True or False
Generally, a buyer and seller can use the same real estate lawyer
False - only limited situations in which a buyer and seller can use the same lawyer in Ontario
How long has Jenna owned Lamprey Law?
A) 1.5 years
B) 2 years
C) 2.5 years
D) 3 years
D) 3 years
There are some rare situations in which non-lawyers can facilitate title transfers in Ontario
False - only lawyers have the ability to facilitate any sort of title transfer of real property in Ontario
How long is the cooling off period for purchaser's who have bought a new build condominium unit in Ontario?
A) 5 days
B) 7 days
C) 10 days
D) 0 days (no cooling off)
C) 10 days
You qualify as a first-time buyer for the land transfer tax rebate if you have not owned a home in the past 5+years
False - the land transfer tax rebate is a one time rebate
You can force a tenant to leave if you are selling a rental property, if:
A) you give a minimum of 60 days notice
B) the buyer decides to live in the property
C) the tenant is at the end of their lease or month-to-month
D) All of the above
D) all of the above; you cannot evict a tenant due to sale of the property unless they are in a month-to-month situation, the buyer will be living in the unit, and at least 60 days notice is provided.
Non-resident, Canadian citizens buying property in Canada are subject to additional tax on top of the purchase price of the property
False - Non-resident speculation tax only applies to foreign nationals when purchasing a property in Ontario.
Tax only applies for non-resident, Canadian citizens when they are selling their home (called non-resident withholding tax)
The sale of land is subject to HST:
A) when the land has subdivided into more than 2 parts and a parcel is sold
B) when the land has been used for personal use
C) when the land has been used as hobby farm
D) all of the above
A) when the land has subdivided into more than 2 parts and a parcel is sold