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

Flipping / Assigning Properties? Don’t Go To Jail!

CRA Investigating Tax on Undeclared Earnings for Flipping Offers to Purchase Real Estate in Canada

We’ve all heard the stories. In red-hot real estate markets like Toronto and Vancouver, brand-new projects, especially condo projects sell out fast. When sales open, there are lineups around the block. Desperate purchasers clutch serious deposit money in their anxious hands, hoping against hope that by the time they get to the front of the line, there will be a unit left for them to buy. Often, when sales to the public start, a 100 unit project has only 40 units left, the others are already sold. Who got to buy those units and how does that work? Continue reading

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

How to Become a Real Estate Investor

Focus on Real Estate: Quick Tips.

The way to become a real estate investor is by getting going. No matter how much you plan, analyze, and prepare, your first real estate investment deal is probably going to be a bit messy. But if you have a good strategy, and you keep using it, your next deals will be easier. Don’t wait for your first investment to be “perfect” or you might never get started!

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.

For all your legal needs with Alberta real estate, contact Barry McGuire using the form below.

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

Sales Tax on Real Estate Purchase

Focus on Real Estate: Quick Tips.

Do you have to pay sales tax when buying a home or investment property in Canada? The short answer is yes, but it varies by province as to how much you’ll have to pay. In Alberta, you only have to worry about the federal Goods and Services Tax (GST) because there is no provincial sales tax. Did you know that you can sometimes get a rebate on the GST when you buy real estate? In this video, Barry talks about the rules for personal residences vs rental properties when it comes to paying sales tax on real estate purchases in Alberta. If you need a real estate lawyer in Alberta, contact Barry at RMLO Law LLP.

This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos that provides answers to frequently asked questions about real estate.

If you’re buying or selling real estate in Alberta, Barry can help. Contact him now using the form below.

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

How Long to Close a Real Estate Deal?

Focus on Real Estate: Quick Tips.

Closing a real estate deal in Alberta has two parts. The first is when you are putting together the purchase contract. The second is after conditions have been removed from the contract. In this video, you’ll get Barry’s expert opinion on how long you really need to take care of due diligence, home inspections, mortgage financing, and signing documents. Keep in mind that delays and mistakes are possible, so you need enough wiggle room to get everything done properly. If you need an Edmonton real estate lawyer, get in touch with Barry at RMLO Law LLP.

This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos that provides quick tips on buying and selling real estate in Alberta.

Buying and/or selling real estate in Alberta? Barry can help. Use the form below to contact him now!

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

Why Does my Real Estate Lawyer Need my ID?

Focus on Real Estate: Quick Tips.

In the last video, identification was mentioned as one of the things to bring to your lawyer’s office when closing a real estate deal in Alberta. Why is that? Doesn’t your lawyer already know who you are? Basically, new rules are in place for documenting big transactions like buying or selling real estate because of increased concerns about money laundering and terrorism. In this video, Barry explains the details so you’ll remember to bring your ID! Choose Edmonton’s RMLO Law LLP for flat-rate legal fees on basic real estate deals. Get in touch now for a no-obligation consultation!

This is the next instalment of Focus on Real Estate with Barry C. McGuire, a series of videos covering quick tips on the legal side of buying and selling real estate in Alberta.

If you’re going to buy or sell real estate in Alberta, you need a trustworthy veteran lawyer. Contact Barry using the form below.

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