Real Estate Law and the Land Transfer Tax
Ontario first-time buyers catch a break with Land Transfer Tax rebate
As of January 1, Ontario’s first-time home buyers are eligible to receive a $4,000 land transfer tax rebate, an increase of $2,000. In cities where the average price of a home is $368,000 or less, the new rebate exempts buyers from paying the tax altogether. Today, Minister of Agriculture, Food & Rural Affairs, Minister of Small Business, and MPP for Peterborough, the Honourable Jeff Leal and President of the Peterborough and the Kawarthas Association of REALTORS® (PKAR) Dianne Tully gathered at the Peterborough real estate office to promote the new rebate, which protects their local home buyers from paying any tax on their first home.
Click the link to continue reading
https://www.orea.com/About/News-and-Press-Releases/Press-Releases/January-17-2017
Please note: The content above and the title are courtesy of the OREA website.
Contact a Real Estate Lawyer in Burlington.
My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211
Business Law – Shutting Down Your Business – Part 2
SHOULD I SHUT DOWN MY BUSINESS
In my first blog post entitled, Business Law - Shutting Down Your Business I discussed some of the legal consequences that business owners should consider if they are thinking about closing their business.
In this blog post I would like to talk about the emotional decision. There are thousands of books dedicated to starting your own business, succeeding at your own business along with seminars, speeches and blog posts. However, there is very little information about how or when an individual should shut down their business.
Whether you operate a pizzeria or a consulting company deciding to close shop can have a tremendous emotional impact on an individual.
People don’t start their business with the idea that they will be shutting down. They start their business with an optimistic view and a dream of freeing themselves from an employer. Even the most well planned and thought out idea can fail.
When a business is not doing well, a business owner should consider is this a storm they can weather. Is this a temporary slump? Do they have the financial capital to continue? Let’s face it every business has highs and lows. If you don’t believe me just look at some of your favorite companies.
Of course, apart from everything else most business owners will struggle with the term failure. In that, since their business has failed this has something to do with them. A business owner might take it personally. It might also be embarrassing. They might reminisce, that only a few years ago they were proudly announcing their new business and now hoping the question isn’t asked, “how’s business”?
There is no solution to this dilemma. However, struggling business owners need to ensure they make the decision to shut down when they feel it is financially appropriate. Yes, there are great come back stories about failing business that eventually ended up doing very well.
However, there are probably more stories about business that were struggling and ended up having to fold.
One thing to certainly keep in mind, is that there is no shame in having to shut down. One should not view it as a personal failure. In fact, some have managed to avert serious economic crises by shutting down and in some situations even trying again later.
At my law office I regularly meet clients who are facing difficult decisions for their business.
I am a civil litigation lawyer in Burlington.
My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211
Business Law – Shutting Down Your Business
SHUTTING DOWN YOUR BUSINESS
In this first blog post about Shutting down your business I will talk about legal considerations when closing your business. In my second blog post I will talk about the emotional roller coaster that many business owners face when deciding to close shop.
As a litigation lawyer and a business lawyer I meet many folks looking to start a new business. It’s always great as the lawyer to be there side by side an provide guidance and advice to a new business client.
Unfortunately, the downside is when a business owner has to decide that it’s time to pack it in. This is a very difficult decision and one that can have many financial consequences. For some, these consequences can have a lasting economic impact.
If you are thinking of closing your business there are some common issues to consider:
- Commercial lease;
- Business loan;
- Equipment;
- Employees;
- Current existing agreements with clients;
- Bank accounts; and
- Income tax.
COMMERCIAL LEASE
Is your business currently locked into a commercial lease? What is the length of the lease? What is the penalty if you break the agreement? If you are already in default of your commercial lease and owe money ensure you have a good working relationship with your landlord.
Otherwise, don’t be surprised to find a lock on the front door of your business with a notice barring you from entering. Also, even if you manage to escape somehow, you might find a lawsuit from your landlord waiting for you.
BUSINESS LOAN
I have seen way too many business owners make the difficult decision of shutting down only to find they owe money to the bank. In many of these situations the bank will not be sympathetic and will very likely initiate legal proceedings quickly. This type of litigation typically does not go well for the borrower. There is also very little in terms of a defence.
EQUIPMENT
Do you own the equipment being used? Are you renting it? Finally, keep in mind if you haven’t paid your rent your landlord might decide to, lock you out. Under those circumstances sometimes the landlord might also decide to unilaterally sell your equipment to make up for the loss.
EMPLOYEES
Having employees can be very tricky for a business looking to shut down. An employer must ensure that there has been compliance with any Ontario law when it comes to severance pay, notice pay etc. Failure to do so, could result in an employee bringing an application to an employment related tribunal or worse, a lawsuit for wrongful dismissal.
CURRENT EXISTING AGREEMENTS WITH CLIENTS
If you have existing agreements with client’s you must be cautious in how you treat those relationships. If you were contracted to perform services or provide products and you fail to do so, you could be in breach of contract. This could provoke litigation.
BANK ACCOUNTS
If your business has bank accounts what steps will you be taking to close those accounts?
INCOME TAX
Are their any income tax implications of shutting down your business? Business that are registered corporations are required to file taxes every year. Also, if you are incorporated you must officially wind down your corporation.
I am a civil litigation lawyer in Burlington
My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211
Civil Litigation – Stress and the Lawyer
LITIGATION LAWYER
In a previous blog post I talked about the topic civil litigation stress and the client. In this blog post I would like to talk about the stress associated with civil litigation and the lawyer.
Believe it or not lawyers by no means are immune to stress and other mental health issues that stem from civil litigation and various other areas of law such as, family law and criminal law.
Here’s a fantastic article from the CBC entitled, 'The impact on society is enormous': In legal profession, depression, addiction hurt clients, too
I will say this, that a little bit of stress is good. It shows that the lawyer is thinking about the file and trying to look out for their clients. However, for many lawyers this stress can start to overcome them.
Have they advised their clients properly? Is the lawyer prepared for trial? Has all the requisite paperwork been filed? Have all the timelines been met?
Of course a major stressor for litigation lawyers is ensuring they have accurately quoted their clients for not only their own legal fees but the possible negative outcomes associated with losing.
Also, lets face it, many lawyers gloat, post, tweet about their court successes. However, many for obvious good reasons don’t like to advertise a loss. The courtroom process is very adversarial and it can at times come down to winning and losing.
This is why many good lawyers will often strongly recommend alternative dispute resolution.
CIVIL LITIGATION LAWYER NEAR ME
If you are trying to locate a civil litigation lawyer near you contact my office.
I provide legal services in Burlington, Milton, Hamilton and Oakville.
My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211
CIVIL LITIGATION – STRESS AND THE CLIENT
CIVIL-LITIGATION – STRESS AND THE CLIENT
I’ve been practising civil litigation for more then a decade. I can say that emotional stress is a significant factor when it comes to people involved in a lawsuit. This stress is not exclusive to only the parties. It can also be stressful for the civil litigation lawyer. In another blog post I will discuss civil litigation – stress and the lawyer.
A LAWSUIT SHOULD BE THE LAST RESORT
For this reason, when new litigation clients come in to talk about starting a lawsuit, I will in fact do my best to talk them out of it!
People find this amusing. However, for me its not about making more money it’s about finding a result for my clients that is worthwhile.
There is nothing worthwhile about suing for a $20,000 unpaid loan, waiting two to four years to get to a trial and having paid your litigation lawyer $5000 in the process. Not to mention the incredible emotional toll that trial preparation and trial attendance takes on an individual.
This is why a lawsuit should be the last option.
Also, feel free to browse my article, Should I sue?
STRESS
The time, costs, and uncertainty are just some of the reasons why litigation clients end up feeling stressful. A good lawyer can alleviate some of that stress by providing frequent updates, recommendations, options and sound legal advice.
At my law office I understand how difficult it is to be involved in a lawsuit. Many clients are afraid to even speak to their own lawyer because of what their lawyer will charge them!
CIVIL LITIGATION LAWYER NEAR ME
If you are trying to locate a civil litigation lawyer near you contact my office.
I provide legal services in Burlington, Milton, Hamilton and Oakville.
My address is 901 Guelph Line, Burlington.
You can also call or text at 416-505-4901 OR call Toll Free: 1 (800) 939-9211
Real estate lawyers selling homes?
Real estate lawyers selling homes?
Real Estate Lawyer and frequent columnist Bob Aaron recently wrote an article entitled, Lawyers selling homes could upset the realty apple cart: Bob Aaron
The real estate law firm referenced in the article obviously notices the potential lucrative real estate market. The model the firm has developed is novel and likely never done before in Ontario. This gives consumers a one stop shop and peace of mind knowing that the real estate lawyer is just down the hall if they have any questions.
Of course, as referenced in the article local realtors are not happy with the new venture. In fact, some it seems have stopped referring work to the firm.
I know many of my colleagues that practice real estate law often joke, that in a real estate transaction it’s the lawyer who makes the least and carries all the liability!
I have also seen a growing trend in the reverse where realtors have been renting space to real estate lawyers. In this business model, the lawyer will rent the office as a tenant. If the realtors’ clients would like to ask a question or use the legal services of the real estate lawyer he or she is just down the hall. Therefore, it seems that realtors already recognize the potential in this type of business structure.
If you are looking to buy or sell your home please contact my office I am a lawyer in Burlington and I practice real estate law.
My address is 901 Guelph Line, Burlington.
You can call or text at 416-505-4901.
WHY DO REAL ESTATE LAWYERS CHARGE MORE FOR A PURCHASE
WHY ARE THE LEGAL FEES ON A PURCHASE HIGHER?
Most Real Estate Lawyers will charge more for a real estate closing involving the purchase of a home. The reason being that a purchase involves more work and legal liability. A real estate lawyer acting for the purchaser must review title and ensure it is clear. Funds need to be transferred, disbursed and or delivered. As a result, this also involves an accounting transaction in the lawyer’s bank account.
The purchaser’s real estate lawyer must ensure that everything has been paid up to the date of possession. At times, a survey may be required as well. Finally, the real estate lawyer will need to register the deed and mortgage.
If you are buying or selling your home please let my real estate law office handle your transaction. I am in Burlington and I also serve Oakville, Milton and Hamilton.
Call 416-505-4901 or email me at ray@rehankhalil.com
901 Guelph Line, Burlington
Real Estate Lawyers will profit from Burlington home sales.
HOME BUYERS REALIZE THE POTENTIAL OF BURLINGTON
In a previous post I blogged about why I have decided to practice real estate law in Burlington. Essentially, over the next 10 to 15 years Halton and surrounding regions will be great places to live and do business.
Halton in the fall.
With the booming population more people are realizing the potential of living in Halton region. As a result, people are buying and selling homes in Burlington and surrounding regions. In my opinion many who are selling continue to remain local and are not venturing far and why would they?
Local infrastructure in Burlington and Oakville is doing great. We have new schools and numerous new professionals such as, doctors, eye specialists and dentists. Let’s not forget that corporate Canada spends years researching trends, demographics and neighbourhoods before they decide to invest millions. For example, Walmart located at Appleby and Dundas in North Burlington opened up right around the time new residential developments started popping up around Dundas. Walmart recognized the potential of North Burlington and Oakville. Recently, Fortinos opened up two new locations on Dundas alone.
Local hospitals through Halton Healthcare have realized that all this development means more patients requiring their services. As a result, in January 2015 the new Oakville Trafalgar Memorial Hospital opened its doors. Previously, vacant farm land was converted into a state of the art facility that will serve the residents of North Oakville, North Burlington for decades to come. The Burlington Joseph Brant Hospital is also undergoing renovations and so is the Milton Hospital.
All of this means more business for Burlington and Oakville that means more business for real estate lawyers such as myself.
If you are in the market for a new home I would highly recommend visiting Burlington, Oakville and Milton. If you have decided to purchase and or are selling and need a real estate lawyer near you please call, email or text my office.
901 Guelph Line, Burlington
Buying an Estate Home
I WANT TO BUY AN ESTATE HOME
On a Saturday morning in the fall I received a call from a Burlington Realtor asking about how to word an offer on behalf of her clients the buyers, purchasing a home that would be an estate sale.
Since, I am such a super lawyer I emailed her back with some thoughts. There are a few things to consider when thinking about real estate and wills and estates and probate.
If you are the buyer you should ensure that the offer is structured as in a way to protect your client. The seller will likely have to go through the probate process. Probate is the official court process wherein, an individual or trust company will be appointed to manage the estate. The actual term is Estate Trustee or Executor but to make it easy I just refer to them as the Manager.
In some situations, the home might have already been put up for sale, with the seller still looking to be appointed as Manager. The official document needed is the Certificate of Appointment of Estate Trustee with a Will or Certificate of Appointment of Estate Trustee without a Will.
HOW DO I STRUCTURE THE AGREEMENT OF PURCHASE AND SALE WHEN ITS AN ESTATE?
In this situation it might be practical for a flexible closing date that allows for an extension as mutually agreed upon. In this type of transaction it is the buyer who assumes more risk. A real estate lawyer or realtor will advise about some of the obstacles. For example, the buyer might be looking to sell their home around the same time they close on the estate home.
The second more concerning scenario is the buyers lack of knowledge about the estate. What if there is an estate dispute? What if another family member of the estate contests the appointment? Estate Litigation can last for years. The last thing a buyer would want no matter how amazing the property is to be locked into a transaction waiting on the outcome of a protracted court battle. Also, what if the court finds in favour of another family member. Think of the consequences this could have?
AGREEMENT OF PURCHASE AND SALE AND PROBATE CLAUSES
As a result, it’s a good idea to have a probate clause in the Agreement of Purchase and Sale. This not only forces the seller to acknowledge they have the Last Will and Testament but also something to ensure they will start the court process expeditiously.
Samples of these clauses can be found here: Probate Clauses
For additional information feel free to call or email my office. I am a Real Estate Lawyer in Burlington.
My address is 901 Guelph Line, Burlington.
Why I decided to practice Real Estate Law in Burlington-Halton
BURLINGTON REAL ESTATE
One of the reasons I am a real estate lawyer in Burlington is that it’s the hottest market right now. But, don’t take my word for it:
Burlington ranked one of top 10 cities in Canada
Canada’s Best Places to Live 2016
Canada's Best Places To Live In 2016 Ranked By MoneySense
The Burlington housing market continues to expand along with the local infrastructure. It’s one of the reasons I have decided to call Burlington my home. With easy access to three 400 series highways residents can have the option of many surrounding regions for work. For example, QEW, 403, 407 and to some extent 401. With the 407 residents can reach Scarborough, during rush hour just under an hour.
Burlington Waterfront
Burlington also has easy access to GO Transit with one line travelling directly to Union Station in Toronto. On any given day, thousands of people use the GO Transit Lakeshore line to travel to Toronto for work.
Apart from that Conservation Halton has some stunning parks accessible within minutes. Burlington’s downtown core still continues to enjoy a little bit of old and new. Burlington is also minutes away from Niagara on the Lake and Niagara Falls. In fact, both are just under an hour away depending on traffic.
The surrounding regions are also great places to live, however of course as a resident of Burlington my opinion might be slightly biased.
Many businesses have realized the potential for growth and space in Burlington and some of your favorite brands are local. For example, IKEA’s Canadian headquarters is located in Burlington and so is TD Insurance. McMaster University has opened up the Degroote School of Business and it’s right off the QEW.
All of this has led to the emergence of a housing boom. Sundial Homes is close to finishing the final installment on their Alton Village community near Walkers Line and Dundas. This has been one of the fastest growing communities.
If you want higher end shopping you can venture out to Mapleview Mall for more affordable retailers check out the Burlington Mall. Don’t forget the new Premium Outlets in Milton are just a 15 minute drive and the outlets in Niagara are only a 45 minute drive.
This is great news for a real estate lawyer such as myself.
OAKVILLE REAL ESTATE
Oakville is right next door to Burlington and also considered a fantastic place to live. However, the costs of a home these days in Oakville is astronomical with detaches easily being sold for over a million. If you can afford it, that’s great. In all honesty, the difference between Oakville and Burlington is not that noticeable. Again, one of the reasons people are choosing Burlington given its relatively affordable housing market.
Oakville’s popularity has increased since the building of the new Oakville Hospital. Take a trip down Dundas and you will see an incredible amount of development. Hopefully, Dundas will be expanded to accommodate all the traffic.
Oakville has a charming downtown core that is situated right off the lakeshore. If you’re bored take a trip down near where the lighthouse is.
My office provides real estate legal services to Oakville.
MILTON REAL ESTATE
Milton is also another great place and the prices of homes are in comparison to Burlington. Again, no real noticeable difference between the two cities. However, with Burlington folks do have easier access to the QEW and Lakeshore if that is a priority. Moreover, highway access for Milton is primarily through the heavily congested 401. The QEW has its share of issues, but it still seems to operate slightly more efficient. Milton also has access to the GO.
Given the proximity of Milton to my office I also provide real estate law services in Milton.
HAMILTON REAL ESTATE
The “Hammer” has a downtown core that seems to just have given up. You can see the old remnants of a once proud and booming city, formerly known as, “Steel Town”. It’s sad to see what’s happened to downtown Hamilton. However, Hamilton’s surrounding regions continue to increase in development and population. Waterdown and Stoney Creek are great communities with affordable housing. Ancaster is a fantastic place to live, however the prices of homes are starting to really climb over the million-dollar mark. Flamborough, is an established older community with many beautiful custom built homes right next to Webster Falls.
Hamilton is accessible by Go Transit. However, keep in mind that the Lakeshore line doesn’t always end at Hamilton. On many occasions commuters may have to transfer to a bus from Burlington.
Hamilton also enjoys easy access to the QEW and 403. Hamilton is also home to McMaster University and Mohawk College.
WHERE SHOULD I LIVE?
In my opinion all these cities are great places to live. The growing population is the reason I have decided to focus my real estate law practice in these regions. If you are looking for a lawyer near you or in Oakville, Burlington, Milton or Hamilton please call my office.
My address is 901 Guelph Line, Burlington.
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You can also call or text at 416-505-4901