Whether you're seeking to purchase a new home, or aquire commercial/industrial properties, development sites, or sell an existing property, the Tradeworld team can deliver the results you're looking for. In addition, we work closely with many leading developers in the marketing, promotion and sale of their new residential projects across the GTA.
The Greater Toronto Area offers a world of opportunity for those searching to buy a new home or investment property. Let Tradeworld guide you to the condo, townhome, detached home, investment property or development site that is right for you, with services to help make the process quick, easy and enjoyable.
Assess your needs and desires in a new home or investment property
Evaluate current market conditions and available homes
Recommend best neighbourhoods re: value and future resale potential
Estimate all costs in purchasing a home or property including land transfer tax, other taxes, legal fees and more
Review all current MLS and private listings and daily monitoring of new homes as they are listed
Seek prospects through our vast international network of past clients, investors and contacts
Arrange private tours of available homes at your convenience
Assess value and other attributes of all homes that interest you, including comparison of comparable homes recently sold in the same area
Explain Tarion new home warranty program and what it exactly covers
Prepare, present and explain any Agreement to Purchase, and other related documents
Negotiate to ensure your new home is purchased at the lowest price and best terms
Represent you during the entire process and keep you fully informed of the progress of the agreement, including all contingencies and conditions, up to and including the closing and the successful completion of your purchase
Before keys can be released by the lawyer for the purchaser on the date of closing, the mortgage lender must provide closing funds, closing cheques must be certified, documents must be exchanged between the lawyers for the buyer and seller, and the land registry office registrations must be completed.By the time all of those things happen on the closing date (so that the key can be released to the purchaser), it will usually be late in the afternoon and often be about 5 p.m. on the date of closing.THEREFORE if you are moving on the closing date or arranging for work to be done on your purchased residence, we suggest that you consider arranging your movers to arrive at the property late in the afternoon on the closing date in order to avoid unnecessary moving costs if you are paying movers on an hourly basis.
If you are moving into a condominium requiring the use of an elevator, contact the management office well in advance of the closing date to reserve an elevator. It is best to complete the purchase at least one day before moving since, if you try to schedule your move on the same date as the purchase completion, you will likely not receive a key until late in the day (about 5 p.m.) on the closing date.
Fire and Contents Insurance
Purchases of residences (that are NOT condominiums) CANNOT be completed without a FIRE INSURANCE BINDER being provided to the purchaser's lawyer prior to closing the purchase. Make sure your insurance agent faxes to the lawyer the fire insurance binder for GUARANTEED REPLACEMENT COST prior to closing if you are buying a residence that is not a condominium.
If the residence is a condominium, although the condominium corporation will have insurance for the entire project, it is necessary for the unit owner to arrange insurance for the contents of the unit purchased and for public liability. Make sure that such insurance is placed before closing to be effective on the closing date and that such insurance covers any deductible that might become payable to the condominium corporation for a claim under its insurance. In some cases, some mortgage lenders and builders require such condominium unit insurance for contents and liability to be in place prior to finalizing the occupancy closing.
Closing Cheques and Appointment in the Law Office Prior to Closing
About TWO DAYS prior to closing (or as soon as our office has been able to complete the accounting for the closing funds after the seller's lawyer provides the statement for closing adjustments and any mortgage lender confirms the net mortgage funds to be provided for closing) you will be contacted for an appointment to sign the closing documents in the law office (we have evening and Saturday hours) and, at the time of making the appointment, you will be advised about the cheques required for closing. Cheques required for closing must be by CERTIFIED CHEQUE or by BANK DRAFT payable to "S. SHUB, IN TRUST" and be received in this law office at least 24 HOURS PRIOR TO THE CLOSING DATE so that we can be prepared to complete your purchase on the scheduled date of closing. Cash amounts over $500.00 will not be accepted since we do not have security for cash transactions. When meeting to sign the closing documents, all closing adjustments and expenses will be completely reviewed with you.
Please note that, even if a property is being registered in one spouse's name, if you are married and if the home being purchased will be a principal residence, both spouses must usually attend to sign documents for closing.
NOTE: AT THE TIME OF THIS MEETING TO SIGN THE CLOSING DOCUMENTS, PLEASE BE PREPARED (UPON ARRIVAL IN THE LAW OFFICE) TO SHOW THE RECEPTIONIST YOUR PERSONAL PHOTO IDENTIFICATION (UNEXPIRED PASSPORT, DRIVER'S LICENCE AND SOCIAL INSURANCE CARD) WHICH WILL BE PHOTOCOPIED FOR THE FILE RECORDS PRIOR TO FINALIZING EACH AND EVERY TRANSACTION PROCESSED. IF ONE PERSON (WHO MUST SIGN ON CLOSING) WILL NOT BE AVAILABLE, YOU MUST ARRANGE A POWER OF ATTORNEY WELL BEFORE CLOSING.
Closing Adjustments to the Purchase Price
The certified cheque you will be asked to bring for closing will include any closing ADJUSTMENTS to the purchase price.Your Agreement of Purchase and Sale states that the balance of the purchase price on the closing date will be paid by certified cheque subject to the usual adjustments.On a resale home, adjustments include items already prepaid beyond the closing date by the seller that benefit the purchaser after the closing date, and a credit is given to the seller as an adjustment on closing. Some examples of closing adjustments on a resale home are for prepaid realty taxes, prepaid condominium fees (if the property purchased is a condominium), and fuel oil (if the property has an oil furnace). On a new home purchased from a builder, closing adjustments are greater than on a resale home since adjustments (when buying from a builder) can include hydro and water meter installation costs, Ontario New Home Warranty Enrolment Fee and many other items not normally adjusted when one buys resale property.
BE AWARE THAT IF YOU ARE ARRANGING AN INSURED MORTGAGE (where your cash down payment is less than 20% of the purchase price), the mortgage lender (on closing) will deduct certain costs from the mortgage advance. PLEASE CONFIRM with the mortgage lender as to what costs will be deducted. (For Example: 8% provincial sales tax on the mortgage insurance premium, appraisal fee, property tax holdback or interest adjustment, if any). If a power of attorney is being used for closing the transaction, written pre-approval for the use of the power of attorney must be obtained from the mortgage lender AND YOU MUST SATISFY THE REQUIREMENTS on the "FREE POWER OF ATTORNEY" page on this website.
It is your responsibility to arrange any mortgage financing which you might require to complete the purchase.Once you arrange the mortgage, it will be your responsibility to:
Satisfy any special requirements by the lender (e.g. - proof of income, proof of cash down payments, payment of other debt obligations, if required by the mortgage lender, etc.) in order to avoid financing problems on closing day;
Please confirm with the mortgage lender that mortgage instructions have been sent to our office so that we can finalize processing your mortgage financing for closing.
Informal Loans from Friends or Relatives
In order to complete the purchase, if you intend to borrow any funds (on an informal basis) from a relative or friend, you should encourage such arrangements to be in writing in order to avoid any future misunderstandings and the funds should be protected by registering a security against the property being purchased. Any such lender is encouraged to obtain independent legal advice when making such a loan.
If Closing Funds are Being Provided by One Partner
If a partner to the transaction is providing a greater portion of the cash down payment (than the other partner), whether or not the partner providing such funds will be registered on title, it is highly recommended that you provide written instructions for our office to prepare a partnership agreement (typically $50.00) and that each partner to the transaction obtain independent legal advice.
Names for Ownership Registration
Please advise as to how you wish to take title to the property. Please note that you may not use initials of given names in Land Registry documents. The birthdate of each person who will be taking title to the property is required.
Please note that, even if a property is being registered in one spouse's name, if you are married and if the home being purchased will be a principal residence, both spouses must usually attend to sign documents for closing.
Where title is held as "joint tenants" and one of the owners dies, the surviving joint tenant automatically becomes the owner of the property no matter what a last will and testament might state. This is the manner of holding title most commonly used by spouses.However, where 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 and testament made by the deceased.
If more than one person will be shown on title as owner (not being a married couple) and if only one person is providing all, or a substantial portion, of the funds needed for the purchase, you may wish to consider entering into a special written agreement to avoid any future misunderstanding with respect to your shares of ownership, your respective obligations regarding monthly carrying costs and distribution of net proceeds upon an eventual resale of the property. Should you wish such an agreement to be prepared for signatures when you sign final closing documents, please inform this office (our fee for such a typical agreement is $50.00). It is also advisable for each purchaser to consider obtaining independent legal advice before entering into such an agreement.
We recommend to all purchasers a title insurance policy which will provide title protection against title defects, survey issues, liens, work orders, frauds, forgery, etc. as provided by the PLATINUM TITLE INSURANCE POLICY issued by FIRST CANADIAN TITLE INSURANCE COMPANY. The title policy ordered will be sent to you after closing the purchase and such policy will exist for your entire period of ownership of your residence, no matter how many years you own the property. Should you not want title insurance to be ordered, you must inform our office in writing at least one week before closing.
If Your Purchase is from a BUILDER
If you have bought a newly constructed residence, you should attend at the property prior to closing to inspect and prepare a list of matters requiring the attention of the builder.The inspection appointment time must be arranged by you with the builder's representative. At that time, you will complete the Certificate of Completion and Possession for delivery by the builder to the TARION Warranty Program. All items outstanding must be noted. The Warranty Certificate issued should be received by you and a copy should be provided to our office prior to closing.
As a purchaser of a newly constructed home, you have various rights pursuant to the Warranty Program and, in particular, there are provisions by which you may compel the completion or rectification of prescribed items of construction. To familiarize yourself with your rights as well as the procedures and times within which they must be enforced, refer to www.tarion.com or contact 5150 Yonge St., concourse level, Toronto, Ontario, M2N 6L8 (corner of Yonge Street and Park Home) Tel. 1-800-668-0124.
Utilities and Cable T.V. and Moving Checklist
BE AWARE that most hydro departments (or meter check services) no longer accept a lawyer's letter for purchaser information and for arranging to read an electrical meter on the closing day so that a seller is billed up to closing day with purchaser billed after closing day. As a purchaser, you must make such arrangements.Although our office will be notifying some departments to read any meters, YOU MUST contact any such departments concerned in order to confirm arrangements for making final meter readings. Any such meters will be read on the date for completing the purchase so that you will only be responsible for payment of utility accounts after the date of closing. For most telephone numbers (in the area around Toronto) for water, hydro and gas, click on "UTILITIES" on our home page of this website.
If you have cable television, please advise the cable company of your move. You must also arrange for telephone service to be connected.
Should the water supply for the property you are purchasing be from a well (rather than from a city water supply system) it will be your responsibility to obtain a water sample kit from your local heath department (416-235-5952); to attend on the property you are buying and get a water sample; to attend on the local health department and confirm the water is free from contamination.
For a moving checklist, click on MOVING CHECK LIST on our home page of this website.
If You are Purchasing a Condominium
This is a warning about the types of rules that affect many condominiums. Should you be concerned about what rules are imposed by the Condominium Corporation in which your purchased unit is located, we suggest you immediately speak with the property management office.
Some types of rules relate to the following kinds of items:
carpeting on various types of floors to reduce sound transmission; or no hardwood floors (unless management consent is obtained in writing)
no barbequing on balconies
no satellite dish (use of common area cable T.V. system is required)
no parking of commercial or recreational vehicles
use of elevators for moving sometimes have restrictive hours, require reservations and/or security deposits. IF YOU ARE PURCHASING A CONDOMINIUM WHERE AN ELEVATOR OR A LOADING AREA must be used for your move, contact the management office as soon as possible to book your reservation for moving.
no office, business or commercial uses within condominium units
pet restrictions that might relate to the kind of pet, the number of pets or the maximum weight of a pet.
types and colour of window coverings, (white or off-white) as can be seen from exterior of building
plantings and other uses of exterior patios
unit owner's liability for damaged exterior doors, including garage doors and/or added items such as central air, fireplaces, etc.
noise generated by musical instruments
restrictions on short term rentals and other tenancy requirements if you intend to rent the unit.
If you do not comply with a specific rule affecting your condominium, the Corporation has the right to get a court order directing compliance and ordering payment of legal costs by the unit owner. If you intend to rent your unit, insert a clause in the tenancy agreement that the tenant will comply with all rules and by-laws of the Condominium Corporation.
CONDOMINIUM COMMON AREA CHANGES AND INTERNAL UNIT CHANGES
The Condominium Act of Ontario states that no changes may be made to the common areas, including exclusive use common areas, without consent of the Board of Directors and without first obtaining the consent of at least a majority of the unit owners. Accordingly, if you notice that there have been any changes made to the common areas of your specific unit, such as installation of a central air conditioning unit, the construction of a deck, garden shed or fence, or the enclosure of a balcony, please make direct contact with the management of the condominium prior to closing to verify whether any such changes have been consented to or were originally installed by the builder when the property was originally built. Similarly, if you intend to make any exterior changes to the common areas, you must first obtain the consent of the Board of Directors (in writing) and fulfil the requirements of the Condominium Act as to the consent of the other unit owners. Should you wish to arrange for Condominium management to inspect the unit to confirm that a seller or a prior owner has made no unauthorized changes, please contact management directly.
If it appears to you that the seller has made internal changes to the unit or common area changes, we recommend that you ask management whether or not such changes were approved by management. Should a purchaser wish to make changes, written approval must be obtained from management.
As you are purchasing real estate, you should consider preparing a will at this time. It is normal for people to delay in preparing a will; however, the extra cost of $75.00 per person (if a couple) or $88.00 (if single) is small in comparison to the additional costs that can be incurred in administering an estate where there is no will.
Important information about the Ontario Land Transfer Tax Refund: Effective April 1, 2000, the Ontario Land Transfer Tax Act was amended making the refund to eligible first-time purchasers of newly constructed homes permanent so that it is no longer necessary (as it was in past years) to be concerned with annual renewals of the program.
NOTE: On December 13, 2007, the Ontario government's mini budget announced that first time buyer Ontario land transfer tax refund (up to $2,000.00) will also be extended to resale homes provided that the offer was accepted on or after December 14, 2007: See below, section B, FIRST TIME BUYER BUYING A RESALE HOME.
FIRST TIME BUYER OF NEW HOME: You must be a first-time home buyer of a newly constructed home or condominium registered with the Ontario New Home Warranty Program (ONHWP). Condo conversions (from older buildings) do NOT qualify! Your Agreement must have been accepted by the builder on or after May 8, 1996 and you must use the home as your principal residence.
NEVER OWNED A HOME: You (or your spouse) must be at least 18 years of age and never owned an interest in a home anywhere in the world (since you became spouses). Spouse includes a common-law spouse of three (3) years or more or where there is a natural or adoptive child between the common-law spouses. If, since becoming spouses, both spouses did not own a home, but one spouse owned a house which was sold prior to marriage (resulting in such spouse who did own a home being disqualified as a first-time buyer), the remaining first-time buyer spouse may claim total available refund (even if both spouses take title).
PARTNERSHIP PURCHASE (NON-SPOUSAL): If father and son buy a home (or any two non spouses) and one (only) is a first-time buyer with a 50% interest (for example), such first-time buyer can claim a refund of 50% of the Ontario Land Transfer Tax refund available being half of $2,000.00.
MAXIMUM REFUND: If your Agreement with the builder was entered into:
On or before March 31, 1999, maximum refund is $1,725.00;
On or after April 1, 1999, maximum refund is $2,000.00.
The refund is instantly available on closing of the real estate purchase. Any amount of Ontario land transfer tax above the allowed maximum refund must be paid on closing.
Where a qualifying purchaser did not claim an immediate refund at time of a purchase closing, the tax will be payable at that time and a refund claim may be made directly to the Ministry of Finance. This application must be made within eighteen months of registration of the conveyance and no interest is payable on this refund. The following documentation must be submitted in order for a refund claim to be processed (if claim for refund was not made by purchaser's lawyer, for the purchaser, at the time of closing):
A properly completed Ontario Land Transfer Tax Refund Affidavit form,
Copy of the registered transfer/deed,
Copy of the agreement of purchase and sale,
Copy of the statement of adjustments at time of completion of purchase,
Copy of the Tarion New Home Warranty Certificate.
FIRST TIME BUYER BUYING A RESALE HOME
In addition to first time buyers (who buy from a builder) being entitled to a land transfer tax refund of up to $2,000.00, first time buyers of resale homes will also now be eligible for a rebate of Ontario Land Transfer Tax of up to $2,000.00 on any resale home purchased in Ontario where the agreement of purchase and sale is entered on or after December 14, 2007. As of August /08, the refund is instantly available on the closing date.
Eligibility requirements for resale homes, is the same as for new builder homes:
Purchaser must be 18 years or older
Must use property as principal residence within 9 months of closing
The spouse of the first time buyer must not have owned any residential property anywhere in the world during the marriage
Payment to You of Proceeds After Closing and Spousal Consent
Please be aware that, typically, the net sale proceeds are available by certified cheque payable to the registered owners at about 1 pm on the business day after closing your sale. Should a purchaser's deposit, which is being held by the realtor (in trust) until the sale closes, be greater than the realtor's commission (plus G.S.T.), any excess funds from such deposit will be refunded to you directly from the realtor after the transaction is completed. Be aware that in cases where a power of attorney is being used to complete a sale, the net sale proceeds will still be payable to the registered owner(s) and not to the person holding the power of attorney.
If two or more persons are selling a property, we shall require you (prior to closing) to confirm in writing how the net sale proceeds are to be payable if you wish separate cheques to each owner/vendor; otherwise, you will be provided with one certified cheque for the entire net sale proceeds at about 1 pm on the business day after closing your sale payable to all registered owners. Should you prefer separate cheques to each owner, you should consider obtaining independent legal advice before directing our law office in writing as to how such funds are to be divided.
If ownership of the sold property is in only one spouse's name but the home has been a matrimonial home, the other spouse (who is not a registered owner) must not only attend in our office prior to closing in order to sign a consent for the sale completion (on the deed to the purchaser) but also sign a direction that all net sale proceeds are to be payable to the spouse who is the registered owner (in such an event, we recommend that the consenting spouse obtain independent legal advice prior to signing); otherwise, the net sale proceeds will be paid to both spouses even though one spouse is the registered owner. This rule only applies to a property that is a matrimonial home and does not apply to a property that always was an investment, in which event no spousal consent is required.
Cancellation of Your Existing Fire Insurance and Vacancy Over 30 Days
Please do NOT make any arrangements to cancel your fire insurance policy until after you have confirmed with this office that your sale has, in fact, been completed. Also be aware that if the property you are selling will be vacant for more than 30 days before the closing date (or any extended closing date), you must advise the fire insurance company to cover the increased risk due to any vacancy prior to closing.
Appointment in the Law Office Prior to Closing
You will be contacted about TWO DAYS prior to closing for an appointment to sign the closing documents in the law office (evening and Saturday hours are available). Please be prepared to leave at least one key for the sold property with this office at that time. AT THE TIME OF OUR MEETING TO SIGN THE CLOSING DOCUMENTS, PLEASE BE PREPARED (UPON ARRIVAL IN OUR OFFICE) TO SHOW THE RECEPTIONIST YOUR PERSONAL UNEXPIRED PHOTO IDENTIFICATION WHICH WILL BE PHOTOCOPIED FOR OUR FILE RECORDS. THIS PROCEDURE IS NOW REQUIRED PRIOR TO FINALIZING EACH AND EVERY TRANSACTION PROCESSED BY OUR OFFICE.
If you are coming to the office for an appointment to sign in the evening or on a Saturday and, if you have difficulty speaking English, you must bring an interpreter with you. If you are relying upon our office to provide an interpreter for normal daytime office hours, please confirm (at the time the closing appointment is arranged) that our office interpreter will be available; otherwise, you should arrange for your own interpreter (perhaps your real estate agent) to attend with you in our law office for the closing appointment.
If Power of Attorney is being Used for Closing
If you are completing the sale by using a power of attorney authorizing another person to sign closing documents for you, all net sale proceeds will still be payable to ONLY the registered owner(s).
Any power of attorney being used for closing, must be arranged well before closing.
If the Seller is a Non-Resident of Canada
If at the time of closing, you will not be a Canadian resident, please contact our office to discuss the sale processing for non-residents.
Utilities, Cable T.V. and Moving Checklist
YOU MUST NOTIFY (prior to closing) all applicable departments concerned to confirm arrangements for making final meter readings. Any such meters will be read on the date for completing the sale so that you will only be responsible for payment of utility accounts up to the date of closing.
If your property is in the CITY OF TORONTO and if you have NO water meter because you are on a flat rate payable every 6 months, you must immediately advise our office regarding your prepaid water so that the proper adjustment for prepayment can be made.
If you have cable television, please advise the cable company of your move. You must also arrange for telephone service to be disconnected.
If the residence being sold by you is heated by oil, you must inform us in writing and arrange to fill the fuel oil tank as of the date of closing and to pay the cost of filling the tank at that time. A copy of the final fill receipt should be given to our law office when signing your final papers prior to closing. On closing, as indicated in the Statement of Adjustments which we shall prepare, you will be given credit for a full tank of fuel oil. If a full tank is not provided, a dispute might arise as to the actual amount of fuel oil in the tank on closing; by filling the fuel oil tank on closing, such a dispute can be avoided.
Instalment Payments due Prior to Closing and Postdated Cheques
PLEASE NOTE THAT ANY PROPERTY TAX, COMMON EXPENSE, OR MORTGAGE PAYMENTS FALLING DUE ON A DATE PRIOR TO THE CLOSING DATE MUST BE PAID BY YOU BEFORE CLOSING. ANY NECESSARY ADJUSTMENTS WILL BE MADE BY OUR OFFICE ON CLOSING FOR ANY PREPAID PAYMENTS THAT COVER A TIME PERIOD BEYOND CLOSING.
WARNING REGARDING CANCELLATION OF AUTO PAY OR PRE- AUTHORIZED CHEQUING PLANS OR POST-DATED CHEQUES: It is your responsibility as a vendor to make certain that any such pre-authorized chequing plans or post-dated cheques are stopped at your bank for any payments falling due after the closing date for items such as property tax payments or common area expenses.
Documents Required by the Law Office to Finalize Processing of File for Closing
The following items must be provided to the Law Office by fax or by mail or by delivering photocopies (which our reception can make for you at no cost to you) to our office as soon as possible so that we can prepare the file for closing in advance of the closing date:
Copy of Transfer/Deed (which is the ownership document to be found in your legal documents which you would have received when you purchased the property);
Details of any existing mortgages, including:
Name of mortgage company
Address and telephone number
Mortgage account reference number (if applicable)
Current year's realty tax bills (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 date. (We also require total amount of property taxes paid for the prior year.)
Copy of survey (if property is not a condominium);
Your forwarding address and future telephone number (if available) after closing your sale.
Working with leading builders and developers, the Tradeworld Team helps them attain the full market value for their properties, with services ranging from the initial feasibility studies to the successful sell-out of the community or building.
Feasibility studies beginning with a site inspection
Competitive market analyses including traffic, sales results, pricing, product design,
demographics and more.
Recommendation on home size, floor plans, features and finishes, and selling prices
Staffing sales office with seasoned realtors and responding to all pre-opening sales calls
Work closely with planners, architects, interior designers and advertising agencies
Assist in marketing and advertising campaign development including brochures,
websites, emai·l communications, referral programs, etc.
Plan and supervise all sales events including Previews and Grand Opening
Work closely with all buyers and prospects including providing mortgage assistance,
reviewing all offers and post-sale follow-up
Provide ongoing builder support including price/incentive changes where
recommended, and info from BILD, Realnet, TREB and MLS as required.
Provide brokers in major cities around the world with info on your project, including
being able to initiate the buying process online
Ensure sales strategies and goals are successfully met throughout the process