Written by: Oviya Sugunakumar
Date: November 20, 2025

When purchasing property in Ontario, the form of ownership you choose when taking title can affect how decisions are made and what happens to your interest if you pass away. Understanding the differences between the main types of ownership can help you make a choice that best fits your situation.

There are 3 forms of ownership that are available to you when purchasing a property: sole registered owner, tenants in common, and joint tenants. 

Taking ownership as a sole registered owner is available when there is only one individual who will be holding title. Being the sole registered owner, you will hold 100% of the title and have all the legal rights, responsibilities, and interests to the subject property. In contrast, tenants in common and joint tenancy ownerships are available when 2 or more individuals will be holding title. 

Tenants in common is a flexible form of shared ownership. In this arrangement, each owner can hold a different share of the property. For example, if there are only 2 owners, one may have a 70% share while another holds 30%. Each owner has control over their individual share and can sell or transfer their interest, subject to other legal consent requirements. The main characteristic to be noted in this form of ownership is that there is no right of survivorship. When one owner passes away, their share of ownership in the property becomes part of their estate and will be distributed to their beneficiaries in accordance to their will. If they do not have a will, then their share will be distributed according to Ontario’s intestacy laws. 

In contrast, joint tenancy is a more unified type of shared ownership. In this arrangement, all owners hold the property equally and together with no divided shares. Unlike tenants in common, this form of ownership provides the right of survivorship. If there are only 2 owners and one passes away, their interest in the property is automatically transferred to the remaining owner. This characteristic is an essential consideration in estate planning as it allows the owners to bypass estate and probate issues related to the property. Joint tenancy is commonly used by spouses or individuals who want ownership to pass seamlessly to the surviving owner. 

Choosing between these forms of ownership depends on your goals and personal circumstances. These decisions can have long-term legal and financial implications, so it is important to consult with a lawyer. At Theva Law, our team will help you explore these different forms of ownership to determine which option best aligns with your needs.

Written by: Oviya Sugunakumar
Date: November 12, 2025

​Closing day is the most anticipated milestone in any real estate transaction. Although the process can sometimes feel overwhelming, having a clear understanding of what to expect and how to prepare can help ensure everything goes smoothly.

So, what actually happens on closing day? Your lawyer plays a crucial role in bringing the transaction to completion. They review and finalize all necessary documents, exchange paperwork with the other lawyer, and ensure that every condition in the agreement has been satisfied. It is important that both buyers and sellers remain available throughout the day in case any last-minute issues arise.

For purchase transaction, buyers should ensure all signed documents are returned promptly and that closing funds are deposited into their lawyer’s trust account ahead of time; ideally a few days before. Once funds are received and documents are exchanged, your lawyer registers the transfer of ownership (and mortgage, if applicable). When registration is complete, you officially become the new owner. Your lawyer will then confirm the closing and provide your keys or lockbox code. Although closing day may seem straightforward, purchasers should be aware that transactions often finalize later in the day and may close anytime up to 5:00 p.m. It’s important not to schedule post-closing arrangements such as moving services until your lawyer confirms that the transaction has officially closed. After closing, the purchaser’s lawyer will update the municipality for property tax record purposes.

For sale transactions, sellers should make sure the property is vacant, clean, and that all keys, fobs, and access codes are delivered before closing. Once the transaction is complete and your lawyer has finalized all accounting matters, sellers can expect to receive their sale proceeds. Whether purchase or sale, once the transaction is complete, you can expect to receive a final closing package containing important documents such as the registration record.
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At Theva Law, we know closing a real estate transaction can be stressful. Our team is committed to making the process smooth and straightforward so you can approach closing day with confidence, and focus on your next chapter.

Written by: Oviya Sugunakumar
Date: October 31, 2025

In every Ontario real estate transaction, one of the most important documents prepared before closing is the Statement of Adjustments. Its purpose is simple; to make sure both the buyer and the seller pay their fair share of property-related costs up to the closing date. Think of it as a balance sheet for your real estate deal which sets out the purchase price, then lists any credits and debits for each party to determine the final amount the buyer needs to bring to closing.

This document is typically prepared by the seller’s lawyer and reviewed by both sides before funds are exchanged. It accounts for anything that’s been prepaid or is still owing. For example, if the seller has already paid the property taxes for the full year but the buyer takes possession halfway through, the buyer reimburses the seller for their portion. In this way, the Statement of Adjustments ensures that everyone pays for only the time they actually own the property.

For resale properties, the adjustments are usually quite straightforward. You’ll see the purchase price, any deposits already paid, adjustments for municipal property taxes, extension fees, and condominium maintenance fees or common expenses. It may also include charges for rental items like a hot water tank.

​However, for pre-construction properties, the Statement of Adjustments can become much more complex. In addition to the standard items, buyers often face various builder-related charges that can add thousands to the final closing costs. These may include: Tarion Warranty enrollment fees; municipal development, education or art levies; gas, hydro and water meter installation fees; utility connection costs; builder administration fees; status certificate fee; and adjustments related to the HST rebate. For condos, there can also be occupancy fees, property taxes, and common expenses during the interim occupancy period, before final closing takes place.

Because these builder adjustments can quickly add up, it’s crucial for buyers to review their purchase agreement carefully and have their lawyer explain what adjustments the builder is entitled to charge. 

While the purpose of the Statement of Adjustments is the same for both resale and pre-construction properties, the level of complexity can vary widely. Resale statements are typically simple and predictable, while pre-construction statements often include additional fees unique to new developments.

At Theva Law, our team takes the time to walk you through your Statement of Adjustments, explain every line in plain language, and make sure you know exactly what to expect before you sign. Whether you’re buying a resale home or a newly built property, Theva Law is here to help you close with confidence.

Written by: Oviya Sugunakumar
Date: October 21, 2025

Buying a pre-construction home in Ontario is an exciting milestone. However, before you sign your agreement, it’s important to understand that the final cost of your new home can be higher than the price you see advertised. Many buyers are surprised by extra costs that show up at closing, known as “closing adjustments.” Understanding how this work, and how the HST rebate affects your purchase price, can help you plan ahead and avoid unpleasant surprises.

When builders advertise pre-construction homes, the sale price almost always includes the HST rebate. This rebate is a government incentive that helps make new homes more affordable. Builders apply the rebate upfront and deduct it from the total price; but that discount only applies if you qualify. If you’re buying the home as your primary residence, or if an immediate family member (like a parent or child) will be living there, you’ll likely qualify. If you’re purchasing the property as an investment or planning to rent it out, the builder won’t be able to claim the rebate on your behalf. In that case, the rebate amount which often ranges around $24,000 to $30,000, will be added back to your purchase price at closing. That means the price of your new home can suddenly go up, and you’ll need to budget for that extra cost.

When your home is ready for closing, you’ll receive a document called the Statement of Adjustments. Think of it as the builder’s final bill which shows the remaining balance on your home and all the additional costs you’re responsible for before getting the keys. These adjustments can include development charges, utility connection fees, Tarion warranty enrollment fees, meter installation fees, and administrative or legal costs charged by the builder. They’re often not included in the advertised sale price, and together they can add several thousand dollars to your total.

Because many of these details are buried in the fine print of your purchase agreement, it’s important to have a real estate lawyer review everything before you sign. A lawyer can help you understand what’s included in your purchase price, identify potential extra costs, and confirm whether you qualify for the HST rebate or need to budget for it at closing.

​Buying a pre-construction home can be a rewarding investment, but it’s easy to overlook hidden costs along the way. Having an experienced lawyer on your side ensures you’re protected, your budget is realistic, and your closing day comes with peace of mind — not surprises. Our real estate team at Theva Law is here to guide you through every step of the process and help safeguard your investment.