You know that a Will is important, but you keep putting it off, seeing it sit unchecked on your “To-Do” list month after month. You’re not alone. One of the top things we hear from our clients is that they’ve been meaning to attend to their Will, but have felt overwhelmed and unsure where to […]
The Dreaded Estate Plan – How to Start (and Finish) Your Will in 5 Easy Steps Read More »
Estate and personal planning is the process of setting up legal instructions for your incapacity, health care directive and death… before any of these circumstances happen to you. Planning is achieved through three key legal documents: Will, Power of Attorney and Representation Agreement. Last Will & Testament (Will) Your estate is comprised of the assets that
Estate and Personal Planning: An Overview Read More »
When you purchase a property alone, it’s clear what your responsibilities are because you own 100% of the property. But what happens if you purchase a property with someone else? How can you define and characterize the nature of your ownership of the property? Deliberate and strategic registration of legal ownership of property is a
Joints Tenants vs. Tenants in Common: Ownership Considerations for 2+ Property Owners Read More »
Why is identification important? In this age of digitization, security breaches and hackers, it’s more important than ever to have valid and consistent identification. When partaking in a legal transaction, the first requirement of your legal practitioner (BC Notary or lawyer) will most certainly be to ascertain your identity. Afterall, no one wants their house
What’s in a Name? The importance of consistent, valid identification. Read More »
Summary The Land Owner Transparency Act (LOTA) aims to provide clarity as to who benefits from landholdings through the enforcement of disclosure and filings (declaration and/or report) at the Land Owner Transparency Registry (LOTR). The filing requirements can be complicated, so land owners and reporting bodies should consult with a legal professional to determine their
BC’s Land Owner Transparency Act & Registry Read More »
Understanding the difference between legal and beneficial ownership is critical to ensuring that parties recognize their rights and obligations. This is important for those who already own property, but also for those who are purchasing or acquiring an interest in property; knowing the options and exploring how to best structure ownership (including bare trusts and
Legal and Beneficial Ownership of Real Estate Read More »
What to Watch Out For When Making or Accepting an Offer to Purchase Real Estate Summary There are three essential elements that must be present to give rise to a contract: 1) An Offer – a proposal that communicates a willingness to be bound to the next communication – is usually made by the Buyer. 2) Communication is key!
The Essentials of “Offer & Acceptance” Read More »
A contract is a legally enforceable agreement. Technically, a contract is not required to be in written form (contracts may be verbal), but a written contract serves as proof of the terms of an agreement and may be relied upon in the case of a contract dispute or potential breach of an agreement. Thus, a contract is
Contracts: Terms, Legalities and Fundamentals Read More »
There are three critical dates that are written into all real estate contracts: Completion, Possession and Adjustment dates. Although they can sometimes be the same date, there are critical differences between them all. Completion The Completion date is the day on which the real estate transaction is legally registered at the Land Title Office (LTO). Completion must always be a week-day. In
Key Real Estate Dates and What They Mean: Completion, Possession and Adjustment Read More »
Home Owner Grant (HOG) Some property owners may be entitled to claim a home owner grant (HOG) in order to reduce their property tax bill, based on certain eligibility requirements. Most commonly, the basic or regular HOG is claimed by a registered owner of a property who is a Canadian citizen or permanent resident and
A Guide to Property Taxes Read More »
