Best Probate Attorneys in North York, ON

Whether paying cash or purchasing with a mortgage does not change the closing costs. The only cost that may change are that the disbursements with the lawyer may be a couple of hundred dollars smaller.

Generally yes. This is a question that should be directed to your local mortgage agent/broker. However, generally, a foreigner should be able to obtain a mortgage loan in Ontario given enough of a down payment. Generally, a 35% down payment is required. Furthermore, the foreigner may need to prove some sort of income in his local country that would enable him to support the mortgage loan, but will likely require a reference letter from his foreign financial institution. Credit bureau checks do not account for as much because there is likely no bureau file. Again, this matter should be directed to the mortgage agent/broker.

Yes. Not all foreigners (i.e. persons living in Canada who are not Canadian permanent residents or Citizens) are non-residents for income tax purposes.

Refinancing a property in Ontario is essentially a two step process. First, you must be approved for a loan by a willing lender such as a bank, and second, you (and most of the time the lender) will retain the same lawyer to receive mortgage instructions from the lender. The lawyer will then prepare the mortgage according to the instructions received from the lender and invite you (the borrower) into his office to sign the new mortgage documents. The lawyer will then receive money from the lender and disburse that money as needed with the net left over to you, the borrower. At the same time, a new mortgage will be registered on your property, and in a short while, thereafter the old mortgage will be deleted from your property.

Many clients and agents ask this question to assist their foreign potential purchasers with purchasing a property. The simple answer is YES. Any legal entity (individual person, corporation, partnership or trust) whether foreign or domestic, may purchaser real estate in Ontario.