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Joint Tenants vs. Tenants in Common: What is the difference?

real estate Jun 03, 2020

Have you made sure that your spouse is the beneficiary on all your investments and life insurance policies? What about your house, car and RV trailers?

Several times a year, our office is hired to Probate a Will because a spouse has passed away and it wasn’t until after the death that the surviving spouse realized everything was not jointly owned. This can be a...

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What do I do with my timeshare?

What is a Timeshare?

In simple terms, a timeshare is ownership of a property (typically, a vacation home) for a limited period of time (one to two weeks).

Timeshare Contracts

As all timeshare contracts are different, it is important to understand the specific terms of your agreement. In addition to maintenance fees, owners may be required to pay a special assessment if, for example, structural...

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Why do I need an RPR with compliance to sell my home?

real estate Mar 18, 2020

A Real Property Report (‘RPR’) is a document that is prepared by a survey company; it shows the structures plotted within the borders of property and outlines where they are located in relation to the border lines.

The report is then sent to the property’s municipality to determine whether the structures (including buildings, decks, fences, garages, sheds, etc.) comply with...

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Capital Gains Tax on a 1994 Property

real estate tax Nov 27, 2019

Recently our office has dealt with several estates where the deceased had purchased property prior to 1994. The property included cottages, artwork, rental properties and business. 

Back in 1994 the government eliminated the general lifetime exemption of $100,000.00 on all capital assets. To make up for the elimination, and to make sure anyone who had property and didn't sell it would...

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What do I do with the family cabin?

Family cabins provide memories of times sitting in the sun, sipping wine or drinking beer, however for some families the cottage goes from being the family castle to being the family haunted house.

Whenever a married couple owns a family cottage their wills should state who gets the cottage after the last of them dies. Many time the couple will want to give the cottage equally to all their...

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9 Things to Consider When Selling Your Home (Part 2)

real estate Jul 03, 2019

Purchasing a home is likely to be the largest investment you make in your lifetime – so when you are ready to sell, it is important for you to understand the process of doing so.

In our last blog post, we discussed the first five things to consider when selling your home. Here are the final four considerations:

SIX: Fixtures

On the Purchase and Sale Agreement, the Seller must clearly...

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9 Things to Consider When Selling Your Home (Part 1)

real estate Jun 26, 2019

Purchasing a home is likely to be the largest investment you make in your lifetime – so when you are ready to sell, it is important for you to understand the process of doing so.

In this blog post, we will discuss the first five things to consider when selling your home: 

ONE: Hire a Realtor

While hiring a realtor is not a legal requirement to selling a home, the benefits of doing so...

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Should I put my children on title?

real estate tax Jun 12, 2019

What are the perceived benefits of joint ownership?

The right of survivorship is a convincing attribute of joint ownership. The law states that when one of the joint owners passes away, the surviving joint owner(s) will automatically obtain the deceased person’s share. Accordingly, the asset would flow outside of the deceased person’s estate. If an asset flows outside of an estate,...

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Vacation Properties: How should these be included in my estate plan?

The number of Albertans looking to purchase a vacation property is growing every year... and that’s not surprising! There is nothing better than owning a chalet for weekend ski trips, or a house in Palm Springs, or a place on the golf course in Phoenix.  However, if you own a vacation home, you need to ensure that you have taken it into consideration when you are making your Will and...

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How should I include the family cabin in my estate plan?

Many Albertans have fond memories of spending long summer days at the family cabin with parents, siblings, cousins, grandparents, and aunts and uncles – and their intention is usually that future generations will be able to enjoy this family cabin experience as well.  As a result, passing on the family cabin is often a priority when creating an estate plan.  Unfortunately,...

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