Provincial Deed Transfer Tax
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As you may have heard, there is now an additional Provincial Deed Transfer Tax payable by home buyers who are not residents of Nova Scotia.
Let us be the wet blanket – it is part of our job! - Your Nova Scotia real estate lawyer as an advocate for you.
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Lawyers have a multi-faceted reputation – not all of it flattering, but being the “stick in the mud” when it comes to fulfilling your contract when you buy or sell a home is something I will happily claim.
It is my job as your lawyer to be on the lookout for ways to protect you throughout the buying and selling process. We review your contracts, your mortgage documents, the title for your property, and any receipts and repairs required by the contract.
Read MoreProperty Taxes vs Deed Transfer Tax – What you need to know about taxes when buying a home in Nova Scotia
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When buying a used (read: previously lived in) home there are two types of tax you will see come up on your statements from your lawyer.
Read MoreCan I Get Ownership to a NOVA SCOTIA Property through Squatter’s Rights in Nova Scotia if the Owner Game me Permission Years Ago?
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Squatter’s Rights is the concept that if you openly adversely possession someone else’s land continuously for the required length of time (usually 20 year for privately owned land, 40 years for Crown land), that you can apply to the court for an order declaring that you have become the legal owner of that land. The idea is that a land owner can’t sit back for decades and do nothing and then come out of the woodwork and demand their land back.
Read MoreWhat Happens to my House if I Die Without a Will in Nova Scotia?
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In Nova Scotia, what happens to your estate if you die without a valid Will is determined by the Intestate Succession Act. The Act outlines who will inherit your assets and in what proportion.
Read MoreNova Scotia home for sale over the holidays? Decorating tips to not detract from the sale.
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If you are buying a home for the first time you may qualify for First Time Home Buyers' rebate.
A "first time buyer" is an individual who builds or purchases a newly built home and has not owned or occupied a home in Canada in the last five years.
The eligibility criteria for this rebate:
· The house is newly built. Substantial renovations such as a major addition or converting a building into a home do not qualify.
· The house is located in Nova Scotia and will be used for your (or your relation's) primary residence.
· Can only be claimed by individuals - not businesses.
What Compensation am I Entitled to if my Purchase and Sale Agreement is Terminated in Nova Scotia?
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For a variety of reasons, both the seller and the buyer are entitled to terminate a real estate purchase and sale agreement, including in rare cases after the agreement is firm (firm = all required conditions have already been met).
Read MoreDon't Fall into the Trap of a Bad Closing Day
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Moving can be exciting, but can also be a stressful time. What day your closing date falls on can contribute to how smoothly the transaction goes. There are a lot of moving parts on closing day, and it’s better to be safe than sorry if something pops up that causes a delay. Potential issues could be, a delay in funds from your bank, a contentious issue on the walk-through etc.
Read MoreMoney Talks: who handles the money when you’re Buying a Home in Nova Scotia
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One of the things that incites the most anxiety when buying or selling a home is the money, who is handling it? Luckily for home buyers and sellers your trusted professionals help you in this department. Read on to learn the specifics of who does what.
Read MoreRestrictive Covenants - What are they? Why should you care if you're buying or selling a house in Nova Scotia?
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Restrictive covenants are rules about the use of the property. I.e. the restrict your ability to do things on or to your property. The person (or company) that has the right to enforce these covenants is referred to as the "covenant holder" and is most often the developer of your subdivision. These rules are attached to the property and pass from one owner to the next
Read MoreWhat does “clean and vacant” actually mean when you're selling a house in Nova Scotia?
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This is something that has come up a few times this summer, so I thought I would write a short post about it.
The house (and property) should be clean and tidy. Honestly, the cleaner the better, but certainly “broom clean” is a must.
If you are buying, it may not hurt to include a professional cleaning condition in your agreement so you can be confident that the home will be clean.
Read MoreMoney Talks: How the Money Flows when you're Selling Your Home in Nova Scotia.
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One of the things that incites the most anxiety when buying or selling a home is the money, who is handling it? Luckily for home buyers and sellers your trusted professionals help you in this department. Your lawyer handles the money for you when you sell your home.
Read MoreBuying a condo in Nova Scotia? Understand exactly what you're buying
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The practical distinctions between buying a condominium and buying property can sometimes be confusing. Here are a few points to illustrate what you are buying when you buy a condo. The exact definition of what you own and what you are responsible for, i.e. what is your unit, should be outlined in your Condominium Corporation's Declaration.
Read MoreCondominiums: What is a reserve fund, and why should you care when buying a Condo in Nova Scotia?
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When you buy a condominium one of the things that you (or usually your representatives) look into is whether or not the condo corporation has a healthy reserve fund.
When you buy a condo unit, the vendor has to order what is referred to as an "estoppel certificate". This will outline the status of the fees for your specific unit, but it will also give you details about the reserve fund of the corporation.
Read MoreCondo, or a house?... or something in between? - What is a bare land condominium in Nova Scotia?
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There are many different ways you can own property. The most common are owning parcels of land, or buying a unit in a building - the condominium. There is another option, where you would purchase a "bare land condominium". The ownership structure of purchasing a bare land condominium is similar to that of the traditional condominium, but refers to a parcel of land, defined by survey markers.
Read MoreSelling & Showing Your Nova Scotian Home With Pets
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Keeping you home in tip top shape in order to show it can be a task. Particularly when you have pets in your home, but it can make a bad impression if you don't. Here are some things you should think about when your selling with pets:
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Buying a Condo in Nova Scotia? Here's why you need an estoppel certificate.
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When you are buying a home in Nova Scotia there are a lot of moving parts to the process. When you are buying a condominium, often you can count on adding a few more. One of the requirements specific to purchasing a condo unit is getting your hands on the estoppel certificate. It’s important to understand why you need one.
Read MoreFirst Time Homebuyers' Rebate - Nova Scotia
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If you are buying a home for the first time you may qualify for First Time Home Buyers' rebate.
A "first time buyer" is an individual who builds or purchases a newly built home and has not owned or occupied a home in Canada in the last five years.
Read MoreGetting a Home Appraisal in Nova Scotia? What's that all about?
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There are many reasons home owners require an appraisal, but the most common appraisal requests are for lending purposes. When a financial institution is considering granting a loan to purchase, improve or refinance a property, they need confirmation of the current market value of the property that will be securing their investment. An appraiser is called upon to provide an unbiased opinion of value based on market research and analysis and a review of the subject property. Appraisals are also commonly sought for real estate transactions, estate planning, separation and divorce settlements and insurance purposes.
Read MoreA Fresh Start Any Time - Now to Organize!
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A new year is a fresh start in many ways. It is a great time to re-set. Organizing your home can be a great way to do this. Read on to learn a few ways to take advantage of the timing and get organized.
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