium corporation are up to date.
  • Current realty tax bill, including any existing property tax bill and any future bill received prior to closing as well as details of payments being made by you prior to closing
  • Your forwarding address and future telephone number
  • At least one key to the property – provided when you attend our office to sign all closing documentation and any other special keys or remote controls provided by Condo Corporation

FOREIGN INVESTORS

When you are not a resident in Canada as per Section 116 of Income Tax Act and Immigration Act you are a foreign resident in Canada. Ontario real estate law allows non-residents of Canada to buy and sell property. You need to be aware several facts and consequences before we get into the transaction.

Legal fees and disbursements may vary dependent on the circumstances of your transaction. Please contact our office for a quote.

Purchase Transaction

  1. Any foreign investor who is not a Canadian Citizen and/or Permanent Resident of Canada who is purchasing a residential home must pay an additional 15% (NRST) tax known as the Non-Resident Speculation Tax. Yes, there are certain conditions and exceptions available which may provide some rebate for merit transactions. This amount will be based on the purchase price of the home. Currently this tax ONLY applies to properties in the Greater Golden Horseshoe, being counties in the following areas: Brant, Dufferin, Durham, Haldimand, Halton, Hamilton, Kawatha Lakes, Niagara, Northumberland, Peel, Peterborough, Simcoe, Toronto, Waterloo, Wellington and York. Please note: If within 4 years of closing the purchase transaction you become a Canada Citizen and/or Permanent Resident, you can apply to Canada Revenue Agency for a refund of the 15% tax paid if one satisfies certain requirements.
  2. Getting a mortgage: The most important part. It is important to have your agreement conditional on financing to ensure you qualify here in Canada for a mortgage. If a purchaser does not work in Canada and does not have established Canadian income, most mortgage lenders require a higher cash downpayment (on average 35% of purchase price). All lenders need to confirm identity and verification of their clients. You should ensure whether or not your financial institution chosen will accept foreign identification if not, you will need to find another lender who will do so. If one cannot be found then you may have no choice but pay cash for the transaction
  3. Power of Attorney: Most lenders rarely accept Power of Attorney. It is very important that when you begin the process of obtaining any type of financing that you notify your lender of your intention to use a Power of Attorney and their permission to do so, if your request is denied than we would need to make the necessary arrangements to have the documentation sent to you and they will need to be witnessed and notarized by a solicitor in your jurisdiction. In these cases, you should make the required arrangements as early as possible so that your lender and lawyers can coordinate to get the documents signed and approved in time for your closing date.
  4. Fire Insurance: Financial institutions will not allow mortgage funds to be released unless the purchaser’s lawyer receives a binder for fire insurance (from an Ontario Insurance broker) prior to closing. If a non-resident owns no other Ontario property, such insurance will be more difficult to acquire and before committing to buying a property in Ontario, It is highly recommended that you insert a conditional clause for obtaining home insurance to your agreement of purchase and sale that way you can get written confirmation by an Ontario insurance broker that fire insurance can and will be provided for any intended purchase
  5. Final Appointment & Closing Funds: We usually contact you three (3) to four (4) business days before the closing date to arrange for an appointment to review your file and sign your final documents. This will be the only time we contact you unless any issues arise with your file and/or we require additional information. The final appointment will be held one (1) or two (2) days before your closing day. At this time, we will require that you bring a certified Cheque or bank draft payable to “Tung Law Officein Trust” an amount which we will advise prior to the final appointment. The amount payable will cover the following:

Land Transfer Tax and registrations of your deed and mortgage(s); balance due to close; our legal fees and disbursements; financial institution’s wire free (if applicable). If you are unable to be here for closing and have arranged for signatures either by way of Power of Attorney or by notarization in the jurisdiction you currently reside in, you will need to take the necessary steps to have the required monies wired to a local Canadian financial institution whereas a designated bank representative can issue a certified Cheque and/or bank draft payable to Jacques Robert In trust.

  1. Closing Day and Pick up Keys: On the day of closing, we will have possession of the keys on or before 5:00 pm. The actual time depends on the following factors:
  • -The time the seller’s lawyer is prepared to close;
  • -The time the mortgage funds arrive at our office (some banks wire the funds only after 12:00 noon);
  • -High volume of closings on-line (mid-month and month-end are particularly busy); and,
  • -Traffic for couriers delivering funds, keys, etc. to and from the other lawyer’s office involved.

Alternative arrangements can be made at an additional cost.

If you are unable to pick-up your keys on closing you can designate a third party to obtain these on your behalf as long as you provide us their full info, upon collection of keys they will need to provide the appropriate photo identification. 

 

Sale Transaction

When a nonresident of Canada sells their home and is planning to leave or has already left the country, a Compliance Certificate from Canada Customs Revenue Agency (also known as Revenue Canada) is required in order to confirm that no monies is owed to the Canadian government prior to departure.  The nonresident of Canada will need to apply directly to CCRA (Revenue Canada) this can be a lengthy process, approx. 4 to 6 weeks.  If the Compliance Certificate is not readily available at the time of your sale, than your real estate lawyer is required to HOLDBACK 25% of the sale price (i.e. $400,000.00 x 25% = $100,000.00) until the Certificate is received.  It is best to consult with a tax accountant regarding the application process.  For your convenience the link for Compliance Certificate application is below.

Compliance Certificate Application: http://www.cra-arc.gc.ca/E/pbg/tf/t2062/README.html

For further services, real estate lawyers in Brampton , Mississauga, Toronto and GTA area services and more detailed information, please contact: 
Baljinder Singh Tung, Tung Law Office: 8- 1332 Khalsa Dr., Mississauga ON L5S 0A2, at Phone 905-670-2001, Fax 905-670-2003 and email tung@tunglaw.ca

Title Insurance

Title Insurance is always beneficial and recommended. The title insurance premium is a one-time payment and will cover you and your property as long as you own the property. . It’s not mandatory to purchase but always required by your lender bank to protect title frauds etc. Coverage is highly recommended, especially for senior citizens or individuals who travel outside of the country a lot and leave their homes vacant.

Tung Law Office can assist in protecting the legal title and ownership of your home. This protection can include mortgage or title fraud, your legal title, whether you are a new homeowner or an existing homeowner.

Title insurance is a means of insuring or indemnifying homeowners or lenders against loss or damage sustained by reason of:

  • Liens, encumbrances, or defects in the title to a property.
  • Defects that would have been revealed by an accurate up-to-date survey.
  • Survey errors or illegibility.
  • Forced removal of an existing structure, other than a boundary wall or fence.
  • Work order, zoning and set back non-compliance/deficiency.
  • Another party claims an interest in the property.
  • The land is unmarketable, which allows another person to refuse to perform a contract to purchase, lease or make a mortgage.
  • Fraud, forgery, duress, incompetence, incapacity or impersonation.
  • Unregistered easements and rights of way.
  • Loss of priority due to matters such as construction liens, agreements registered on title, and other mortgages.
  • Lack of pedestrian and vehicular access to the property.
  • Specific post-policy event coverage, as outlined in the Gold Policies.
  • The authenticity of registered documents on title.
  • Invalidity or unenforceability of the insured Mortgage upon the title.

On New Home Purchase

Title insurance also helps reduce closing costs as the title insurance company will not require certain expensive municipal searches in many instances.

Title insurance is meant to protect the owner’s and lender’s financial interest in real property against loss due to title defects, liens or other matters, such as identity fraud. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.

For more information about Title Insurance please give us a call at 905-670-2001

The choice of the title insurance company is yours; we can assist you in this regard.

TitlePLUS: http://www.titleplus.ca/lawyers/

Stewart Title: http://www.stewart.com/

Chicago Title: https://www.chicagotitle.ca/  and others.

Existing Homeowners Who Don’t Have Title Insurance

 

Different type of identity frauds are fact of life today. Many homeowners who purchased their homes years ago do not have the benefit of title insurance. You can protect your investment/home by obtaining a title insurance policy for existing homeowners. The coverage we obtain for you will go back to the date you purchased the property and will cover you as long as you own the property.

In order to obtain title insurance for existing owners I will require either your current tax bill or your property assessment from the Municipal Property Assessment Corporation. I will search your title back to the date you purchased it if required, correct any title problems and obtain your new title insurance policy.

Title insurance is meant to protect the owner’s or lender’s financial interest in real property against loss due to title defects, liens or other matters, such as identity fraud. It will defend against a lawsuit attacking the title as it is insured, or reimburse the insured for actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.

For further services and your questions on Title Insurance and Real estate lawyers in Brampton , Mississauga, Toronto and GTA area services and more detailed information, please contact: 
Baljinder Singh Tung, Tung Law Office: 8- 1332 Khalsa Dr., Mississauga ON L5S 0A2, at Phone 905-670-2001, Fax 905-670-2003 and email tung@tunglaw.ca

Land Transfer Tax

Province of Ontario’s Land Transfer Tax

The Province of Ontario applies a Land Transfer Tax when land is transferred from one owner to another. This tax is paid by the purchaser upon registering the Transfer/Deed. For first time homeowners buying a new home from a registered builder, the first $4,000 in provincial Land Transfer tax is waived. There is also a reduction for the City of Toronto Land Transfer Tax.

To automatically calculate your Land Transfer Tax on residential purchases – use the Land Transfer Tax Calculator. http://www.trebhome.com/index.php/buying/calculators

City of Toronto Land Transfer Tax

In addition to the Province’s Land Transfer Tax, the City of Toronto approved a new Municipal Land Transfer Tax effective February 1, 2008, under the City of Toronto Act, 2006. This additional tax is applied to all purchases of homes in the city of Toronto.

To automatically calculate your Land Transfer Tax on residential purchases – use the Land Transfer Tax Calculator. http://www.trebhome.com/index.php/buying/calculators

For further information, questions on Land Transfer Tax , real estate lawyers in Brampton , Mississauga, Toronto and GTA area services and more detailed information, please contact: 
Baljinder Singh Tung, Tung Law Office: 8- 1332 Khalsa Dr., Mississauga ON L5S 0A2, at Phone 905-670-2001, Fax 905-670-2003 and email tung@tunglaw.ca

Mortgage refinancing lawyers help people to pull equity (value) from your property.

The lender’s Loan is secured by the Mortgage. Everything below is equally applicable to financing or refinancing. The term mortgage financing is used when someone is getting a new loan on their property. The term mortgage refinancing is used when people replace an existing loan with a new one. In Ontario, mortgages are registered on title at the Land Registeration  Office.

Why Refinance a Mortgage

There are many reasons to refinance a mortgage. They include:

  • Securing better mortgage rates or terms;
  • Consolidating debts (such as credit cards) with a lower rate mortgage;
  • The addition of a line of credit;
  • Home renovations or vacations;
  • Removing someone from the mortgage and/or title;
  • Buying out someone’s interest in the property;
  • Accessing funds for investing;
  • Free up equity for other purposes; and
  • Transferring mortgage debt for better tax planning.
  • Situations Where Our Mortgage Refinancing Lawyers Can Help

Residential mortgage refinancing or financing

Using a lawyer ensures you understand your obligations and liabilities under the mortgage. Whether new financing or replacing an existing loan our mortgage refinancing lawyers can help you. Mortgages are used to secure both regular housing home equity loans and secured lines of credit. We explain to you what you need to know about the mortgage

Commercial mortgage refinancing or financing

Commercial mortgage refinancing lawyers have additional experience in dealing with issues specific to commercial transactions. The security documents for commercial mortgages are often more numerous and complex. Additionally, lenders are often protected with the addition of specific searches that are not done in residential loan situations.

Retaining Ontario Based Mortgage Refinancing Lawyers

Many residential refining clients just tell their mortgage specialist that we are acting. The mortgage specialist then instructs the lender. The lender then sends us mortgage instructions and we draft the required documents

Other non-mortgage refinancing loans

Sometimes people do not use a mortgage to secure debt. The debt can be secured on the title to a property by way of an agreement charging land or a promissory note charging land. Our mortgage refinancing lawyers can assist with these types of security documents.

Construction mortgages

Construction financing is often done through construction mortgages. This is financing that is done in stages to build a new building on property. It is still secured on title by the construction mortgage.

Private Lenders

As part of our mortgage refinancing legal services, we act for many private lenders. Our mortgage refinancing lawyers protect our private equity lending clients through proper security. We also have a foreclosure system that can assist if a borrower does not pay of the loan.

Lawyers Who Save You Money

The experience of our mortgage refinancing lawyers can save you money. The experience in dealing with billions of dollars of mortgages has led us to develop ways of savings clients money. Often, these savings exceed our legal fees and have been as high as thousands of dollars

Who We Act For with Mortgage Refinancing

The mortgage refinancing department at Tung Law Office acts for private and corporate lenders and financial institutions as well as borrowers for both residential and commercial lending.

Refinancing Lawyers: Here When You Need Us

When we act for a mortgage refinancing, we have flexibility to serve your needs. Due to our number of mortgage refinancing lawyers and paralegals, we can meet your timing needs. While a rush fee may apply, where necessary, we have acteded on files closing less than 24 hours.

Lending and Borrowing

It is always risky to lend money without a lawyer’s advice. Contacting legal counsel to help oversee finances can be a smart decision for any property buyer and or Investor. We have experience working with these matters and can work alongside financial institutions in any real estate borrowing and lending transaction. This can work to your advantage.

Whether you want to finance a new home or commercial property, getting legal advice can help make the entire transaction run smoothly and be less mysterious. Knowing, including your rights and obligations under any loan documents, the different options that are available, seeing the different perspectives and having the documents fully explained to you can allow you to better understand the financing process.

How do we help the Lenders?

We can help with drafting and negotiate any and all potential loan documents or credit enhancements. Whether you are an investor or working with a financial institution, you should want to know how wisely your money is being lent, and how your investment can be protected.

We search the title for its good standing. We can ensure that when you are looking to close on a property that all necessary financial documents are subject to proper review. Also, that these documents are analyzed and documented correctly as well so that in the event of default, you can recover your money.

Ultimately, we can help ensure that your money is being as securely invested as you want it to be. Legal advice can help you ensure that a technical defect doesn’t void the enforceability of your loan and can assist should the borrower default under their loan.

How do we help the Borrowers?

The real estate market has seen a dramatic value increase in the Brampton, Mississauga, Toronto and Greater Toronto Area and its surroundings. Because of this rise in the market, many potential and hopeful borrowers are struggling to obtain the loans or equity lines of credit that they need in order to move forward with their dreams of owning a residential or commercial property.

Some institutions have adjusted their financial services in order to stay ahead of the market. As a result, they lend money and it almost backs the borrower into a corner where the institution is always at a large advantage. Financial institutions have also grown hesitant to loan such large amounts of money. Their reasoning is justified – generally speaking – they are cautious of a borrower’s ability and determination to stay on top of a loan or line of credit and pay it off.

As a result of this caution, the borrower can be affected. Fortunately, by seeking legal counsel, your rights and obligations can be better understood after a review of any financial documents you have. Your lawyer can also show you how to pay down your mortgage early and save money spent on interest. This can ensure that you are only signing loans or financial agreements that represent your best interests and don’t leave you disadvantaged.

What we need to know about Lending and Borrowing

Ultimately, you want to be sure that the money you are putting up for a real estate transaction is being used wisely when lending and have its safe return. If you are taking a loan or line of credit you want to be sure that you are not signing into anything that puts you in an inflexible situation at later stage.

Securing a property and organizing the appropriate finances, whether you are lending or borrowing, can be a complicated process. Our knowledge and experience can help you see into the situation and clarify some aspects that may have once been misunderstood.

From drafting and negotiating documents to helping you represent your best interests, our team can help. Contact Tung Law Office today to help you secure your next real estate property. Tung Law Office and its efficient staff team can sit down with you to ensure that you know your rights and obligations in lending and borrowing transactions. Our experience with closing real estate transactions can be used to your advantage if you are on either side of the table.

Homeowner Helpful Links

Real Estate – let’s know it: https://lso.ca/public-resources/your-law-ontario-law-simplified/real-estate

Tarion Home Warranty Protection: www.tarion.com

City of Mississauga: www.mississauga.ca/portal/home

Toronto Information: www.toronto.ca

City of Brampton Information: www.brampton.infocentre.net

Government of Ontario: www.gov.on.ca

Peel District School Board: www.peel.edu.on.ca/index.htm

Dufferin Peel Catholic District School Board: www.dpcdsb.org

Legal Line Information Resource: www.legalline.ca

Air Canada Scheduling: www.aircanada.ca

Canada 411 (Yellow Pages): www.canada411.ca

Ontario Rental Housing Tribunal: www.ltb.gov.on.ca/

CMHC: www.cmhc.ca/

Genworth Financial: www.genworth.ca

Ministry of Finance: www.fin.gov.on.ca/english/index.html

Canada Revenue Agency: www.cra-arc.gc.ca

Canada Post: www.canadapost.ca

Utility/Tax Contact Information

Ajax

Water: (905) 668-7711
Hydro: (905) 420-8440
Gas: (888) 495-5100
Property Taxes: (905) 683-4550 Ext.22

Aurora

Water: (905) 272-3123
Hydro: (905) 417-6900
Gas: (888) 492-5100
Property Taxes: (905) 727-3123

Brampton

Water: (905) 791-9400
Hydro: (905) 840-6300
Gas: (416) 495-5100
Property Taxes: (905) 874-2000

Burlington

Water: (905) 335-7777
Hydro: (905) 332-1851
Gas: (888) 720-3594
Property Taxes: (905) 335-7750

Markham

Water: (905) 417-6900
Hydro: (905) 417-6900
Gas: (888) 492-5100
Property Taxes: (905) 475-4864

Milton

Water: (905) 876-4611
Hydro: (905) 876-4611
Gas: (888) 774-3111
Property Taxes: (905) 878-7252

Mississauga

Water: (905) 791-8711
Hydro: (905) 273-9050
Gas: (877) 632-7434
Property Taxes: (905) 896-5575

Newmarket

Water: (905) 895-5193
Hydro: (905) 895-2309
Gas: (888) 447-4911
Property Taxes: (905) 895-5193

Oakville

Water: (905)
Hydro: (905)825-9400
Gas: 1-888-774-3111
Property Taxes: (905)338-4222

Pickering

Water: (905) 668-7711
Hydro: (905) 420-8440
Gas: (888) 492-5100
Property Taxes: (905) 420-2222

Richmond Hill

Water: (905) 771-8930
Hydro: (905) 417-6900
Gas: (416) 447-4911
Property Taxes: (905) 771-8930

Toronto

Water: (416) 338-4829
Hydro: (416) 542-3000
Gas: (416) 447-4911
Property Taxes: (416) 338-4829

Vaughan

Water: (905) 417-6900
Hydro: (905) 417-6900
Gas: (416) 447-4911
Property Taxes: (905) 832-8502

Whitby

Water: (905) 668-7711
Hydro: (905) 668-5878
Gas: (416) 495-5194
Property Taxes: (905) 668-5803