BUYING A HOME IN ONTARIO
You should consult with a legal professional before buying a home in Ontario
Published by Hillfield Properties on 20th May, 2021
Ontario’s consumer laws protect homebuyers, especially those that are purchasing for the first time. Pre-construction and hiring a home inspector can also be difficult. You should consult with a qualified property law professional before you begin the purchasing process.
Unknowingly to many homebuyers, there is a lot of mortgage fraud that is made to swindle you from your money. You should not be asked to lie about the amount of money you make, sign any blank legal documents or not to fill out certain sections of mortgage documents. You should also not be offered a fee to use your information or be discouraged from inspecting a home or having it appraised.
If you think you may have been a victim of mortgage fraud or suspect that someone is trying to defraud you, you should consult with a qualified legal professional in the field. The Real Estate Council of Ontario can take away the real estate agent’s license and prosecute them according to the law.
When choosing a builder to construct your dream home, Hillfield Properties can help draft and review your building contract for you. We are governed as all citizens and permanent residents of Ontario are, by the Home Construction Regulatory Authority with licenses and regulates home builders and vendors. You should ensure that you purchase from or only contract with a licensed builder.
Illegal builders and vendors who are not licensed can be prosecuted and are not allowed to enroll their homes. Builders that are licensed must meet the competency standards, demonstrate their financial ability to conduct their business and comply with all tax laws and regulations when filing tax returns on their company.
At Hillfield Properties, we can help you find a licensed builder and review your construction contract to ensure you are getting the most from your money. The Ontario Builders Directory also helps purchasers check the builder’s license, the conditions on their license and the amount of homes they have built in the locations around Ontario.
If you still choose to buy a home from an unregistered builder you will place yourself at risk for fraud and may not be compensated in the proper manner if something goes wrong. You may also be subject to investigations by the federal government and criminal charges.
You should contact a qualified property law professional or firm for assistance with buying or building your home for the first time. A legal consultant can assist in drafting and reviewing your construction contract before you begin or spend any money.