What to Do When Seller Doesn’t Have Leases for Tenants

Podcast Episode 110:

“Get the Details.”

A client of mine found a four-plex in Alberta with a motivated seller, but soon discovered that he would have to deal with problems caused by the seller’s inexperience. The location was good, with a tenant profile that fit the type of people that my client liked to rent to. And, the price was very good. Listen to the podcast or read on to learn about documents you can use to protect your interests when buying from sellers like this who haven’t been very good landlords.

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New Year in Real Estate: Looking Back, Looking Forward

top 60 property law blog medal

A (GREAT!) Year in Review and Some New Plans.

Well, 2017 is done and dusted. We can’t look back without being pleased, but it wouldn’t be a year in review without some thoughts about what’s happening in 2018 with our corner of the real estate world.

My website, Investorlawyer.ca/BarryMcGuire.ca, continues to grow, both in content and traffic. Continue reading

Season’s Greetings

Barry and Donna McGuire with Santa Claus.

Joy and Peace to All for the Holidays!

Who knew Santa was Italian?! He showed up at our favourite store, Italian Centre Shop, and insisted we have a picture with him.

Donna and I are delighted to have this opportunity to wish everyone the very best of the holiday season. We’re taking a little break till after New Years, but then we’ll be back to posting about Canadian real estate, property law, and creative investment strategies. Thanks for your support and stay tuned for more!

Protect Yourself with Power of Attorney

Power of Attorney, Powerful Tool For Real Estate Investors

The Power of Attorney is a wonderful document, and especially useful in creative real estate transactions.  The owner of the piece of property (the grantor) appoints you (the grantee) his attorney (the person who can do things regarding the property).  The Power of Attorney can be revocable or irrevocable, general or specific for a fixed period of time, or without that limitation. In other words, the Power of Attorney is a very flexible document.
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Title Insurance vs. Real Property Report

Should You Accept Title Insurance Instead of a Real Property Report?

Following up on their previous two videos (1 and 2), Barry and Keith compare title insurance and real property reports in Alberta real estate. Which should you choose? For the buyer, it often depends on what you wants to do with the property after purchase. Watch the video to get Barry’s explanation!

 

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Predatory Rent-to-Own? That Could Net You a $250,000 Fine!

This is what gives Rent-to-Own (a.k.a. Lease-Options) a bad name.

The British Columbia real estate regulator issued a rare ‘Emergency Suspension’ to a BC realtor and his company. Briefly, the realtor allegedly looked for homeowners in foreclosure. Then he would buy the properties from them at less than market value and rent them back under a Rent-to-Own scheme. The homeowners were always unrepresented by realtors or lawyers.

Here’s the kicker; their rent payments were double their mortgage payments. Of course, if the homeowners could not make the mortgage payment, they could never consistently make a rent payment that was double the mortgage payment! Once they couldn’t make a payment, the realtor would evict them.

Here’s what the regulator said: Continue reading

Real Property Reports in Alberta

What’s a Land Survey and Why Do You Need One to Sell your Property?

Barry continues his conversation with Century 21 realtor Keith Faria. This time they’re talking about Real Property Reports (RPR), which are two-dimensional drawings created by professional surveyors.

In Alberta, the standard real estate purchase contract requires sellers to provide a current RPR and proof of municipal compliance. Watch the video to get an explanation of what these terms mean and why they’re important.

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Holdbacks in Real Estate Purchase Contracts

Holding Money Back to Get a Seller to Fix Problems with a Property

Barry recently had a chat with Century 21 realtor Keith Faria about holdback clauses for buying and selling real estate in Alberta. They recorded this video to share their thoughts and advice with you.

In a real estate purchase contract, there are ways of getting a seller to do things to the property before the sale. A ‘holdback’ is a clause that reserves part of the purchase money to fix problems—just in case the seller doesn’t do things when or how they were supposed to…

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