Tax Implications of Short-Term Rentals for Property Owners
Short-term rentals like Airbnb are becoming increasingly popular. We get a huge number of inquiries about them at my real estate law office in Edmonton, Alberta, and I know that folks are concerned about them across Canada. The legal issues with short-term rentals often have to do with local zoning regulations for a property, which can vary by city and even by neighbourhood. The tax implications of Airbnb (or its competitors like Vrbo, HomeAway, TurnKey, FlipKey, etc.), however, are mostly provincial and national. This blog post will flag some of the key considerations and link to further reading from accountants who specialize in real estate investment.
Podcast Episode 123: “Creative Real Estate Investors Panel.”
Special one-hour dive into the trenches of Creative Real Estate in Canada… and Africa! Barry has gathered a panel of experts, veritable rockstars of Creative Strategies, to share their experiences and answer questions from the audience.
The essence of Creative Real Estate Investing is knowing strategies and recognizing opportunities. Sometimes deals come along that don’t work for your usual approach. Knowing alternative strategies like Agreements for Sale or Rent-to-Own (a.k.a. Lease Options) allows you still to turn a profit.
For many investors, Creative Strategies are a supplement to regular Buy & Hold—but they can also become a full-time real estate business. Listen now to get insight into how a bit of creativity opens up all kinds of opportunities!
Download the audio file HERE. (control click or right click + save as)
If You’re Getting a Mortgage or Have an Existing Mortgage, Then You Need a Lawyer to Buy or Sell a Home in Alberta.
The legal requirements surrounding mortgages in Alberta demand a lawyer, but an attorney protects your interests and manages many important details in a real estate transaction. Once you have a Purchase Contract, it’s time to get a lawyer, however it can help to have one much earlier in the process to make sure things go smoothly. Below is a list of all the things that my Edmonton law firm, RMLO Law LLP, takes care of so that our clients can focus on getting ready to change homes. As you’ll see, there’s a lot to do, which is why the process takes time. Buying and selling are bit different, but they both take time. The end of this blog post also has a bunch of frequently asked questions.
What the Heck Is a Real Property Report and Why Should I Care?
In the Province of Alberta, a Real Property Report (RPR) is a required part of the standard Multiple Listing Service (MLS) real estate purchase sales contract. It is a document that was formerly called a Land Survey because a professional group known as the Alberta Land Surveyors’ Association produces it. Continue reading →
Why Use a Real Estate Lawyer for My House Purchase or Sale?
Here’s the scenario. When we get a new Alberta real estate transaction sent to us here at RMLO Law LLP in Edmonton, I take a look at what lawyer/law firm is representing the other party. Normally it’s a law firm that does a lot of real estate. Great, that means that we will be working with somebody who understands how real estate works with respect to timing, documentation, and nuances of this legal specialty. What I hate to see is if the law firm is better known for their expertise in other legal specialties, such as divorce law or litigation.