Most buyers think these words mean the same thing. They do not. In addendum vs amendment real estate, the short answer is this: an addendum usually adds supplementary terms or attachments, while an amendment usually changes a term already in the deal. In Ontario, the label helps, but the signed wording controls. Addendum vs amendment… Continue reading Addendum vs Amendment in Real Estate: What’s the Difference?
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.
Annual House Maintenance Checklist: Monthly, Seasonal & Yearly Tasks
Most buyers think maintenance means fixing things after they break. They’re wrong. An annual house maintenance checklist works best when you split it into monthly checks, seasonal work, and a short list of yearly home maintenance checklist items that catch leaks, moisture, fire risks, and drainage problems before they get expensive. I tell owners to… Continue reading Annual House Maintenance Checklist: Monthly, Seasonal & Yearly Tasks
2nd Home Down Payment Requirement in Canada: Ontario Guide
Most buyers think a second property always means 20% down. They’re wrong. The 2nd home down payment requirement in Canada can start lower for a true owner-occupied second home, but rental use, price, unit count, and lender rules can push you back to 20% or more. Rules change, verify current lender and insurer requirements before… Continue reading 2nd Home Down Payment Requirement in Canada: Ontario Guide
Property Tax Adjustment at Closing
Property taxes run by calendar year. Closings do not. The property tax adjustment reconciles the two, so each party pays only for the days they actually owned the home. It appears on the statement of adjustments, the one-page summary your lawyer prepares showing what the buyer owes on closing beyond the purchase price. The rule in… Continue reading Property Tax Adjustment at Closing
Security Deposits in Ontario: Almost All of Them Are Illegal
If you are renting in Ontario and your landlord asked for a security deposit, a damage deposit, a pet deposit, or a cleaning deposit – that request was against the law. Ontario is unusual this way. Alberta permits a security deposit of up to one month’s rent; British Columbia allows a damage deposit of up… Continue reading Security Deposits in Ontario: Almost All of Them Are Illegal