Key Takeaways Using pro-rated property tax adjustments at closing helps ensure an equitable sharing of taxes accrued between buyer and seller. They properly prorate based on how long each side has owned the property. This public process reduces the potential for disputes and promotes transparency. So knowing how to read a statement of adjustments is… Continue reading Avoid Costly Surprises: Master Property Tax Adjustments at Closing
Author: Daniel La Gamba
Daniel is one of the founding partners of LD Law. Having closed thousands of real estate transactions in his career, Daniel caters to a wide range of clients from the nervous first time homebuyer to the seasoned real estate investor. In addition, Daniel also advises clients on wills and estates and business and corporate law matters. Daniel is a well-known real estate lawyer Toronto.
Uncover Hidden Tax Breaks on Rental Property Closing Costs!
Key Takeaways Not all closing costs are tax deductible, though. Knowing deductible expenses is half the battle. Watch for closing costs such as loan origination fees, prepaid interest and any real estate taxes paid at closing. Mortgage insurance premiums are deductible only in certain circumstances. If you’re making these kinds of payments, keeping detailed records… Continue reading Uncover Hidden Tax Breaks on Rental Property Closing Costs!
Are property taxes included in closing costs
Key Takeaways Closing costs are an important consideration in any real estate deal. Several fees and expenses apply in addition to the property’s sales price. These closing costs fluctuate according to location, type of property and what a lender may require. Property taxes have a huge impact on closing costs. Buyers will likely be required… Continue reading Are property taxes included in closing costs
Commercial Property Closing Costs
Key Takeaways Commercial property closing costs are one of the most important property closing costs that buyers and sellers should expect. By understanding these costs upfront, you’ll be able to prevent financial surprises and ensure that your transactions run much more smoothly. Closing costs can consist of flat fees, value-based costs as well as other… Continue reading Commercial Property Closing Costs
What you need to make a will
What is a Will Definition of a Will A will is a cornerstone legal document that directs how you’d like all your assets distributed at the time of your death. Even in the rest of Canada, the customary practice is to write a standard will with no witnesses required. This simple document serves as your… Continue reading What you need to make a will