6 Things to Know About RRSP Mortgages: A Legal Perspective.
Do you have a Registered Retirement Savings Plan (RRSP) in Canada? Are you unhappy with the financial performance of your RRSP? Are you looking for better investment returns in your RRSP? Or are you looking to borrow money? Perhaps you don’t want to borrow from a bank, credit union, or broker? If you answered yes to any of these questions, then you might find it attractive to use an RRSP mortgage. This blog post focuses on the legal aspects of lending and borrowing money from an RRSP as a mortgage, but it also applies to other Canadian registered investment funds like Registered Retirement Income Funds (RRIF), Registered Education Saving Plans (RESP), and Tax-free Savings Accounts (TFSA).
Timing! I keep blogging about timing because it is one of the biggest problems for real estate transactions. Issues with timing are hugely stressful; they are the most common reason for an increased legal account. And, no one likes to pay more in legal fees than they thought they were going to have to pay!
In this second instalment of a two-part series on flipping properties in Canada using Assignments, lets chat about some of the details. Knowing the details will give you a much better chance at a successful Assignment. If you missed Part I, you might want to read it first.
Contracts of Assignment, usually just called an ‘Assignment,’ are useful ways of making money with real estate. I’ve talked about them before (e.g., this blog and this video), but they’re worth revisiting in more detail because of their significance to the Canadian market. Sometimes known as ‘flipping’ a property, this is Part I of a two-part series on how Assignments work, with a focus on Alberta real estate.
Podcast Episode 119: “A Deal That Went Bad and the Lessons Learned.”
This edition of the Tales from the Trenches podcast features special guest Arden Dalik, a senior advisor in the Calgary office of Global Governance Advisors. Her Tale concerns a real estate investment project in Alberta presented to the REIN Group by a REIN member. Quite a number of REIN members invested in the project, including Arden. Unfortunately, the deal went bad, but I was able to come to Arden’s rescue as her real estate lawyer (aka Legal Eagle).
Download the audio file HERE.
Download the handout HERE.
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Are you selling a home in Alberta for the first time? Or maybe you haven’t sold for a while or perhaps you are selling an investment property? Exciting! There’s a lot to know about what makes a successful sale. Read on.
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.
Changes to the AREA Contract:
Selling Your Home in Alberta.
The July 2017 Alberta Real Estate Association (AREA) purchase contract has 10 major changes. I posted a long blog and podcast about these changes recently, but sometimes a quick guide is helpful. Below are the three most important changes from your perspective as a seller: Permits, Dower Rights, and Vacant Possession.
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 →
“Podcast Interview with Barry McGuire: Enduring Lawyer, Authentic Counsel.”
What does a successful life in Alberta real estate look like? Legal education, investing experience, and the importance of family are all topics covered in this hour-long interview with Barry McGuire. The host of the Everyday Millionaire podcast, Patrick Francey, is an investor, entrepreneur, and educator who has known Barry for many years. Their wide-ranging conversation is littered with nuggets of wisdom and humour. Check it out at the following link: