ARCHIVED BLOG POSTS
2019
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Schedule “B” Missteps #2Let’s have a look at this clause:“In the event that any condition in this offer is not fulfilled or waived by the Buyers, the Buyers agree to provide the Sellers with a true copy of any and all Inspection Reports, Status Certificates, test results etc. prior to the signing...
05/11/2019
Commercial Bond Yields CMB 5 Year - 1.93% CANHOU 06/15/24 [+0.02] 10 Year - 2.22%* CANHOU 09/15/29 [+0.06] * denotes interpolated rate GoC 5 Year - 1.61% CAN 2.25 03/01/24 [+0.07] 10 Year - 1.71% CAN 2.0 06/01/28 [+0.06] GOC Bonds are for reference purposes only Floating rate insur...
05/10/2019
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Schedule “B” Missteps Schedule B is an extra schedule of terms and provisions included in an Agreement of Purchase and Sale by a Listing Brokerage.It’s not mandatory.A Listing Brokerage will often include this Schedule as a downloadable document on the MLS system.The Buyer’s agent should read the...
05/09/2019
Transfer of Property to Avoid Probate FeesLet’s assume that Bob and Mary have been married for years and hold title as Joint Tenants. That’s good because it will avoid probate fees (technically estate administration fees).However, as time progresses either Bob or Mary will pass away. Nothing happ...
05/09/2019
Utilizing a Parent to Avoid Capital Gains TaxAs parents become elderly, it’s important to realize that they should continue to retain ownership of their property.Oftentimes, it’s thought that simply transferring it directly to the kids or selling it, is the best solution. It may not be.There are ...
05/09/2019
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How Many Wills Do You Need?The answer is probably two. That may come as a surprise to many, but this is an estate planning technique which is helpful in reducing or eliminating estate administration fees. Formerly, in Ontario, that used to be referred to as “Probate fees”, and although technicall...
05/08/2019
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Related Party Disclosure in OntarioQuestion: If I am representing my mom's cousin , is that a relationship that needs to be disclosed? I guess it can't hurt, but is it necessary on that disclosure form?Answer:Your mom's first cousin is not related to you under REBBA. In fact your mom's first cous...
05/06/2019
Condo Parking Space Sold: Tax Implications (Ontario)Question:My client has just sold their parking space. What happens about the tax?Answer:If the parking space was acquired initially with the unit, and the unit was always a principal residence, then the unit and the space would continue to be ex...
05/06/2019
Buyer’s Home Inspection without Condition (Ontario)Question:The Offer did not contain a Home Inspection Condition. The Buyer would like to have one completed prior to closing. Is this OK?Answer:Obviously, this is not authorized under the contract.This is often requested by a second mortgagee, who...
05/06/2019
Keys and the Buyer’s Agent on ClosingQuestion:There are frequently problems getting the keys on closing. Sometimes, the Seller’s lawyer has them, sometimes it’s the Buyer’s lawyer. Often, the Listing Brokerage will be closeby the property.There will frequently be delays. The transaction was to cl...
05/06/2019
Rainmaker
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Brian Madigan
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