I see a lot of clients who are buying their first homes, and getting some assistance with either the down payment or the financing from a family member, usually a parent. Most of the time, because it’s not something they would have come across on their own, they have...
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Wall-Armstrong & Green Blog
What happens if your inheritance is late?
With estates, and assets, becoming increasingly complicated, it is not uncommon for it to take some time to distribute assets out to beneficiaries. Sometimes, this can take several months; sometimes, several years. If your inheritance is sitting in a bank account for...
Protect yourself from fraud through title insurance
A few weeks ago, I mentioned title insurance as a common cost on a purchase. What is title insurance? Basically, title insurance protects against things you have no control over. The big one is fraud; if someone impersonates you and puts a fake mortgage on your house,...
Where will you be buried?
In Ontario, much to the surprise of many, you cannot dictate what happens to your body on your death. It is, by law, the property of your executor. For that reason, it is incredibly important to have a will in place that names an executor if you want to ensure who...
Happy Canada Day!
We hope that you have a safe and happy holiday weekend.
3 extra costs to budget for on a sale
Last time I blogged about extra costs on a purchase. Today is three extra costs to budget for on a sale. Realtor’s commission. You will have to pay it on the sale, and not at a later date. Even if you are selling by yourself, you may have to pay a buyer’s commission....
Severing a joint tenancy to protect an inheritance
Last time, I blogged about not adding someone on jointly to title simply to avoid probate. This time, it’s terminating joint ownership in order to protect your heirs. In Ontario, if you own property jointly with someone, you can sever the joint ownership at any time...
6 extra costs to budget for on a purchase
When you buy a house, you usually think of one cost: the amount you will pay above what your mortgage is. There are, however, a lot more. Land Transfer Tax. There is provincial LTT, and if you’re in Toronto, municipal LTT too. LTT is approximately 1.5% of the purchase...
Joint tenancy: to add, or not to add?
I have a lot of clients who ask me about adding a child on title to their property in order to save probate taxes down the road. And to almost all of them, I say that I don’t recommend it. Is your child married? What happens if they get divorced, and now their...
5 mistakes first-time buyers make
You’ve saved up your down payment. You’ve picked your dream neighbourhood. You’ve chosen a realtor to work with. Now comes the hard part: actually buying the house. Here are some common mistakes to avoid: You fell in love with the staged house. Generally, you don’t...