There are many compelling reasons to have a Will, but what actually happens when a person dies without leaving a Will? In British Columbia, the Wills, Estates and Succession Act (WESA) provides the intestacy rules. Administration Pursuant to section 130 of WESA, when a person dies without a Will, the court may grant administration of the […]
Death Without a Will: A Look at BC’s Intestacy Legislation Read More »
A Will is a critically important document, but only 50% of British Columbians have their own signed, current Will*, which, of course, begs the question: Why? Here are some of the most common myths and misconceptions that we’ve heard: Myth #1: Only people with significant assets need a Will. A Will is a legal document
Co-operative Housing Summary Co-operatives are a form of shared ownership where each owner is a shareholder in a corporation that holds legal title to the property. This is a unique type of ownership – different than condominium and strata living – that can come with its own challenges and benefits. What is it? A Co-operative or Co-op is a type of
Co-Operative Housing Read More »
This article distinguishes the two main categories of land estates in British Columbia. It is important that owners understand the nature of the ownership that they are buying before they enter into a contract to purchase the property. Freehold A Freehold estate is one in which person(s) own a property in perpetuity or until deciding
Freehold vs. Leasehold Estates Read More »
Quick Highlights: In relation to a variable rate mortgage, a “fixed payment” means that the borrower’s payment amount never changes, regardless of changes to (Prime and variable) interest rates. Trigger Point is the threshold that is reached when the Prime Rate has increased to a rate where the borrower’s entire fixed payment no longer covers the
Mortgage Trigger Point Read More »
This article will help you establish a basic understanding of the fundamentals of mortgages, including terminology, types of loan products and registration/ legal set-up processes. Mortgage Terminology Before delving too deeply into explanations, it is first helpful to review some common terms associated with mortgages and borrowing money. Borrower or Mortgagor: entity that borrows money. Lender
Mortgages and HELOCS and STEPS– Oh My! Read More »
As a Notary, real estate is a BIG part of my job. But, oftentimes my phone rings, I answer, and on the other end of the line is an excited and slightly nervous voice confessing: “This is my first time buying and… I guess I need you for something?” Most Realtors and Mortgage Brokers advise
A Notary’s Role in your Real Estate Transactions Read More »
With a new year comes….. a number of new rules affecting the real estate market in 2023! Here’s what you need to know: Buyer’s Rescission Right New amendments to the provincial Property Law Act (s. 42(1)) and associated Home Buyer Rescission Period Regulations came into effect in January 2023. The purposes of the regulations are
New Year, New Rules: What’s New in Real Estate for 2023? Read More »
Ever heard the phrase, “cheap advice is the most expensive kind”? This rarely rings truer than when examined through the context of legal services – particularly estate planning and Wills. There are many important reasons to have a Will but people who have never sought assistance from a legal professional may sometimes wonder: “Can I make
A Notary’s Role in Estate & Personal Planning Read More »
1) Exercise choice and make your wishes known If you die without a Will, the Wills, Estates and Succession Act (WESA) governs how your estate will be divided. Don’t let legislation dictate your legacy. Ensure that those who are important to you are provided for in you Will. 2) Grant authority Appoint an executor (and
