Frequently Asked Questions from Clients in Stoney Creek

1. Why choose MacKinnon Law Associates?

We are responsive and conscientious lawyers who make a difference to our clients. We address our clients' legal concerns professionally and personally at reasonable rates.

2. I am a first-time home buyer. What do I need to know?

Most importantly, you should relax because we are here to help and to answer any questions you may have. Remember, there are no dumb questions. Other things you may wish to find out more about:

• As a first-time home buyer you may qualify for the Ontario Land Transfer Tax Refund of up to $4000.00;
• You should obtain a written Mortgage Commitment (not just Pre-Approval) from your mortgagee (bank) before you waive the financing condition in your Agreement of Purchase and Sale;
• If you wish, we can review the Agreement of Purchase and Sale before you sign it, or during the conditional period - this is especially recommended for the purchase of new homes from developers where the contract can be very long and detailed;
• If you are purchasing a condominium, you should have Status Certificate condition clause in the Agreement of Purchase and Sale and have us review the Status Certificate before the deal is firm;
• You should have a home inspection condition clause inserted in the Agreement of Purchase and Sale;
• Closing costs include: lawyer’s legal fees, disbursements (title and off-title searches and out-of-pocket expenses), Land Transfer Tax and Registration Fees.

3. I am selling my home. What do you need from me?

We will need the following:

• Two pieces of valid identification and telephone/email address where we can reach you during the day
• Agreement of Purchase and Sale
• Existing registered Transfer/Deed of Land and Survey (if one exists)
• Existing registered Mortgage and Mortgage Reference Number (including lines of credit)
• Proof of Property Taxes paid
• Proof of Water account paid

4. I am buying my home. What do you need from me?

We will need the following:

• Two pieces of valid identification and telephone/email address where we can reach you during the day
• Agreement of Purchase and Sale
• Mortgagee (bank) contact information
• Property Insurance – contact information of broker
• Void cheque (for account out of which mortgage will be paid)

5. Can I sell my home and buy my new one on the same day?

Although you can close your sale and purchase transactions on the same day, we do not recommend it. In rare cases, the completion of your purchase transaction could be delayed if your sale transaction is delayed and you are relying on the proceeds of your sale transaction to pay for your new home. Where possible, close your purchase transaction on a day before you close your sale transaction and obtain bridge financing (i.e. borrow from the bank a portion of the equity in the home you are selling) in order to purchase your new home before you sell your home. Not only will you be more relaxed on the closing days, you’ll have more time to move in and paint! Talk to us about this.

6. What happens if I die without a Will?

If you die without a Will, your next-of-kin will have to apply to the Ontario Superior Court of Justice (Estates Court) to be appointed as Personal Representative (Estate Trustee Without a Will) of your Estate and your assets will be distributed according to the Succession Law Reform Act of Ontario, which may not reflect your wishes and may not provide for your loved ones (ex. Common Law spouses).