What If I Default On My Mortgage?
When you stop making regular mortgage payments to your lender, several events will inevitably happen. You will be assessed fees for late payments, your mortgage will fall into default, your credit rating will fall as the late or missed payments are reported to the credit bureaus and other lenders will be more hesitant to lend […]
Applying for Probate: A Taxing Affair
The Certificate of Appointment of Estate Trustee (the “Certificate”) (formerly Letters Probate) is required by some third parties dealing with the executors and trustees in order to confirm the date of death and the executors’ and trustees’ authority to act. It is issued in both cases where there is or is not a will. Before […]
Benefits of Having A Survey
A survey is a two-part report prepared by a qualified Ontario Land Surveyor pursuant to the Surveys Act (Ontario) bearing the seal of the surveyor. It consists of a plan showing the features of the land, such as buildings, fences, and natural features, and a written report (often endorsed on the plan) indicating any encroachments […]
Mortgage Pre-Approvals Are Not Guarantees
A mortgage pre-approval is a document from a lender stating that a prospective buyer may have the income, assets and credit to carry the mortgage required to purchase a house of some assumed value. Some of its uses are briefly described here: The initial review of your financial profile indicates the maximum loan amount a […]
Appointing Guardians and Custodians for Minor Children
One of the most important estate planning considerations for parents is who will care for their minor children in case of the parents’ untimely deaths. Indeed, for many parents, appointing custodians for their children will be the sole reason they undertake any estate planning at all at that relatively early stage in their lives. There […]
The Risks of Buying A Home With An Unconditional Offer
In a seller’s market, there is keen competition for homes in many price brackets. Buyers are anxious and worried about losing a bidding war on a seemingly perfect property. Furthermore, the heated market may cause buyers to feel pressured to make an unconditional offer. No inspection. No financing condition.
No Will?…Then What is Your Spouse Entitled To?
I have recently been concerned by the number of people that assume that their spouse will receive their entire estate should they die without a will (also called dying “intestate”). However, as we will briefly explore here, that will not necessarily be the outcome.
It Pays to Keep Your Will Updated
Karen Christiansen (“Karen”) found out the hard way why it’s important to keep one’s will updated, especially when important life events occur. In MacLean Estate, 2009 BCSC 1159 (CanLII), the Supreme Court of British Columbia ruled that a will executed by Gordon McLean (“Gordon”) at the time he was cohabiting with and engaged to Karen […]
Maintenance Advice for Your New Home
After taking possession of a new home, there are some maintenance and safety issues that should be addressed immediately. The following checklist should help you undertake these improvements: -Change the locks on all exterior entrances, for improved security. -Check that all windows and doors are secure. Improve window hardware as necessary. Security rods can be […]
Jointly Held Assets: Avoiding Some of the Pitfalls
Two or more people may own assets jointly. This most often means that on the death of one of the joint owners, full title to the asset(s) will immediately transfer to the surviving joint owner(s), known as a right of survivorship. The result is that probate fees, some solicitors’ fees, some creditors, and publicity are […]