Residential Real Estate – Commercial Real Estate – Real Estate Litigation
Real Estate law in Ontario, governs the buying, selling and use of real property. Ontario Real Estate and Business Brokers Act (REBBA) sets out the rules for real estate agents and brokers, including licensing requirements, duties, and responsibilities towards clients, disclosure requirements, and trust accounting rules. Ontario operates on a land registration system, where all real estate transactions are registered with the provincial land registry office. Title must be clear and transferable and any encumbrances or liens on the property should be disclosed.
Real estate transactions are formalized through agreements of purchase and sale. These contracts outline the terms and conditions of the sale, including the purchase price, closing date, and any special conditions. Deposits made by buyers in real estate transactions are protected under REBBA, and the funds are held in trust by the seller’s real estate brokerage until the closing of the transaction.
In Ontario, newly constructed homes are protected by Tarion Warranty Corporation, which provides warranties against certain defects and protects homebuyers in case of builder issues.
There may be restrictions or additional requirements for foreign buyers looking to purchase residential properties in certain areas or under specific circumstances.
Rental properties in Ontario are subject to rent control regulations, which limit the amount and frequency of rent increases that landlords can impose on tenants. Ontario has property tax laws that determine the amount of property tax homeowners must pay based on the assessed value of their property.
Yash Verma Law Firm Professional Corporation can provide the following services.
