Jerome Goldshlager - Goldshlager.ca

The Process... 3 Easy Steps

1) Make sure you will have mortgage financing. Before you begin looking for your home, find out if you'll be approved for a mortgage. Shop around with the different mortgage lenders for interest rates and once you know that you will be approved for a mortgage, you can go forward and look for your house or condominium. If you do not have at least 20% down-payment for your purchase, your mortgage will be subject to CMHC fees – please click here for a CMHC calculator. CMHC fees are fees that are added to your mortgage and are blended into your mortgage payments for repayment. The fees are added on to the mortgage to insure the mortgage since the property is considered a high-leveraged property due to the fact that it has less than 80% equity.

2) You've either already signed an Agreement of Purchase and Sale or you are going to sign one. If you haven't already signed one, your real estate agent should make it "Conditional Upon Lawyer's Review." Retain a Real Estate Lawyer to review your Agreement of Purchase and Sale and advise of any amendments or revisions that s/he believes should be put into the Agreement of Purchase and Sale. Some typical clauses that are included in the Agreement of Purchase and Sale are that the purchase is "Conditional upon Home Inspection" and/or "Conditional upon Financing". If your Agreement of Purchase and Sale is not Conditional Upon Lawyer's Review, you should still have a Real Estate Lawyer review it, albeit after the fact, to advise you of any problems that the Real Estate Lawyer believes may occur.

3) Call a Real Estate Lawyer and retain his or her services. Once you've spoken with your Real Estate Lawyer about your impending purchase and retaining his/her services, have your real estate agent fax a copy of the Agreement of Purchase and Sale to the lawyer's office.

My services include, but are not limited to:

Advising on the Agreement of Purchase and Sale;
Searching title against the property to ensure that you are buying it free and clear;
Searching executions against the Seller to ensure that the property can be sold with no creditors demanding monies from the sale of the property;
Acting for the institutional mortgage lender as well as the purchaser in facilitating the mortgage financing (if applicable);
Facilitating a title insurance policy, if desired; and
Drafting the legal documents that are necessary for the purchase.

What I need

I shall require the following:

The birthdates of all Purchasers prior to our meeting.
Your mortgage lender(s) to remit mortgage instructions to my office prior to our meeting and as soon as possible.
A copy of your home insurance policy for the property showing that the mortgage lender is the First Loss Payee or the Loss Insured prior to our meeting. Simply advise your home insurance provider to fax my office the home insurance certificate/binder confirming your mortgage lender’s information is on your policy. (Note that if you are buying your condominium, an insurance policy is not necessary with respect to the mortgage lender, unless otherwise advised.)
A certified cheque or bank draft payable to Jerome Goldshlager, In Trust, to be brought to our meeting. The amount to be determined shall be based on the purchase price, land transfer tax, legal fees and disbursements as well as the mortgage(s).
3 of the following 4 pieces of identification: Drivers License, Passport, SIN and/or Birth Certificate to be brought to our meeting.

Land Transfer Tax

Details

When purchasing a property, the buyer has to pay Ontario (Provincial) Land Transfer Tax, which is a provincial levy that is paid on the purchase of all properties in Ontario. If purchasing a property that is wholly situated in the City of Toronto, there is an additional Toronto (Municipal) Land Transfer Tax levied which was approved by the Toronto City Council on October 22, 2007, and which takes effect on February 1, 2008. For further information on the Toronto Land Transfer Tax, please refer to http://www.toronto.ca/taxes/mltt.htm.

The Ontario Land Transfer Tax is charged as follows:

0.5% on amounts up to and including $55,000
+1.0% on the amount exceeding $55,000 up to and including $250,000
+1.5% on amounts above $250,000 up to and including $400,000
+2.0% on amounts above $400,000 up to and including $2,000,000
+2.5% on the amount in excess of $2,000,000

If you are a first time buyer of a brand new condominium or house, you can receive a maximum rebate of up to $2,000 of this Ontario Land Transfer Tax.

The Toronto Land Transfer Tax is charged as follows:

0.5% on amounts up to and including $55,000
+1.0% on the amount exceeding $55,000 up to and including $250,000
+1.5% on amounts above $250,000 up to and including $400,000
+2.0% on amounts above $400,000 up to and including $2,000,000
+2.5% on the amount in excess of $2,000,000

If you are a first time buyer of a condominium or house, whether new or existing, you can receive a maximum rebate of up to $3,725 of this Toronto Land Transfer Tax. Depending on your situation, the Toronto Land Transfer Tax rebate will either be applied on your closing date or will be remitted to your new home after closing. Click here for more details.

CMHC Calculator

If you don't have 20% down payment for the purchase of your home, you can still get a mortgage, but CMHC insurance will be required. Mortgage lenders will require your mortgage loan to be insured if your down payment is less than 20% of the purchase price of the home (also called a high leveraged mortgage). The less your down payment, the higher the insurance premium. The premium amount is added to your mortgage and is amortized over the term of the mortgage. To obtain CMHC Mortgage Loan Insurance, your mortgage lender will pay an insurance premium and will then pass these costs on to you such that the insurance premium forms part of your mortgage. Your lender will give you the exact price when you apply for a mortgage. By protecting lenders against borrower default, CMHC Mortgage Loan Insurance creates an opportunity for Canadians to purchase their home with only a fraction of the down payment. For additional information, please visit http://www.cmhc-schl.gc.ca/en/corp/faq/faq_006.cfm.

Purchase Price:	$
Downpayment:	$
Total CMHC Fees*:
Total HST Payable:
Mortgage Required:
Amount of Mortgage To Be Registered*:
Net Mortgage To Be Advanced* (Purchase Price minus Down Payment minus Total HST Payable):
Note: HST is due the date of closing and is not rolled into a mortgage. *Values are approximate only and are for illustrative purposes. Values are not to be relied on and you should discuss with your mortgage lender.

Jerome M. Goldshlager, B.Sc., M.B.A., LL.B.
Barrister & Solicitor

Direct Fax: 1-866-831-6419

Office Address
3295 Dufferin Street, 2nd Floor
Toronto, ON, M6A 2T4
Office: 289-81-JGLAW
289-81(5-4529)

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