The TOP LAW FIRM.

Each year, September 30 marks the National Day for Truth and Reconciliation. This is a day of public commemoration, intended to memorialize the children lost and honour the survivors of residential schools in Canada.

The National Centre for Truth and Reconciliation has more information on how you can participate in the events being held across Canada: https://nctr.ca/education/coming-soon-truth-and-reconciliation-week-2023/

Are you an investor or real estate developer looking to form a private equity real estate fund?

In Canada, private equity real estate funds are typically structured as limited partnerships where investors buy limited partnership units representing their equity interest.

Funds typically operate subject to investment criteria established when the Fund is created, indicating what assets the Fund may invest in and the related rules.

If you are an investor looking for more information on investment funds – the Top Law Firm may be able to help.

Contact one of our lawyers for more information.

We want to make sure that you receive the best results, and that’s why we’re so happy to read this review from Sarah!

“Abraham Top dealt with my case professionally and diligently. He was thorough and explained each step of the process in detail. He listened to my concerns from start to finish with exceptional patience and ultimately got me what I wanted in the end. I am so grateful for Mr. Top and his staff. His assistant Jessica was always pleasant and very knowledgeable as well. I highly recommend their services.”

Thank you to Sarah for sharing your experience with us!

Making money from a quick home flip is the dream for many of us – but does it actually make sense financially?

With Canada’s Anti-Flipping Tax, a quick home renovation may not be as profitable as you think.

Before January 1st, the profit made from selling a property was considered “capital gain,” which meant that 50% of that profit was taxable.

Since January 1st, 2023, all profits from the sale of a flipped property that was owned for less than 365 days are now considered business income.

That makes 100% of the profit taxable.

This can reduce the amount of profit you anticipated making.

Are you curious about this tax and the legal implications of flipping your home?

Contact the Top Law team for detailed advice tailored to your situation.

With rising interest rates, many people have difficulty qualifying with traditional lenders and turn to private lenders for their mortgages.

Private lenders can offer mortgages to those who cannot qualify with a bank.
However, there will be key differences in the terms of your loan.

- A traditional lender, like your bank, will finance a loan for a mortgage term of 3 to 5 years, whereas private lenders typically operate with a much shorter timeline.
- Private lender interest rates will be higher than the bank.
- Although you still require good credit, private lenders have different qualification criteria that may allow you to get a mortgage even when you couldn’t with a traditional lender.

If you’re considering applying for a private mortgage, call or email the Top Law Firm to ensure you are protected.

We’re dedicated to client satisfaction – it’s in our DNA.

Thank you, Daniel, for providing this 5-star review! We’re so happy we were able to help you with your refinance!

Considering buying a home before tying the knot?

These days, it’s pretty common, but there are a few important things to keep in mind:

1. Don’t rush, and don’t buy outside of your means!
2. Don’t avoid those difficult discussions about finances!
3. Do take the time to understand each other’s goals!

Before you say “I do” to your forever home, read our blog to learn more about the legal implications: https://bit.ly/3r0r8W4

Meet Avi – the founder of the Top Law Firm!

As the founder of the Top Law Firm, Avi’s dedication to quality workmanship and desire to improve the client and lender experience offers something no other firm can compete with.

Avi practices in various areas of law, with a particular focus on real estate law.
He received his law degree from the University of Windsor in 2004 and was called to the bar in Ontario and British Columbia.

Avi embodies the firm’s mission of putting the client first and, along with the rest of the team, is dedicated to providing excellent service to clients.

Learn more about Avi and the Top Law Firm: https://www.toplawfirm.ca/

The TOP LAW FIRM. Let us be your “Top” choice for all your Real Estate needs.
Contact The Top Law Firm today.

At Top Law, we pride ourselves on building professional relationships that last far beyond the transaction. Thank you to Nik for this wonderful review! We’re excited to continue providing exceptional service to you and your clients.

Are you wondering if you should refinance your mortgage?

The Top Law firm has the details you need to make a decision!

Refinancing a mortgage can help you:

1. Save money – with increasing interest rates, locking into a fixed mortgage rate can help you ensure your mortgage payment doesn’t skyrocket.
2. Help you consolidate debt – you can consolidate certain debts into your mortgage to help you manage and pay off debts more efficiently.
3. Free up funds for investments or home improvements – refinancing your mortgage can give you access to funds that you can use for your plans and goals.
However – there are many situations where refinancing is not the right choice.
You can be subject to penalties when refinancing – and high-interest rates can actually increase your payments when you refinance.

You need professional advice to know if it’s the right time to refinance.

Speak to a Top Law Firm team member to get legal advice that’s specific to your situation: https://www.toplawfirm.ca/mortgage-refinancing/

The Top Law team wishes you and your family a relaxing and safe long weekend!

Buying a home is one of the biggest financial commitments you’ll make – but it can also be a commitment to the person you are buying it with.

If you are buying a home with a common-law partner, you have some important things to consider.

Read our latest blog post for some helpful advice on making this purchase smooth – and then send it to the person you love: https://bit.ly/3r0r8W4

So, you have some money to invest – could private lending be right for you?
A private lender can be anyone with considerable cash to invest. There is no maximum or minimum investment.

With that said, private lending is often best for:
- real estate investors,
- someone who has a large amount of savings,
- the owner of a trust fund or estate, or
- a lottery winner.

While these are some examples, the most important part of private investing is the cash you have available to invest.

If you think private lending may be right for you, contact a Top Law lawyer to learn more.

Did you know you can get fined between $250 - $10,000 for failing to declare your home’s occupancy status?

If you live in Toronto and own a home, you must declare its occupancy status in the Fall of 2023.

A failure or false declaration may result in fines ranging from $250 - $10,000!
But what is an occupancy status?

The City of Toronto has identified 5 different occupancy statuses:
- Occupied as principal residence of homeowner;
- Occupied as principal residence of a permitted occupant;
- Occupied as a tenanted property;
- Vacant with an eligible exception; and
- Vacant or deemed/determined to be vacant.

Your occupancy status will determine if you are subject to the Vacant Home Tax.

Learn more about the Vacant Home Tax and declaring your occupancy status in our latest blog: https://bit.ly/3KkwNg4

People always talk about buying or selling a home but never discuss the mortgage renewal process.

That’s why we take the time and effort to answer our client’s questions, keep them updated, and ensure the advice we give aligns with their goals.

Thank you, Tom, for providing this 5-star review! We are glad our team was able to guide you through the mortgage renewal process seamlessly.

Do you have a down payment of $128,665?

CMHC’s baseline forecast shows the average home price will be $643,325 this year.

That means, to avoid paying mortgage default insurance, the average Canadian would need a down payment of roughly $128,665.

If your down payment falls below that 20% marker, you will have to pay mortgage default insurance.

But what is mortgage default insurance?

Mortgage default insurance covers the lender if you cannot make payments on your mortgage.

It is required for any home purchase with a down payment that is less than 20% of the total purchase amount.

Curious about other costs and obligations associated with buying a house?
Contact a Top Law Lawyer to discuss your situation.

Whether you are buying a house in Muskoka, Toronto, or Windsor – much of the purchase process is the same.

But is land transfer tax (LTT) the same across Ontario?

Provincial LTT is applicable to properties being purchased all throughout Ontario. But in the municipality of Toronto, you must also pay a municipal LTT during your real estate transaction.

If you are purchasing a property in Toronto and are wondering about the cost of your Land Transfer Tax, try out of LTT calculator: https://www.toplawfirm.ca/land-transfer-tax-ltt-calculator/

Did you know the Top Law Firm not only represents those borrowing money for a real estate transaction – but those lending it to?

You may wonder why someone needs a lawyer to help with a private lending mortgage?

1. Paperwork: A private mortgage requires a lot of paperwork – a lawyer can help you navigate the paperwork and complexities of this process.

2. Negotiation: A lawyer helps you negotiate your contracts and ensure your best interests are reflected in the contract.

3. Peace of Mind: Your lawyer at The Top Law Firm will complete the mortgage documents, ensure commitments and terms are covered, make sure there are no red flags on your borrower, and keep you informed about what you are signing.

We believe in taking the time to explain what you are signing and why – that’s how we ensure our clients are empowered to make the best decisions possible.

Do you have questions about private lending?

Speak to a Top Law private lending lawyer: https://www.toplawfirm.ca/get-a-quote/

With the rising interest rates, many buyers are concerned about their mortgage payments.

And rightly so!

To help you navigate the buying process and clearly understand the financial commitment you are undertaking, we developed The Top Law Firm Ontario Mortgage calculator.

This allows you to estimate your mortgage payments using the:
- total cost of the home,
- your down payment,
- a fixed interest rate, the amortization period, and
- your pay periods.

Once completed, you can click the chart icon to get a more in-depth breakdown of your mortgage payments.

Visit our website to try it out: https://www.toplawfirm.ca/mortgage-calculator/

At the Top Law Firm, we believe in building relationships, not just completing transactions.

That’s why our referrals are important to us.

We were thrilled to read this review from David R, a valued client and referral to our firm!

Thanks for your review, David!

The long weekend is here, and Toronto is ready to celebrate!

Simcoe Day (aka the August Civic Holiday) was named after Lieutenant-Governor John Graves Simcoe, who founded York/Toronto in 1793.

For a listing of fun activities happening around the city this long weekend, visit: https://www.toronto.ca/news/august-long-weekend-activities-and-attractions-in-toronto-2/

Managing Lawyer Amanda is exceptional in providing quality services and keeping our firm in tip “top” shape!

Amanda’s practice focuses on private lending, purchase & sale transactions, and refinances.

She received her Juris Doctor degree from the University of Windsor and was called to the Ontario Bar in 2017.

Amanda knows the Top Law Firm inside and out, having been with the firm since she was a summer student.

Get to know more about Amanda and the rest of our team: https://www.toplawfirm.ca/about-us/

Learn about the Toronto Vacant Home Tax in our latest blog post.

We are answering all of your questions regarding the tax, including:

- What the Vacant Home Tax is,
- Who the tax applies to,
- Exceptions to the Vacant Home Tax,
- And if the tax applies to you!

Read today: https://bit.ly/3KkwNg4

Stefan is an associate at the Top Law Firm.
His practice is primarily focused on commercial/residential real estate transactions, private mortgage financing, mortgage enforcement and estate administration/planning matters.
At the core of Stefan's practice is exceptional customer service.
Stefan believes in establishing a genuine and personal connection with his clients.
Whether through a phone call, a Zoom meeting, or an email, Stefan prioritizes his clients' comfort and peace of mind.

Learn more about Stefan and his practice: https://www.toplawfirm.ca/about-us/

Do I need to consult with a lawyer when buying a Pre-Construction Condominium?
The answer is YES!
When you buy a pre-construction condo, you will be presented with an agreement of purchase and sale.
This agreement will contain a number of documents that a lawyer can further explain to you and ensure that your best interests are maintained.
These documents include:
- the HRCA Information for Buyers of Pre-Construction Condominiums,
- the Tarion Addendum,
- Statement of Critical Dates,
- Disclosure Statements,
- Ontario’s Residential Condominium Buyer’s Guide, and
- the Tarion Warranty Information Sheet for New Condominium Units.
Learn more about these documents and the ways a Top Law Firm lawyer can support you during your real estate transaction by reading our latest blog: https://bit.ly/3pyEc4s

We believe that “Top” Quality legal services should begin and end with a thank you to the amazing referrals who make it possible.

Thank you so much Vivian, for leaving us a 5-star review and recommending us to your clients!

Visit our website to learn more about our services and how we can help you with all your real estate legal needs: https://www.toplawfirm.ca/

We don’t believe in working for our clients – we believe in working with them.
Because of that, we have developed a new approach to a traditional service.

How does this translate to our client’s experience?
• There are always two clerks and two lawyers on your file,
• When you call us, someone will pick up,
• When you visit our office, you’ll meet with an actual lawyer.

Real estate transactions are one of the biggest transactions that you’ll have in your life – so choose a firm that makes you their top priority.
Learn more about our firm: https://www.toplawfirm.ca/about-us/