If you have a closed mortgage and you sell your property (or refinance it) you will be charged a prepayment penalty. The amount of the penalty will be determined by the terms of your mortgage. In Ontario it is common for the prepayment penalty to be the greater of the interest rate differential and three months’ interest. [Read more...]
IT IS BECOMING MORE DIFFICULT TO USE A POA TO CLOSE A REAL ESTATE DEAL
People who are buying or selling a house may consider having a Power of Attorney so someone else can sign for them if they are not going to be around to sign the closing documents. The use of Powers of Attorney to close purchase, sale or mortgage transactions is becoming increasingly difficult. [Read more...]
Please be advised that the Documents and Forms provided are in the DEVELOPMENT and TESTING PHASE (Beta Test) therefore we do not provide any warranties, guarantees or technical support regarding the access, completion or use of these documents and forms. [Read more...]
LogMeIn is a computer application that allows you to remotely control a computer. If you have LogMeIn installed on your office computer, you can remotely access and control that computer from any other computer that also has LogMeIn installed on it. LogMeIn can also be installed on portable devices like an IPad or IPhone (the IPhone screen is a little small however). [Read more...]
THE MISUSE OF POWERS OF ATTORNEY
A Power of Attorney for Property gives one or more individuals the authority to deal with your assets and liabilities. If there are no limitations in the Power of Attorney (and usually there are not) the Power of Attorney will allow the people you name to do anything you can do except make a Will. [Read more...]
and why you need a Power of Attorney for Property.
A Power of Attorney for Property appoints one or more people to act for you (they are called Attorneys, even though they may not be lawyers) in relation to your various assets and liabilities. A Power of Attorney for Property may authorize the attorney to do anything you can do except make a Will. You can restrict the nature of the Power of Attorney, either with respect to its commencement and/or expiry date, or with respect to which of your assets and liabilities the attorney can deal with. [Read more...]
If the Deceased owns a house or other real estate, there are some basic steps you will want to take immediately to ensure the security of the real estate asset(s). Consulting a a lawyer about these steps is critically important and should be done sooner rather than later.
That said there are some basic steps you will want to take immediately to ensure the security of the real estate asset(s). [Read more...]
There are situations where one or more people involved in a real estate transaction will be required to obtain independent legal advice prior to the deal closing. [Read more...]
If you are the beneficiary of an estate, what information should you expect from the executor / estate trustee and what happens from your perspective as a beneficiary?
First of all, in Ontario there is no requirement for a reading of the will as you see in American TV programs. Beneficiaries of an estate have the right to information concerning the estate and to receive their inheritance in a timely manner. The executor may or may not give you a copy of the will shortly after the death. [Read more...]
There are several aspects of incorporating your business that can become important when estate planning is considered. The structure of your business incorporation and your plans for your shares after your death should be considered as an estate planning tool. [Read more...]