At Carson Law, we believe that helping to educate our clients plays an important role in providing transparency to our services along with building trust and communication. Over time, we will continue to update out Legal Learning Centre to address common concerns and frequently asked questions. If there is something you are curious about but can't find it, please let us know.
Disbursements is basically a fancy word for expenses. In other words, these are tasks, items, or additional services that our law firm handles on your behalf and are required in order for your matter to be completed and properly closed.
THE DIFFERENCE BETWEEN A WILL AND POWER OF ATTORNEY
Wills and Powers of Attorney (POAs) are often referred to in the same sentence and linked together when working through the estate planning process, but it is important to understand that they are not the same thing. One is utilized to help communicate one's intentions in the case of incapacitation, where as the other does not take precedent until after death.
Title insurance is an insurance policy that protects property owners and their lenders. It helps guard against potential loss related to the property’s ownership such as unknown title defects, existing liens against the property, errors in surveys, encroachment issues, and title fraud, to name just a few examples.
LAND TRANSFER TAX (LTT)
Land Transfer Tax (LTT) is a provincial government tax imposed on a property whenever it is transferred from one owner to another. It is paid by the purchaser of the property when the transaction closes and is based on the value of consideration on a property. However, if you are a first-time home buyer, you may be eligible to receive a refund for the land transfer tax.
MUNICIPAL LAND TRANSFER TAX (MLTT)
Municipal Land Transfer Tax (MLTT) is a tax that certain municipalities, such as the City of Toronto, choose to impose on property transactions that occur within their boundaries in addition to the land transfer tax (LTT) already charged by the provincial government. It is calculated the same way as LTT, which basically doubles the tax for property purchased within Toronto city limits, but MLTT can also be returned as a rebate to eligible first-time home buyers.
A codicil is an addition or amendment to a Will that explains or modifies the original document without a complete re-write. It can be used when a there is a need for only a small alteration.
TWO TYPES OF POWERS OF ATTORNEY
Powers of Attorney (POAs) are used to designate someone to act for you while you are still alive, but unable to make decisions for yourself. There are two types of POAs; one for personal care and one for property.
TWO TYPES OF WILLS
Typically an estate and tax planning strategy used by those who run their own businesses, having two separate Wills (also known as personal and corporate Wills) allows you to identify which assets belong to you, and which ones belong to your business.
Conveyancing is a term that is intimately connected with real estate transactions as it involves the preparation of documents required for the transfer of property between two parties. Essentially, conveyancing is what makes any real estate transaction legitimate.
VALUE OF CONSIDERATION ON A PROPERTY
When it comes to a real estate transaction, Value of Consideration on a Property is often referenced when determining the land transfer tax (LTT) and/or municipal land transfer tax (MLTT) that is required to be paid by the purchaser of a property. Often, the value of consideration will be equivalent to the agreed upon sale and purchase price, but there are other factors that could affect this figure.