Weekend bump...
Ask me anything about Real Estate
- Thread starter Addy
- Start date
Background Scenario: I'd like to buy the house next door and own the title of the house I currently reside in, but was informed that if I did so, that the two properties would enter a Land Lock Law situation, so when I sold, both properties would be considered as one.
Question: Is this true? Does this only apply to the City of Toronto? Where can I get specifics on it? And does that mean if I bought a block worth of properties, it would be considered one large lot of land when I sell?
Question: Is this true? Does this only apply to the City of Toronto? Where can I get specifics on it? And does that mean if I bought a block worth of properties, it would be considered one large lot of land when I sell?
Untrue...
You can own both sides of a semi detached property and the title would remain separate and under your name unless you go to the city and ask them to join the two which I don't know why anyone would do. They don't automatically join.
In older Toronto where properties have right of ways or easements onto each other, this is an issue. If you have a right of way on another property and end up buying the property, you're right of way (for example mutual driveway to access the garage in the back) ceases to exist as you own the land you had a right of way or easement onto. If you sell the property, you would have to sign a contract again with the new owner explaining the right of way and might even have to compensate them (depending on the terms you agree to).
I can't think of any other right that would be withdrawn or added automatically if you were to sell a piece of property or purchase it.
Hope this helps...
hmmm....not quite following....I'm talking about two fully detached homes. The real estate lawyer informed me that both properties would be joined as one lot of land when I sell in the future.
So this is not true? And i should be able to buy the house next door successfully and keep title on both?
So this is not true? And i should be able to buy the house next door successfully and keep title on both?
Are the properties in Toronto?
There must be some condition that is being fulfilled that would cause them to join. Ask your lawyer how you can avoid it and see what the response is.
I'd be very interested in the answer as I've never heard of this before!
Both are in Toronto, north of the beaches.
The real estate lawyer said the title of the house needs to be in someone else's name. There is no way around it really. I can't own two homes next door to each other, with my name on both titles without being forced to sell both as one lot of land. A buddy in Guelph told me that law doesn't exist there, so I'm assuming it's only City of Toronto...oh the joys.
I'm going to have to check with my lawyer about this. I never knew about this and quiet frankly don't think it should be true but there are a lot of laws that don't make sense too.
I will look into this and let you know...
First time buyers get additional incentives from the government as this segment of buyers start a large array of subsequent transactions. The more new buyers that enter the market, the more owners are looking to make a move hence creating a ripple effect of jobs.
As far as the banks are concerned, they might make concessions for first time buyers but the criteria remains the same where your TDS (Total Debt Service) has to be low along with good credit and stable income.
I have commented about this before and you can view the posts here
The law does exist and I'm surprised about it...
I spoke with my lawyer and he said that work around exist and couple of examples include:
- Using or not using your middle name. If your property currently has your middle name registered on title, don't use your middle name on the new purchase
- Use your husband/wife name only on the new property.
There is no cut and dry solution and any situation needs to be reviewed in detail with the lawyer before making the final decision.
Hope this helps...
I had a sighting tonight!
Sorry I couldn't hear you.... I had my ipod on a little too loud
I was wondering why you were yelling so much...
It was good to see you
invictus43
Well-known member
When's the market gonna tank?
Haven't posted here since 2010... I guess it's time for a come back
What do you guys think of the market? Good, bad or indifferent?
Lets discuss over some chat papri.
That... I don't know...
As it stands, the market for freehold properties, (detached, semi, townhouses) in Toronto is very strong with small signs of weakness in the suburbs (days on market are up by a day). Condos are a cause for concerns but with the vacancy rates so low for residential units, I don't think sellers will be opting to sell them if they can't get the price they hope to get.
I'm working with investors right now who had bought units in buildings, we listed them for sale and were getting bombarded with people looking to rent them. They ended up renting them out for good returns.
It's an interesting phenomenon that's Toronto Real Estate right now. A correction is due but it won't happen unless something major changes and following would be my quick list
- Change in interest rate (a rise over the next year by more than .5%)
- Change in lending rate effectively pushing buyers on the fringe out of the market thus reducing demand
- A drop in international investment money pouring into the city.
There are other factors at play as well but I think these three would make it or break it...
Hope this helps...
