Congratulations to Spencer Cuddy on being called to the bar in Ontario. Everyone at Carson Law Office Professional Corporation is very proud of you. Our clients are very lucky to have you working for them.
Ryan Carson is honored to be asked to provide his legal expertise at the Estate and Executor seminar being provided by Jennifer Aubertin and RBC Dominion Securities in Burlington, ON. Attendance is open to the public and complimentary, but seating is limited so anyone interested should RSVP sooner than later.
Thursday, October 5, 2017
6:00 p.m. – 6:30 p.m.
Reception and light dinner
6:30 p.m. – 8:00 p.m.
Panel discussion and Q&A
RBC Dominion Securities
4475 North Service Rd., 4th Floor
Burlington, ON (Appleby exit)
Please contact Tammy Lawson at 905-332-2583 or firstname.lastname@example.org to reserve your seats.
How are you planning for the future?
Many thanks to our past and existing clients for their loyalty, as well as to all those who have provided their feedback and reviews.
We look forward to continuing to work hard to provide Burlington and the Golden Horseshoe with exceptional legal services.
There are 2 situations that we have recently been experiencing with clients more frequently and with greater consequence as a result of recent housing and real estate market uncertainties:
1) A client makes a purchase and is having difficulties selling their current house, has sold but at a drastically reduced price, or their sale is falling apart due to lack of funding on the other side; and,
2) A client has signed an agreement to purchase, but the bank’s appraisal of the property is less than what they have agreed to pay for it.
Use the following tips to help prevent and/or recover from these unfortunate scenarios.
- Try to take emotion out of the equation. Seeing the purchase/sale of a house for the TRANSACTION that it is, will help you to make sound, safe decisions.
- No unconditional offers. Under no circumstances should any offer be made UNCONDITIONALLY (ie. without inspection, appraisal, title search, or condition of selling/financing). Having proper conditions in place helps to protect both sides of the deal, not just purchasers.
- Get a home inspection. Especially if one hasn’t been pre-done by the seller. After all, you wouldn’t buy a car, particularly a used one, without test driving it first to make sure it runs as expected.
- Base your mortgage on an actual appraisal, not just pre-approval figures. If the lender's or mortgage insurer's assessment determines that you overpaid, or the property has faults, your pre-approval can become void or your final mortgage amount can be less than expected.
- Involve a lawyer early. Lawyers can provide insight into the history of the property’s ownership as well as review initial offers for areas of concern.
Plan B Options
- Ask for a closing date extension. First and foremost, ask for more time to secure funding or complete your sale.
- Refinance from other asset pools, such as cottages or recreational properties.
- Vendor Take Back Mortgage. Consists of the seller offering to lend funds to the buyer to help facilitate the purchase of the property.
- Private 2nd Mortgage. While arranging a second mortgage with a private lender will likely cost more than receiving lending from a financial institution, it will still cost less than what might happen if forced to walk away from a signed agreement.
Legal ramifications should you walk away from a signed purchase agreement
- Immediate loss of initial deposit
- Potential for being sued for the difference between what you agreed to pay and what the seller is able to get with a new deal (if the new deal is less)
- Possibility of being sued by realtor for lost commission(s)
- Responsibility to cover additional legal and carrying costs
If you have run into the above issues, or for more information about how we can help with your home, your business, or your future, feel free to call 905-336-8940 or e-mail email@example.com.
Carson Law is very excited to announce that we have become the Official Law Partner of the Toronto Rock Athletic Centre (TRAC) as well as the Oakville Rock lacrosse team.
The TRAC is a beautiful 80,000 square foot, climate-controlled sports facility and event centre located on Invicta Drive in Oakville, Ontario. Though the facility was primarily designed for use as the National Lacrosse League (NLL) Toronto Rock's practice facility, it also accommodates many other sports such as ball-hockey, rugby, football, soccer, and baseball. The TRAC is responsible for running popular youth lacrosse development camps and leagues.
The Oakville Rock is a men's Senior "A" box lacrosse team that plays in the 6-team Major Series Lacrosse (MSL) league within the Ontario Lacrosse Association (OLA). This is one of the highest levels of lacrosse available in Ontario, second only to the NLL, as most of the players in the league currently play or have played at the professional level. The Oakville Rock's 2017 season is currently underway. Contact us to see how you could obtain a complimentary season's pass for home games.
Lacrosse is becoming a popular sport in the Golden Horseshoe area and Carson Law is proud to be supporting its growth at the grassroots level.
Carson Law is now accessible on Facebook. Come check us out, see what we are doing in the community, and meet our friends. Feel free to give us a like, a share, or a review.
Many thanks goes out to the organizers of the 2017 Pinnacle Wealth Brokers Investor Forum for inviting our founder and president, Ryan Carson, to participate as one of the speakers and workshop mediators for this year's event. Held on Saturday March 4 and Sunday March 5, 2017 at the award-winning International Centre in Mississauga, ON, this event continued the tradition of being Canada’s leading conference for education in real estate and property investing by providing access to trusted investors and industry leaders.
Check out this video prepared by the good people over at LawPRO. It provides a great summary and excellent food-for-thought for those members of the population still without a legal Will.