Last Updated:
December 31, 2023

Posts tagged "real estate lawyer"
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Using Title Insurance for Unexpected Events

Sure buying a home is expensive, but cheating yourself out of title insurance is one costly mistake.  Title insurance is so cheap it’s surprising not everyone has it. You pay just a few hundred dollars for a one-time premium when you buy your home.  But not having title insurance in Ontario can cost you thousands. Quick Reads Is title insurance mandatory in Ontario? Does title insurance cover both future and past events? How do I get protection from future events? Image by Oner Peytob | Pixabay. Mandatory vs Definitely Worth Having: Title Insurance in Ontario Title insurance is not mandatory in Ontario, but it’s well worth the cost. It’s not a replacement for legal advice, but it can save you grief if a legal conflict arises. Prevent a title insurance scam.  Sophie’s Illegal Suite Take Sophie. The Canadian home buyer was ordered by city inspectors to remove an illegally built inlaw suite from a home she purchased. What happens if a previous owner failed to get building permits.  Sophie, who thought she was buying a home with extra accommodation, used her title insurance policy to change the space. Instead of adding a costly interior staircase the city required to approve the inlaw […] read more
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What’s the Trigger Rate for Your Mortgage?

Could the Bank of Canada (BoC) pull the trigger rate on your mortgage? The risk of trigger rate mortgage defaults goes way down when interest rates drop. But BoC increases to mortgage interest rates lenders charge can push your variable rate mortgage into trigger rate territory. That’s why you need to keep your eye on the trigger rate, and your hand on your wallet.    Quick Reads What is a trigger rate (Canada)? What happens if I hit my trigger rate? How do you calculate trigger rates? What is the current mortgage rate in Ontario? Will mortgage rates go up in 2023 in Ontario? What to do if your mortgage payments go up Image by Mahbub Hasan | Pixabay. Trigger Rate = Mortgage Borrower Beware Variable rate mortgages (VRM) are pretty tempting when interest rates are low. Shaving a few points off your interest costs and renewing regularly makes the most of your money. When interest rates go up though, your monthly payment may not be enough to cover both the principal and interest on your mortgage.  Let’s say your payments look something like this at the start of your five-year, closed term variable rate mortgage: Home purchase price = $500,000 […] read more
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False Pretences — Stop Organized Crime Homeowner Impersonators

Forged or fake documents may be all it takes for homeowner impersonators to steal your home. Organized crime is laundering its dirty cash through real estate frauds that target Ontario and Canadian homeowners.  Take action before real estate fraud chips away at your foundation. How Homeowner Impersonators Get Your Title Who is that stranger on your driver’s licence? Welcome to identity theft, where appearances are never what they seem. You may not know the criminal posing as you, but they know enough about you to take your home.  Who’s the Target You’re never too old or too young to be a victim of real estate fraud in Canada, especially if you: spend your winters abroad are an absentee landlord or paid your mortgage in full.  A Classic Case of Real Estate Fraud A Toronto-area couple who lost their home to homeowner impersonators wants you to know it could happen to you. Their title was stolen when they moved overseas to work. Three top scams according to Toronto real estate fraud lawyers.  “Stephanie” and “Derrick” were looking forward to moving back home. Little did they know homeowner impersonators had closed their mortgage loan under false pretences. Not only that, but the transfer fraudsters […] read more
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