In addition to the Estate Law amendments that were created due to the pandemic, additional provisions will take place beginning in 2022.
Calculating Equalization
If a married couple decides to separate or divorce, both parties are entitled to what is called the equalization of net family property. This means that each spouse is automatically entitled to an equal share of the profits of that marriage. Barring a domestic contract between the spouses, either spouse can apply for equalization of family property under the Ontario Family Law Act (FLA).
Condominium Owners Responsible For Their Tenants Actions
Image Source - Pixabay
The following article demonstrates how a condominium owner was held responsible for their tenants disruptive behaviour by the Ontario Superior Court of Justice.
According to the article written by James Cook in Real Estate Magazine, the decision demonstrates some of the potential perils of renting out a condominium unit and the consequences that may result. Due diligence on potential tenants should be thoroughly conducted by unit owners before entering into a lease, as eviction proceedings are slow and costly. A condominium will be looking to unit owners to cover the costs and any damages that are incurred before a tenant is eventually evicted.
To read the full article and further reason as to why the courts ruled in this favour, CLICK HERE
Carson Law can help with your Landlord and Tenant problems. Please contact our Paralegal at paralegal@carsonlaw.ca
What Is Power of Sale and How Can You Avoid It?
A Ban on Blind Bidding
Blind Bidding is where potential home buyers submit a bid without knowing the counter-offers. In the end, this means that the buyer with the accepted offer could end up paying a substantial amount more than what was needed to purchase the property.
Is it possible to ban blind bidding? Read the linked article entitled, “Would a ban of blind bidding make homes more affordable? By Kunal Sawhney in Real Estate Magazine, to gain more insight on this real estate trend.
Carson Law is here to help with any and all Real Estate questions. From first time home buyers to experienced investors, we cover it all.
Contact us today
905-336-8940
info@carsonlaw.ca
Carson Law's Client Spotlight for October - ENSEMBL
Construction Liens
Carson Law's Client Spotlight for October
The Difference Between Terms and Conditions In an Agreement of Purchase and Sale
When an offer is made on a home and an Agreement of Purchase & Sale (APS) is signed, there will be a lot of filling out and reading of paperwork. Knowing the nuanced terms included in the APS is important. Two of the most common items within the paperwork are ‘Conditions’ and ‘Terms’.
A Condition is a clause the buyer needs to waive or fulfill by an agreed time in order for the sale to be finalized.
A Term is used to clarify what the buyer expects to be done or or included in the property.
At Carson Law, we review the Agreement of Purchase and Sale as soon as we receive it and can answer any questions or provide clarification on this important document.
What You Need To Know About Rent Control In Ontario
September Client Spotlight - Investor Girl Diana
Diana is a knowledgeable and experienced Real Estate Investor in Southern Ontario, with several BRRRRs, flips and private lends under her belt. As an avid networker, Diana has leveraged her extensive network to position herself as a valuable resource for aspiring investors by providing her community with a broad scope of valuable information from experts in the field.
Property Boundary Surveys
With the increase in purchases of remote and rural acreages, having a boundary survey completed could add value to your title and mitigate any potential problems with new neighbours.
Today’s blog article written by Freddy and Linda Marks from 3A Group Re/Max, addresses the benefits of having a survey completed along with a horror story of a situation where their buyers were lucky they did.
Leased Property and Tax Concerns
Within a real estate transaction, not all property is transferred in the traditional sense that both the dwelling and the subsequent land are conveyed in fee simple. An increasing number of transactions include purchases where the dwelling is conveyed in fee simple, but the land itself is merely leased to the occupant.
Substantial Damages on a Purchase Property
The article goes over how Ontario’s Superior Court of Justice had addressed two issues; the responsibilities of the seller when substantial damage occurs to a property in between the time of the signed Agreement of Purchase and Sale to the closing date, and what is considered substantial damage to property..
Carson Law's Client Spotlight for September 2021 - Ama La Terra
What Is Force Majeure?
Home Office Expenses and the CRA
A Legal Checklist For The Prudent Real Estate Investor
Real estate investing has long been a lucrative business practice. Whether you are new to the business, or already have multiple properties, it is important to make sure that you have the necessary legal safe guards in place. In order to best protect yourself and your business, there are many important legal steps that the prudent real estate investor should investigate and consider implementing into their business operations.
Start a Home Based Business on Your Terms with These Guidelines
Written by Ted James @ tedknowsmoney.com
Image Source: Pexels
Starting a home-based business may seem like a distant daydream, but there are several ways to turn your ideas into a reality. The key is to think carefully about the kind of business you want to run — and the kind of entrepreneur you want to be — and what it will take to make that happen.
Start With a Well-Chosen Structure
Your business structure is more than just a legal requirement for paying taxes. It can provide benefits to your growing venture, especially in the long run. If you think you might add partners or investors, or if you want to protect personal assets, this will determine which business structure is best for your situation. Once you decide, connect with a legal professional from Carson Law to help you formalize your entity.
Tending Basic Legalities
As a business owner, there are plenty of forms, licenses, and permits required for a startup venture, and it’s important to make sure you have these taken care of in the very beginning. In some cases, this paperwork can determine how you pay your business taxes or how you go about hiring employees. And if you’re thinking about hiring employees, you’ll also need to start thinking about staying on top of payroll. Fortunately, you can use a payroll app to tackle things like issuing paychecks, setting reminders, and even paying your payroll taxes.
Be Successful Wherever You Work
Once you have the paperwork out of the way, it’s time to start thinking about getting to work. Starting a home-based business means you need to have a solid workspace that’s free of distractions, but it doesn’t have to be an expensive endeavor. If you have a spare room, basement area, shed, or garage, you can transform the space into a quiet spot to work from each day pretty easily. Make sure you have access to the internet, as well as a variety of devices such as a reliable computer or laptop, a printer, and noise-canceling headphones to help you stay on track if your family will be home with you. Look for storage solutions that will help you stay organized no matter how much you have on your plate, as well as a data plan that will help you keep your phone and internet bills reasonable.
If you simply don’t have an appropriate space at home and adding one isn’t an option, consider a coworking space. You can find a spot with the interaction — or privacy — necessary for your personal productivity, and these spaces are typically equipped with everything you need to get down to business. Plus, they naturally lend themselves to networking opportunities.
Find support
After you’re established, Callrail points out that it’s a good idea to look for support within your community and from other small business owners. These days, there are several ways you can network with like-minded individuals, from social media to conventions and other events. Think about your company’s branding and marketing plan and how you can make the most of it by partnering with other businesses, especially if you don’t plan to have a storefront. This is a great way to get your business’s name out there.
Starting a business involves a lot of planning and some careful steps, so it’s important not to rush through your decision-making process. Finding support and guidance from other small business owners is key, as they can help to mentor you as you get started.
Disclaimer
The content on this web site is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this web site are advised to seek specific legal advice by contacting members of Carson Law, Carson IP, or their own legal counsel regarding any specific legal issues. Carson Law does not warrant or guarantee the quality, accuracy or completeness of any information on this web site. The articles published on this web site are current as of their original date of publication, but should not be relied upon as accurate, timely or fit for any particular purpose.