It is a worst-case scenario if your real estate deal does not close on the agreed-upon date. The buyer failing to secure financing is one reason that a real estate deal could go south. What happens next?
Recent cases of title fraud in B.C. and Ontario has made this a top-of-mind issue for property owners across the country. Awareness is your best defence against these criminals and there are a few things we want you to know so that you can make yourself, and your property, less of a target.
What happens to your Facebook profile after you become incapacitated or pass away? What about your email account? The rest of your digital assets? In Ontario, there is no legislation dealing with this type of ownership, so you may wish to include digital asset transfer of ownership in your will. Your digital estate plan should include your passwords and your wishes for these accounts after you are no longer able to control them.
“The seller didn’t sweep the hallway like they said they would!” “The seller left a bunch of garbage!” “There are so many holes in the walls!” You do your final walkthrough of the home 2 weeks before closing. You realize that the home is in disarray, but the seller...
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.
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.