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August 2018 Archives

Asking the right questions is critical when buying real estate

Failing to ask the right questions can set new home buyers up for disappointment. Every home has it strengths, weaknesses and quirks, so it is a good idea for buyers in Ontario to clarify what issues may exist before finalizing a real estate purchase. Here are a few questions worth asking when walking through a home.Questions about the history of a home can be very revealing for prospective buyers. Specifically, the sales history of a home can reveal certain things about its marketability and the competition that may be involved in closing the deal. Has the house been on the market for a long time? Has it ever been foreclosed on? These all might offer clues to whether a lower bid could be accepted for the home.

How should wills address digital assets like cryptocurrency?

Passing along wealth when everything is either available in cash or held in a bank is straightforward enough. While solid estate planning and proper communication with financial institutions has always been a good idea, for a long time the documentation needed for most was limited to wills, real estate deeds and stock certificates. However, an increasing number of Ontario residents are needing to consider digital assets such as cryptocurrency and online businesses when drafting estate plans.In some ways, planning the transition of digital assets is the same as any traditionally held asset. Like anything, the planner should leave a list of assets and how to access them. Digital assets may need some additional explanation, especially when dealing with a less tech-savvy executor, so it's a good idea to go into as much detail as possible within estate plans.

Survey lends insight into Baby Boomer real estate preferences

As Baby Boomers get closer to retirement, many assume that a mass of people across the country will be looking to downsize. However, a recent survey of this demographic suggests that not all are looking at selling their homes just yet. Despite the fact that many Boomers in Ontario and throughout Canada may not be ready to downsize in the near future, the group is still set to make an impact on the real estate market, and 17 percent expect to buy or sell property in the next five years. This equals 1.4 million people across the country.Does that mean a high number of Baby Boomers are looking to downsize? The survey suggests that this might not be the case. In Ontario, 51 percent of Boomers said they did not plan on buying a smaller home. On a national scale, 59 percent planned on buying smaller.

Are you properly prepared to challenge a will?

Losing a loved one is understandably a very difficult and emotional time for most Ontario residents. Unfortunately, whenever there are disputes that occur in the aftermath of a loved one's passing, this can ratchet up tension and stress to unimaginable levels.If you are now facing these daunting circumstances, it may benefit you to gain an understanding of all the ins and outs involved with the challenging of a will. There are several reasons you might have to potentially contest a will, including the following:

Failure to disclose often the source of real estate lawsuits

One of the most common reasons for legal trouble in a real estate deal is disclosure. Disclosure-related lawsuits tend to emerge when a purchaser discovers something negative about a home after moving in which should have been revealed under Ontario real estate law. The defendants in these suits may be inspectors, real estate agents or the former owner(s) of a property.There are many issues that someone could complain about if they are not disclosed. This can include a leaking roof, pest issues, plumbing problems, zoning ordinance violations, building code violations or deaths that occurred on the property. In order to avoid a legal issue related to disclosure problems, it is wise for a seller to be forthcoming with any prospective buyers.

Is real estate investing a good idea?

Many believe that real estate is a secure way for wealthier individuals to invest their money. In recent years, Canadians have seen high returns on property investments close to urban areas, particularly Toronto and Vancouver. However, there are a few things would-be investors should know before dipping their toes into Ontario real estate.Real estate investment is often less simple than it may seem. Some people fail to account for tax implications and maintenance costs associated with their new property. Others may be caught off guard by changes in the real estate market, which may not always go their way. Experts caution that, while the extreme appreciation that has been seen across Canada in recent decades might be attractive, doing research and accounting for hidden hosts is a must.

Condo Ownership: Storing Items On Balconies And Parking Spaces

Purchasing a condo can be a very busy time for homeowners. Sometimes certain details can be forgotten as more and more information is absorbed. A topic that may be confusing to some condo owners is the type of personal property you can keep on your balcony or other external facilities.

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Merovitz Potechin LLP
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Ottawa, ON K1Z 8R1

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