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Expert advice, market reports, and tips from the Niagara Region real estate professionals.
Cryptocurrency has once again been in the spotlight thanks to a massive increase in the value of Bitcoin. Introduced in 2009, Bitcoin has transformed our understanding of digital currency. The underlying technology called blockchain has been shown to have implications far beyond the scope of monetary exchange. This article offers a brief introduction to the topic of cryptocurrency. After reviewing its origin and operation, it will consider the various applications of its core technology, blockchain. By the end of the article, the reader will understand why this new digital system is being introduced across various industries.
The most important issue for the legal industry is removing barriers for individuals who are seeking legal guidance and solutions. Whether the issue is contractual in nature, such as purchasing or selling real estate, or a question about a civil or family matter, almost half of the population of Canada experiences a legally relevant situation in any given three-year period.
Whenever an individual gifts their property – whether it land, a boat, or money for instance – the intention of the donor is crucial. Sometimes this intention is not clear, and this can lead to litigation. This article considers gifts that are made while the donor is living, rather than gifts that are made under a will. After reviewing some of the essential features of gift giving, it explores a few cases where gift giving has resulted in a legal battle.
In your typical real estate transaction, a purchaser is required to deliver to the seller the balance of the purchase price after adjustments in the form of “a bank draft, certified cheque, or wire transfer”. Law offices have traditionally preferred certified cheques for several reasons. First, a certified cheque ensures the funds are available in the account it was issued from. This avoids the recipient bank’s requirement to hold large sums for several business days before they are cleared. A second reason why certified cheques have been the industry standard is that firms acting on opposite sides of a deal are often close to each other. This meant that on closing day, the lawyers would exchange certified funds and keys directly with the other law office.
When a couple owns real estate together and have decided to sell their home and live separate and apart, a separation agreement will be necessary. This is true whether the couple is married, common-law, or are partners in a short-term relationship. This article focuses on the importance of understanding the equity in your home, considers what issues might be covered in an agreement, and explores when a party should seek legal assistance for the purpose of having a separation agreement prepared.
It is typical when making an offer for purchase of real estate to include a period of time where your offer is ‘irrevocable’. What this means is that a purchaser leaves their offer open for acceptance by the seller for a set amount of time – sometimes as short as 24 hours. If the seller fails to accept within that time, the offer becomes null and void. A purchaser would then be free to make an offer for another property without the risk of having two accepted contracts. There are a few reasons why irrevocability periods are standard in real estate. It shows a purchaser is motivated. If the offer is accepted without revision it becomes a binding contract, although there may be further conditions within the offer such as those regarding financing. A seller can also make a counter-offer that is open for acceptance during an irrevocability period. There may be competing offers for a property and an irrevocability period is useful for giving structure to negotiations in the fast-paced and competitive real estate market.
If you are considering investing in real estate with another person, it is important to set out the ground rules in advance of your purchase. A co-ownership agreement is a common way for parties to identify their respective rights and obligations. The purpose of the co-ownership agreement will vary depending on whether one or more of the owners intend to live on the property being purchased. Lets first consider a scenario where two individuals who wish to co-own a property both intend to reside there. Second, we will discuss investment into rental properties and discuss the opportunities and challenges of co-ownership in this context.