Carson Law is proud to support this exciting learning opportunity. It’s main focus will be to help individuals learn how multi-family real estate can boost capital and increase wealth. this event has been designed to offer material that can be used by beginners looking to expose themselves to Canadian Real Estate as well as existing investors looking to expand their portfolios into other areas.
The Carson Law team is excited and proud to announce that Erika Warren has successfully passed her bar exam and will officially be joining the firm as a full-fledged lawyer.
Carson Law is actively searching for an Assistant Financial Clerk to assist with tasks associated with the financial responsibilities required to complete real estate transactions as well as daily operations. This is the perfect job for anyone looking to enter a rapidly growing firm or a recent graduate hoping to enter the workforce and continue building their knowledge base.
Carson Law is happy to introduce everyone to our friends at The Real Estate Investing Training & Education (REITE) Club. After taking a short break for the summer, their next event is scheduled for Wednesday Sept 5th at the Holiday Inn Burlington where Ryan, himself, will be a guest speaker and will be open to answering all of your burning questions.
|Carson Law Office Professional Corporation is proud and excited to announce that Shannon Hogan, our receptionist and one of our brand ambassadors, has accepted an offer to attend law school at the University of Ottawa, with classes starting September 2018.|
While the entire Carson Law family is sad to be losing a very competent and positive staff member, we are very happy that Shannon has accepted this opportunity and will be pursuing one of her life and career goals.
We wish her the best of luck and would love to see her rejoin the firm again in the future, especially as a new lawyer.
A search for her replacement will commence immediately with an anticipated start date of Tuesday, September 4, 2018. A job description can be found below. Any and all interested candidates should provide a resume and cover letter to our Manager of Operations and Business Development, Chad Blundy, at email@example.com
This position currently has a working title of Receptionist and Brand Ambassador. As the title suggests, the incumbent will be called upon to complete tasks associated with that of a traditional receptionist/administrative assistant as well as duties pertaining to marketing and business development. Carson Law is currently working to develop a reputation in the legal industry as providing exceptional customer service and communication with clients. Therefore, above all else, there is an expectation that the person acting in this role will maintain a pleasant and positive demeanor at all times. The incumbent will also be the first employee that the firms’ clients will see upon entering the office and thus will be responsible for providing a first impression on behalf the entire business. Some specific work tasks will be as follows:
- Answer phones and direct calls to the appropriate staff member
- Greet clients and make them feel comfortable and welcome – offer to take visitors coats and offer beverages (if appropriate)
- Field inquiries about the firms’ notary public services and advise customers of notarization availability
- Collect payment and issue receipts for notary public services and other legal retainers
- Be intimately familiar with and able to maintain the firms’ lawyers’ appointment schedules
- Ensure that client files are organized and ready for their appointments
- Act as a communication liaison between clients and staff by way of fielding calls for the lawyer(s) and directing to the proper clerk as well as dealing with walk-in customers appropriately
- Manage files between clerks and lawyers so schedules are managed and inquiries get attended to
- Understand all of the firms’ services to be able to confidently answer general questions and market to potential new clients
- Prepare outgoing mail, arrange for courier pick-ups, and collect/sign for deliveries
- Follow new matter and file opening procedures such as collecting client IDs and intake forms
- Other duties as assigned
Projected Salary: $29, 200 per year
Projected Start Date: September 4, 2018
Work hours per week: 40 hrs
Annual Holidays: 3 weeks per year
Benefits: Dental/Medical coverage offered following the completion of 3-month probation period
|Any and all interested candidates should provide a resume and cover letter to our Manager of Operations and Business Development, Chad Blundy, at firstname.lastname@example.org|
Purchasing a property is the biggest, most important purchase in most individuals' lives, and it can be stressful, especially for first time home buyers. Having the help of an experienced mortgage broker, realtor, and legal team can put your mind at ease.
To help you get started, we've outlined a tried and true method for a successful first purchase:
1. Establish a budget.
This part sounds simple, but with ever-evolving mortgage rules, it is crucial that you find a reputable mortgage broker who can consider all available options for your particular circumstances.
In addition to the cost of the property, it is important to consider additional closing costs, which could include the land transfer tax (and whether you are eligible for a rebate), government registration fees, title insurance, legal fees, and other professional fees that may apply.
2. Retain a reputable realtor who has experience working in your target market.
Personal transactions often require extensions, or include terms that cannot be met, which may lead to a breach of contract. An experienced realtor will not only help you negotiate a fair purchase price, but will also have a keen eye for defects, location, layout, upgrades, renovation costs, etc.
3. Retain a (GooD) real estate lawyer.
Once you've chosen a lawyer, your realtor can send them the signed Agreement of Purchase and Sale (APS) shortly after it is executed.
Carson Law would be pleased to review an agreement at any point, even before a formal offer has been made, and especially if there are unusual circumstances that require a second pair of eyes.
|One thing that Carson Law always encourages potential home buyers to do, especially first timers, is to not be afraid to seek legal advice early in the buying process. We are willing to perform services, such as title searches, that would help with the vetting of a property before an offer is made. Afterall, spending around $100 to help make a decision about an asset worth hundreds of thousands just makes sense.|
4. Provide your lawyer with a firm signed deal.
Once our office has a firm signed deal, along with the APS, we will open a file. At that time, we will require a few pieces of information from you and your contacts, including:
- Your personal information
- Your mortgage information
- Your home insurance information
- Your history of property ownership
- In many cases, first time home buyers qualify for a substantial credit towards the land transfer tax.
- A title search
- Searching the history of the property ensures that the buyer does not inherit any title defects.
With this information, our team can lead you through the next steps, which include:
- Finalizing all costs, like the amounts of the land transfer tax, government registrations fees, title insurance fees, legal fees, and HST
- Scheduling a meeting to review all legal documentation; and to sign final mortgage documentation, transfer and deed documentation, and ancillary documentation
- Notifying you of the successful closing of your purchase on the closing day
|Closing day is an exciting time, and you will be hoping to pick up the keys to your new home as soon as you can. It is important to keep in mind that most closings are finalized during the late afternoon. Our team will ensure that every step of your purchase is completed correctly, which requires thorough work down to the last detail. Plenty of time is required for us to consult with the lawyer representing the seller to transfer funds, verify funds, courier original signed documents and keys, and to release and register the deed which will list you as the new owner of the property. Once these steps are complete, our staff will contact you to pick up your keys.|
5. After closing, ensure everything is as it should be.
We suggest you take the following steps to ensure everything is in order at your new property:
- Look for any new damage in the property. Photograph the property before moving any of your belongings in.
- Look for garbage, debris, or other unwanted items left behind.
- Contact hydro and utilities companies to initiate your accounts.
- Contact your tax company to ensure that they have everything they need to bill you. Doing so will ensure that your taxes stay up-to-date, and that you remain in good standing. If any outstanding tax or water bills show up, contact your lawyer immediately.
Bonus TipOne more thing that we can't stress enough is the importance of trying to take emotion out of the home buying process. Many potential buyers, especially those purchasing for the first time, get hung up on properties that they think are "the one" and either end up making an offer that they can't afford, ignore serious defects, or agree to waive having a home inspection done. Each of these oversights can have serious repercussions. Purchasing a home needs to be seen for what it is... the acquisition of a significant asset. If the situation is not a good one, you must be prepared to walk away.
We hope that this guide has helped to prepare you to search for your first home. If you have any questions, our team at Carson Law Office would be pleased to assist you.
While on the subject of first time home buyers, have a look at this great video we did with our good friend Limor Markman where we talk all about this topic in greater detail.
In the spring/summer of 2017, a massive amount of media coverage was devoted to the Ontario real estate market and the drastic changes in property values, supply, and demand. While real estate purchases and sales have cooled significantly from a year ago, there is still plenty of housing talk heading into the warm months of 2018 stemming from new mortgage rules and rates. Even though buying and selling may be down, fluctuating rates have caused people to look at their mortgage and lending options, pushing the volume of mortgage, refinance, borrowing, and lending transactions higher through the first part of the year. But while there appears to be an increasing number of available lending sources entering into the market, we have also seen an increase in the number of borrowing agreements that have been forced into Power of Sale situations. So, what is Power of Sale, and how can one avoid it?
The term “Power of Sale” is a clause that often gets written in to a mortgage agreement that grants the lender the right to sell the property in order to collect on the debt in the event that the borrower breaches or defaults on the agreement. Examples of mortgage breach/default by the borrower could include a failure to pay property insurance, property taxes, or pay back the mortgage on time.
Should a breach/default occur, there are a series of steps that the lender must take during the Power of Sale process, but opportunities for the borrower to bring the mortgage back into good standing also exist.
1. The lender gives written notification outlining the terms of the defaulted mortgage
2. If the borrower does not act, the lender can deliver a Notice of Sale Under Mortgage
3. If the borrower does not act, the lender is able to issue a Statement of Claim for the collection of the debt owed and for possession of the property
4. If the Statement of Defense is not filed, the lender can move forward toward evicting the borrower/occupants and sell the property
How can this be avoided?
It sounds silly, but the number one tactic for avoiding Power of Sale is to fully understand your mortgage agreement. Many borrowers simply focus on the final net amount that they will receive without paying close enough attention to their mortgage terms and stipulations.
Next, never be afraid to ask for a second opinion. Whether through a financial institution (such as a bank) or using a mortgage broker, professionals in both situations should have the client’s best interests in mind. However, some specialists may have access to different lending sources than others.
Finally, involve a lawyer as early in the process as possible. This will help you fully understand the mortgage agreement terms as well as ensure that all administrative tasks are correctly executed, including reviewing legal documents, confirming property taxes are up to date, guarding against claims on the property, confirming valid title, etc.
Having problems with a Power of Sale?
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.