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If your name has never been registered to have an ownership interest in any property around the world then you will qualify as a first time home buyer, which at a minimum will reduce your land transfer tax by $2000. If your property is located in Toronto you will be eligible for a further rebate as well.

There are two options either as “Joint Tenants” or “Tenants in Common”. The difference is that if two people take ownership as Joint Tenants, then upon the death of one owner, the surviving owner automatically acquires the owernship interest of the deceased owner. This ownership arrangement is most common amongst spouses. If two people take ownership as Tenants in Common, then upon the death of one owner, the surviving owner will not acquire the owernship interest of the deceased owner, instead the owernship interest of the deceased owner will pass to a beneficiary according to the terms of a last will and testament made by the deceased owner. The transfer of this interest will also be subject to probate tax.

Your lender will fax us mortgage instructions and we will start preparing your mortgage documents once we receive your instructions from your lender. This should be done at your earliest opportunity to ensure we receive your mortgage instructions in a timely manner.

Although most lawyers are prepared to rely on a POA to complete a transaction so long as the lawyer is satisfied with the POA, most lenders will not allow a purchase/borrower to sign mortgage documents via a POA.