News & Resources

May 15
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Buying a new home is an exciting endeavour but it’s often accompanied by a number of difficult questions such as:

 

How do you know if you are ready to own a home? Have you thought about a budget? How much are you willing to put down as a down payment? Do you have a good credit score?

This resource, provided by Genworth Canada, walks you through these types of questions and more.  Not only does this quiz outline what characteristics are present of someone who is ready to own a home, but it provides helpful tips on where to get started, what to look for, how to go about your financial planning, etc. 

It also directs you to some other great resources, like Realtor.ca, the Homeownership section of the Genworth webpage as well as the Financial Planning section of the Genworth webpage. 

Again, your lawyer typically comes into the picture after you have signed a legally binding agreement. Perusing these resources can help to make sure you are as informed as possible so you are prepared, willing, and able before you sign the agreement.

http://homeownership.ca/financial-planning/quiz-are-you-ready-for-homeownership/
May 02
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Attention homebuyers! Do you know what the difference is between a deposit and a down payment?  Are they the same?  How much needs to be paid?  What is the purpose of each?   This is a common area where homebuyers (especially first-time homebuyers) face confusion.  Though your lawyer’s office can readily answer questions when you have them, often the particulars of payment of these amounts are dealt with before your lawyer comes into the picture.    Joe Richer, Registrar for the Real Estate Council of Ontario, wrote an article entitled “Deposit and down payment aren’t one and the same: Ask Joe” for the Toronto Star last month that provides a straightforward discussion of the difference between a deposit and a down payment. He also discusses other issues with each that can help you to protect your rights (i.e. should you pay a deposit directly to the seller?).   Before you sign an Agreement of Purchase and Sale, this is a good issue to bring up with your real estate agent.  If you do have questions about the deposit vs. down payment issue, this article will likely help to alleviate some of your concerns.

https://www.thestar.com/life/homes/advice/2018/01/20/deposit-and-down-payment-arent-one-and-the-same.html
Apr 24
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It’s not uncommon for clients to arrive at their lawyer’s office for their first home purchase, having already signed a binding Agreement of Purchase and Sale, and they are unaware of the commitment into which they have entered.  It is important to us that you are informed before you make the commitment to buy a home.  Our job is to protect our clients’ rights, but our role is limited when you have already signed the agreement before you contact us.  There are many resources available online that can help you to inform yourself before and during the homebuying process.  This article for Global News, for example, written by Dani-Elle Dubé, outlines what you should know before you even contact your real estate agent.

https://globalnews.ca/news/3447389/heres-what-you-need-to-know-before-buying-your-first-home/
Apr 17
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During the administration of estates, there are typically many concerns over the cost of probate.  “Probate” is an outdated term referring to Estates Administration Tax payable to the Minister of Finance.  This amount of tax depends on the value of the estate.    The Estates Administration Tax calculator provided by the Ministry of the Attorney General can help you to get a rough idea of how much Estates Administration Tax that the estate will have to pay. You can also read more about Estates Administration Tax by clicking the link provided to the Ministry of Finance webpage.    Though the Estates Administration Tax calculator can give you an estimate of the amount of tax an estate will be responsible for, it should not be relied upon to be completely accurate.  It is advisable to consult a legal professional to be sure that all estate assets are being properly accounted for.

https://www.attorneygeneral.jus.gov.on.ca/english/estates/calculate.php
Apr 03
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There are many different tasks for which an estate trustee is responsible.   Ontario Estate Law, a law firm in Ottawa and Toronto, have posted this article that lists a number of duties for which an estate trustee is responsible.  This article is also helpful because it indicates whether each task should be completed immediately, in the interim or as a final matter.  This list is a great resource for any estate trustee to keep on hand for reference.    Again, remember that lawyers are available to help estate trustees determine their responsibilities.  A number of these tasks can also be delegated to a lawyer to look after, for instance applying to the court for a certificate of appointment of estate trustee. 

https://ontario-probate.ca/executor-role/executor-duties/
Mar 13
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Acting as an estate trustee is a big responsibility that can often be complicated and overwhelming.    If you’re looking for information on how to get started or have general questions along the way, the Ministry of the Attorney General has provided this information webpage with “Frequently Asked Questions About Estates”.  Not only does this webpage answer common questions on issues such as how to find a deceased person’s Will, or how you can apply for death benefits, it also answers questions about more complicated matters such as how to apply for an certificate of appointment of estate trustee.  This is a great resource for both potential estate trustees that are looking for more information before beginning the process, or for those who are in the midst of administering an estate and would benefit from more information.   Remember that, similar to real estate closings, lawyers are very familiar with the estates administration process and they can be a great asset when you have questions and/or concerns whether you are an estate trustee, a spouse or dependent, or a potential beneficiary. 

https://www.attorneygeneral.jus.gov.on.ca/english/estates/estates-FAQ.php
Mar 06
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Losing a loved one can be an emotional and stressful time.  The Government of Ontario has posted the webpage “What to do when someone dies” to help you cope with the loss with as little stress over the practical matters as possible.  The webpage provides helpful information on many issues such as: funeral arrangements, death registration, Wills and estate administration.    While a funeral director can typically help you with issues such as funeral arrangements and death registration, a lawyer is there to help with the administration of the estate.  Estates administration can be a complicated process and guidance from a lawyer can be extremely beneficial.

https://www.ontario.ca/page/what-do-when-someone-dies
Feb 27
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The Ontario Securities Commission has provided a helpful webpage on how to choose the right mortgage for you.  This webpage gives helpful explanations on all the different aspects of a mortgage.  This includes: the amortization period, the mortgage term, the type of mortgage, prepayment options, etc.    Overall, it is important to be informed about these issues before meeting with a lender so that you can ensure you are getting the mortgage that is right for you and your unique situation.

https://www.getsmarteraboutmoney.ca/invest/investment-products/real-estate/choosing-a-mortgage/