Real Estate

What most Canadians don’t know is that if you die and own US real property, you may have a large deemed capital gain tax with respect to that property, as well as a possible US estate tax liability. The combination of the both, in some instances, could take a substantial chunk out of the value of that property.

Where is that property line with the neighbour? Can they build their deck over what you’re certain is your property? Are the kids fighting and competing for weekends at the cottage? Do you spend your time cleaning up after them the following weekend? How do you decide what to do with the cottage when you’ve passed away?

The expression "caveat ernptor" is applied when someone is buying something from another person, but it is referred to most frequently in the context of a purchase of an existing dwelling. Most of the case law surrounds what a seller has to disclose to a buyer to relieve themselves of liability.

The provincial government has mandated that it is necessary for most residential landlords (eg. single and semi detached homes, apartments, condo units or basement apartments) to only use the form of the standardized lease agreement as stipulated in the regulations of the Residential Tenancies Act.

Title Insurance is an added layer of financial protection available to homebuyers for matters that could not have been discovered through legal due diligence. It also protects your investment in the property against fraudulent conveyances by impersonation or forgery.

Now that some sanity has returned generally to the housing market it seems prudent to take a deep breath and try to make some sense of the frenzy we all just witnessed. Prices are finally retreating and how far they go will only be known to you who have an infallible crystal ball to consult.

So you have picked up the keys at the lawyer’s office, the moving truck is in front of your dream home and your volunteers are ready to put their backs to work and help you transport your furniture from curbside to the assigned rooms. Excitement fills the air as your turn the key to allow your family and friends a first glimpse of the moment you have waited for.