Hidden Problems After Real Estate Purchase

Caveat Emptor: Buyer Beware.”

What can you do if you discover major problems with a property after buying real estate in Alberta? There are a number of legal and practical issues. First let me tell you about a situation that a client brought to me, and then I’ll explain what I advised. Continue reading

What is an Encroachment?

Focus on Real Estate: Quick Tips.

In this video, you’ll find out what an encroachment is, and what types of encroachments there are. If you need an Edmonton real estate lawyer, get in touch through RMLO Law LLP.

Straight to the point, there’s no filler in the Focus on Real Estate with Barry C. McGuire series of videos.

Hire an experienced real estate lawyer in Edmonton, Alberta. Use the contact form below!

Videos co-produced by the Real Estate Investment Network (REIN) as a Google Partner.

Why Do I Need a Lawyer in a Real Estate Transaction?

Focus on Real Estate: Quick Tips.

In this video, Barry explains what a lawyer does for you when you buy or sell real estate. Below are two of the highlights. If you need an Edmonton real estate lawyer, get in touch with Barry at RMLO Law LLP.

  1. A buyer’s attorney prepares the mortgage documents that lenders won’t let borrowers prepare themselves.
  2. A seller’s lawyer manages the money in a transaction to make sure that all outstanding debts or taxes are paid, which mean the seller receives their cash with no strings attached.

This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos that provides bite-sized pieces of real estate knowledge.

If you’re buying or selling real estate in Alberta, contact Barry now!

Videos co-produced by the Real Estate Investment Network (REIN) as a Google Partner.

Is Tax Planning Worth It?

calculator with buttons for tax

Donald Trump Is Right (About Tax).

Now, generally I disagree with almost all of The Donald’s actions. But not on tax. If you are interested in legal ways of saving big money on tax when selling property, a business, or other large investments in Alberta, get in touch with me now at RMLO Law LLP.

Donald Trump’s advisers have called him a “genius” after reports that his $900 million loss in 1995 helped him avoid paying federal tax for the next 18 years.

“This is a perfectly legal application of the tax code and he would have been fool not to take advantage of it,” said former New York mayor Rudy Giuliani, one of Trump’s advisers.

Continue reading

Wills and Estates

Will and Testament

If You Can’t Afford a Will,
You Can’t Afford to Die!

Did you know that in 2012 the law regarding Wills & Estates changed dramatically?

Did you know that these changes are retroactive?

A colleague of mine who specializes in Wills & Estates, Avideh Musgrave, had a lot to say about these changes to the legislation that could affect you. “Barry, how can people use Will Kits?! Don’t they realize the mess they could be leaving their loved ones?”

Ever being the calm voice of reason, I opined as to how most people just don’t understand all that goes into Estate Planning. “Avideh, they don’t know. They believe what the ads say. If you want them to know the risks they’re taking by using a Will Kit instead of an experienced lawyer, tell them!”

And so, in Avideh’s own words… Continue reading

Mortgage Default

mortgage default foreclosure

My Mortgage Is In Trouble—What’s Next?

The 2007 collapse of Alberta’s real estate boom caught a lot of homebuyers by surprise. There hadn’t been a major collapse in the real estate market since 1980, then triggered by the still hated National Energy Program. Many homebuyers—both owner-occupiers and investors—had little experience in 2007/08 when prices came crashing down. As late as 2012, we were still experiencing 07/08 ‘crash backlash’, which in 2015 has been aggravated again by falling oil prices.

Luckily it’s not as bad as the 1980s, but many folks are still rightly concerned. We get a lot of questions about mortgage default. How long does it take the bank to foreclose? What if the mortgage is now worth more than the property? Can I use a Quit Claim to get rid of the property? A very good client suggested, and I agreed, that it would be worthwhile to discuss some of these issues a little bit more. Following are a series of questions from my client and answers by me. Continue reading

Possession is Nine-Tenths of the Law

Squatter's Rights

Squatter’s Rights in Alberta.

We’ve all heard this expression, and we kind of understand it. Someone occupies or ‘squats’ on someone else’s property and somehow, in some way, in some amount of time, the ‘squatter’ obtains some kind of legal rights.

But, that’s an ancient law, right? It probably doesn’t apply anymore, one of those legal myths? Wrong! Continue reading