There’s never a perfect market. The more you know about the problems that can potentially arise, the better prepared you will be. At McMurter & Associates, we always recommend having a contingency plan in place given the unpredictability of this ever-changing market.
You are selling your home and the deal is set to close in 2 weeks. You get a dreaded call from your lawyer that the buyer will no longer buy your house. You have moving trucks arranged, and you’ve already entered into an Agreement of Purchase and Sale of your new house. What is going to happen next?
According to the law, common-law relationships are not treated the same as married couples in Ontario. If your common-law partner dies without a will and has not named the surviving partner a beneficiary on their assets, the survivor will be omitted from the estate and all assets will be divided amongst children and the deceased’s family.
We are strong believers in real estate deal conditions. Now that we are in a more balanced market, and houses are not selling in multiple offer scenarios, as a real estate buyer you have more power to make a thoughtful deal with conditions.
Your pets are a big part of your family. So, what happens to them after you are gone? If you are suddenly incapacitated or pass away, do you have a plan for your beloved pet?
Title insurance is not the most exciting thing to spend your money on, but it is an integral part of buying a house and most real estate lawyers (and virtually all mortgage companies) want it as part of every deal. Although title insurance is optional in Ontario, your lender will require it for you to receive your mortgage.
As you can imagine, there are many factors to consider when estate planning with blended families.
Should I add my child to the title of my home? When your child is listed as a joint tenant, it is likely that the home will be their primary residence. There will be potential income tax complications, like capital gains, from doing this. In Ontario, your child will forfeit their first-time buyer’s exemption for the property transfer tax on the home purchase.