Real estate is most often the single largest investment you will make. At Rainwood Law, we have the expertise and experience to guide you through the legal landscape to protect that investment. We are here to assist clients whether you are purchasing or selling a property or business, refinancing, institutional or private mortgages, commercial loans, title transfers, and survivorship applications, to name a few.

When should you contact the solicitor? At Rainwood Law, we encourage you to contact our office to ask questions and to obtain a quote. We can assist with drafting the Agreement, reviewing the Agreement, or simply explaining the process.

Our services include:

• Residential Real Estate Purchase and Sale
• Commercial Real Estate Purchase and Sale
• Construction Financing
• Residential Mortgage
• Refinancing
• Commercial Loan
• Transfer of Title
• Survivorship Applications
• Private Mortgage

Purchasing

Purchase of real estate (residential and commercial), or the purchase of a business, is an exciting time but can also be a time of stress and uncertainty. At Rainwood Law, we are here to make this process as stress free as possible. If an unforeseen issue arises – and it happens – rest assured that we are there to help you find the best solution.

First-time home buyers
When you buy land or an interest in land in Ontario, you pay land transfer tax (LTT). First-time home buyers of an eligible home may be eligible for a refund (up to $4,000.00) of all or part of the Ontario LTT. The amount of the refund depends on the purchase price and the proportion of the interest acquired by the first-time home buyer. The refund is instantaneous meaning that you only have to pay the remaining tax owing on the actual closing date.

If you purchased a home in Toronto, you are subject to an additional LTT. Thus, home buyers in Toronto are charged the Ontario LTT plus the municipal LTT. Similar to qualifying for a refund off of the Ontario LTT, first-time home buyers would obtain a separate refund (up to $4,475.00) off of the municipal LTT.

Mortgage
Having a good mortgage agent/broker assisting you is just as important as having a good lawyer. Your mortgage agent will help you to secure a loan from a lender at the best interest rate based on your current circumstances. Your mortgage terms will be affected by the size of your down payment, your credit score, your employment, etc., among other things. Securing a mortgage approval takes time, so it is highly recommended that you speak with your mortgage agent several months in advance of your closing.

The Process
Retainer. At Rainwood Law, there is an initial conversation with our clients to gather important information about your transaction. We also provide our clients with important reminders that they will need to take care of before closing and post closing.

Title Search. Part of the lawyer’s responsibility is to search the land titles to identify any issues on the title of the property. A requisition letter is then submitted to the seller’s solicitor and the closing documents are prepared.

Signing Paperwork. At Rainwood Law, clients meet with a solicitor to review and sign all the documents including the title and mortgage documents. Any funds needed for the closing are also given to the solicitor at the time of the meeting.

Closing Date. Once the buyer’s solicitor and seller’s solicitor have processed the closing documents, you will be notified as soon as the transaction has closed and you may collect the keys at that point.

Refinancing

People refinance for many different reasons: your mortgage is approaching the end of its term and you need to renew the mortgage, or you are consolidating your debts, or you wish to take advantage of lower interest rates, or perhaps you wish to draw on the equity of your home for renovations or other investments.

Regardless of the reason, you will need a solicitor to help you through this process and to ensure no legal issues arise. Contact Rainwood Law to ask questions and to obtain a quote.

The Process
Mortgage. Speak with your current lender to find out what are their renewal terms. You should also consider refinancing with a different lender. Once you have decided on a lender, it is important that you provide your mortgage agent with our office’s contact information.

Retainer. At Rainwood Law, there is an initial conversation with our clients to gather important information about your transaction.

Title Search. Part of the lawyer’s responsibility is to search the land titles to identify any issues on the title of the property. We also prepare the mortgage documents in accordance with your lender’s mortgage terms.

Signing Paperwork. At Rainwood Law, clients meet with a solicitor to review and sign all the documents.

Closing Date. Your lender will forward the mortgage advance directly to Rainwood Law’s trust account. Once received, your new mortgage is registered on the title and we disburse the funds in accordance with your mortgage terms.

Selling

Selling a home is an exciting time but also a time for caution. Make sure you know what you are agreeing to before you sign on the dotted line of the Agreement. Contact Rainwood Law early to ask questions and to obtain a quote, so that your sale closes without a hitch.

At Rainwood Law, we ensure that the title is legally transferred to the new buyer. This includes ensuring that we receive the funds from the buyer, adjusting for property taxes and common expense fees if applicable, obtaining payout statements from the bank and commission statements from your realtor, responding to the buyer’s requisitions, and certifying the funds before depositing it into our client’s account.

The Process
Retainer. At Rainwood Law, there is an initial conversation with our clients to gather important information about your transaction. We also provide our clients with important reminders that they will need to take care of before closing and post closing.

Signing Paperwork. We will schedule an appointment with you. At Rainwood Law, clients meet with a solicitor to review and sign all the documents. At the meeting, you will also provide a set of keys, two pieces of IDs, and a void cheque if you wish for us to deposit the funds directly into your account.

Closing Date. Once the buyer’s solicitor and the seller’s solicitor have processed the closing documents, you will be notified as soon as the transaction has closed and thereafter the funds shall be provided to you.