Post-Closing Property Tax Surprises for Newly Constructed Homes
Purchasers of newly constructed homes are often surprised to receive after closing omitted or supplementary property tax bills. They are issued because between annual assessments of property values, properties continue to change. For example, new homes are constructed, owners renovate, additions are built and the uses of properties change. The change in the current value […]
RRSP Designations Within An Estate Plan
There are two common ways to designate a beneficiary of your registered plan: On the application form for the plan. This method allows for quick transfer of the plan benefits to the beneficiary upon your death. It also means that your estate will not have to pay probate fees on the value of the RRSP. […]
Before changing lenders, it’s wise to seek, knock and ask
I’ve seen a few clients lately who were very surprised at their mortgage payout statement. Unfortunately, the penalty on payout for one couple was a staggering $20,000! Here are some tips to consider before you decide to change lenders in the middle of a term: Call your current lender’s customer service and tell them you […]
Personal Effects: Have You Considered Their Effect?
The division and disposition of a deceased person’s personal goods and household effects is often a contentious issue, particularly amongst family members. The conflict is most often caused by sentimental and emotional values friends and family members place on the items rather than their intrinsic values. Unfortunately, most people spend relatively little time considering how […]
Ensuring Good and Marketable Title
The Agreement of Purchase and Sale (the “Agreement”) contemplates a period of time for the purchaser to determine whether the seller has a good and marketable title to the real property and that it is owned free and clear of any claims, liens or liabilities. Unfortunately, the search of title and other inquiries often reveal […]
Estate Contracts: A Look at Mutual Wills
Mutual wills are two wills, one executed by each of two individuals who have agreed to a specific estate plan. Most often each party leaves their estate (or a life interest in their estate) to the other party and their instructions are identical or very similar as to how their respective estates are to be […]
Boundary Dispute
Zorz v. Attard, 2008 CanLII 2760 (ON S.C.) was the case of two neighbours whose houses were built about 80 years ago on Baby Point Rd. near Jane and Annette Streets in the City of Toronto. The fence separating the houses was constructed 15 inches west of the actual boundary, making it appear that the […]