Newcomer wants to buy a property

[EforEve]

I'll be landing soon in Toronto and plan to buy a condo/townhouse in 3 months after landing. My questions are as follows:

1. Since It will be a lump-sum payment, there is no need for me to find mortgage broker, am I correct?
2. In this case, do I need to hire a lawyer?
3. Who will be involved in the buying/selling process apart from buyer, seller, realtor?

Please advise. Thanks so much.

 

[zardoz]

I'll be landing soon in Toronto and plan to buy a condo/townhouse in 3 months after landing. My questions are as follows:

1. Since It will be a lump-sum payment, there is no need for me to find mortgage broker, am I correct?
2. In this case, do I need to hire a lawyer?
3. Who will be involved in the buying/selling process apart from buyer, seller, realtor?

Please advise. Thanks so much.

Based on my own experience...
1. No requirement. You are correct.
2. Yes, for some parts of the process, it's mandatory in Ontario. This may be true of other provinces.
3. It will involve 2 Realtors normally, (Buyers and sellers). Also see the answer to 2, so probably 2 lawyers. You absolutely should also have a Home Inspection done by a professional.

 

[nekeol]

I'll be landing soon in Toronto and plan to buy a condo/townhouse in 3 months after landing. My questions are as follows:

1. Since It will be a lump-sum payment, there is no need for me to find mortgage broker, am I correct?
2. In this case, do I need to hire a lawyer?
3. Who will be involved in the buying/selling process apart from buyer, seller, realtor?

that is good
I will suggest to check the property market and then invest
No need of mortgage with cash purchase
Lawyer is optional but always better to have
Property agents are required if u r buying used house, with new house no need

 

[EforEve]

Based on my own experience...
1. No.
2. Yes, for some parts of the process, it's mandatory in Ontario. This may be true of other provinces.
3. It will involve 2 Realtors normally, (Buyers and sellers). Also see the answer to 2, so probably 2 lawyers.

Could anyone please tell me why I need a lawyer? To review the purchasing/selling contract? That's all? How much does it cost for the lawyer fee? In my country, if anyone wants to buy a property, there's no need to hire a lawyer. So, I couldn't figure out what lawyer's roles will be? Please advise. Thanks so much.

 

[steaky]

Could anyone please tell me why I need a lawyer? To review the purchasing/selling contract? That's all? How much does it cost for the lawyer fee? In my country, if anyone wants to buy a property, there's no need to hire a lawyer. So, I couldn't figure out what lawyer's roles will be? Please advise. Thanks so much.

In Canada, you either need a notary public or lawyer to close the property transaction. They will review the selling contract, reviewing mortgage document, register title in the land registry and give you advice relating to your purchase. You need them to do so because they have the license (in that province) and you don't. Whereas in your country, you probably don't need to get a license to do so.

Sometimes lawyers charge less than a notary public. Also, a lawyer can act for you if something goes wrong while a notary public cannot. The fees varies from firm to firm. Also if you are a loyal customer, the lawyer might give you a discount and charge you less.

 

[mrbeachman]

Lawyer will cost you around $2000.

In Canada that usually includes a title insurance.

You definitely need a lawyer in Canada. I haven't heard of anyone buying a property without one.

BTW, large cash purchases from new immigrants sometimes trigger a warning from a bank. They (government) might open an investigation regarding the source of money involved. Yes, this happened to a Russian guy I knew who was buying a townhouse in Toronto.

 

[ALRIVAS]

Hi EforEve I think you should always hire a mortgage broker #1 is free of charge #2 they will get you the best interest rate if you go to a bank you have to deal with a banker that has little knowledge of mortgages.
No Lawyer no house they are the only ones that can push a bottom on the computer to register the property on your name.
Regarding the transaction depends who's selling the property could be a state sale,regular sale,assignment,new build,etc. in any case there is a seller and buyer both can be represented by a realtor or can be dealt without realtors and that's another reason you need a lawyer.
As mention before you should do a home inspection when buying a resale property 11 months old or older.
The last thing to keep in mind if you want to purchase real estate in Toronto is that your closing cost when buying for more than 400k will be higher than any other city.
mrbeachman has a good point when you deposit more than $10,000 must be reported to fintrac so be prepare to show documentation to track all your funds.
For more info visit my site alrivas .com I can help you with your transaction.

 

[torontosm]

Hi EforEve I think you should always hire a mortgage broker #1 is free of charge #2 they will get you the best interest rate if you go to a bank you have to deal with a banker that has little knowledge of mortgages.

If you actually read OP's message, he says he will be paying for the property in full and will not be getting a mortgage.

 

[mrbeachman]

I think he meant real estate broker

 

[rairaiken]

Recently bought a property...

1. You don't need a mortgage broker.
2. If you go with a realtor/agent, they take care of the lawyer. We didn't pay the agent and the lawyer. The seller pays them (commission). You still need to have a lawyer to read through the contract.
3. Normally, buyer and seller realtors, lawyers, and usually a house inspector. And of course, you.

 

[zardoz]

Recently bought a property...

1. You don't need a mortgage broker.
2. If you go with a realtor/agent, they take care of the lawyer. We didn't pay the agent and the lawyer. The seller pays them (commission). You still need to have a lawyer to read through the contract.
3. Normally, buyer and seller realtors, lawyers, and usually a house inspector. And of course, you.

In Ontario, we had to pay our own lawyer as a purchaser. It was not paid for by the sellers. The realtor was however.

 

[mrbeachman]

Correct. Buyers always pay their own lawyer (or a notary in Quebec) - no exception.

Perhaps what happened in this case the real estate agent was getting a very nice commission on a very expensive property and has his/her own lawyer as a part of the deal.

 

[ALRIVAS]

Hi guys in Ontario each person involved in a real estate transaction pays for their lawyer to represent them.
Is possible that as part of the deal either buyer or seller pays for both lawyers however this is not the practice.
Normally realtors have a team they use lawyers,inspectors,mortgage brokers,etc. is all about people you trust.

 

[nekeol]

Hi guys in Ontario each person involved in a real estate transaction pays for their lawyer to represent them.
Is possible that as part of the deal either buyer or seller pays for both lawyers however this is not the practice.
Normally realtors have a team they use lawyers,inspectors,mortgage brokers,etc. is all about people you trust.

it is up to both parties, if they don't want to hire lawyer still it is possible, many people are buying without lawyer.
hiring one lawyer is conflict of interest therefore buyer and seller must have separate lawyers or one has and other don't have.

 

[zardoz]

it is up to both parties, if they don't want to hire lawyer still it is possible, many people are buying without lawyer.
hiring one lawyer is conflict of interest therefore buyer and seller must have separate lawyers or one has and other don't have.

In Ontario, the buyer at least must use the services of a lawyer. This is not negotiable as only lawyers have access to the registration system.