Lets have the kids on as Joint Tenants so we save Probate fees

Real Stories from real people needing real solutions.

The concept is simple;  Someone somewhere over the fence said,  just add the kids to the title on the property, then when you pass the house automatically goes to them.  The Joint Tenancy will by pass all the requirements of Probate.

You probably waited until you were 75 + years old and are now alone in the house.....

THEM: Usually married with a home of their own.  But they could be in the throws of a divorce ( the joint tenancy become a bargaining chip) and OWNING A SECOND property, then selling will trigger CAPITAL GAINS TAX.

The Lawyer who created this was unaware of the TAX implications they would create for this family.  [They] did not recommend (ILA) independent legal advice nor offer waivers. The FAMILY did not seek tax planning advice. 

How much time has passed between the Signing of Joint Tenancy and disposition of Assets?  Does someone must ascertain the Mental Capacity of the SIGNATOR. [MOM]

Now we added the SENIORS HOME; Covid Lockdown and a POWER of Attorney.

MOM was moved to the Home, the house was placed for sale under the POWER of Attorney DOCS and everything then came to light.

I hope this passes thru with the Lawyers Blessings and proper disclosures.

These are real stories that need a MATURE and Experienced Guiding Hand. 

I am pleased that I have invested in additional training with the ASA, Accredited Senior Agent and  AEA Accredited Elite Advocate Programs, that permit me to see the pitfalls that could occur and bring them to light.  There are solutions and people to provide SAGE advice.  http://SellinginToronto.ca 

I hope we can meet and discuss your situation. 

http://Calendly.com/DavidPylyp 

      

Yes the Condo Market is dropping; But not everywhere

 

There are a number of High Density Condos that have been in the news lately for different reasons; 

AIRBnb Units owners in fight over ByLaw changes that prohibit  AIR bnb operators access in certain condo corporations.

Vacancy Rates Cause 20 - 30% drop in Rents.  

Covid has caused an exodus from the core with people moving elsewhere to work from home.  This has driven the prices on RENTALS down by almost 30% in some neighbourhoods.

While this is a catchy headline its not a universal axiom.

Barry Lebow, Broker with RE/MAX Ultimate  posts...

It is easy to look at data and accept the results at face value. When those of you who are interested in the Toronto condominium market please understand, the data is raw, not pure. It is not filtered.

If I were analyzing the data I would break it down to:

1) units that lack balconies

2) units that are under 600 square feet

3) units between 600-800 square feet

4) then in variances of increasing size

5) locations, with the inner city skewing the data

In general, we have not noticed declines in livable, home condominiums. Livable to me, at least 850 square feet and with a balcony.

If we draw a boundary of say Eglinton Avenue across Toronto and look at the data south of that line versus north of that line we would have different results. There would be some influence from the overly high density Yonge-Eglinton sector though.

As one pushes into the Toronto suburbs of say Willowdale, Downsview, etc. one does not notice a decline in pricing.

Data at best is a stew with all ingredients tossed in to blend but mathematically data does not truly reflect anyone segment of a market.

Units that are at 1,000 square feet, 2 bedrooms with a den are not subjected to the same FLEE or Fight mentality; it houses families.

Units with a view of Lake Ontario have not been impacted at all.  In My building there are 279 units.  At the last disclosure statement there are only 35 Rental Units.  Slightly above 10%.

MOVE UP Home Buyers vacating the downtown core are fighting a headline but are having difficulty getting showing to sell.

If you would like to talk

Book a phone call 

Is Reverse Mortgage for you?

You have owned your home for a long time;  The family has grown and moved on.  The only incomes you have are the OAS  ( Canadian Old Age Security ) .

Your New Worth statement is impressive,  You have real estate and other assets; but you do not have cash flow. There is not enough money coming in to pay the Municipal Property taxes, Heat and Hydro, plus the other normal living expenses that have so recently increased.

Choices are simple

1.0     Sell the House;  but where will you live?

2.0    Create a HELOC ( Home equity line of Credit) 

3.0     Create Reverse Mortgage

A reverse mortgage allows you to borrow against home equity while continuing to own and live there.  You receive funds tax-free as a lump sum or as regular monthly cash flow.  The loan only becomes due if you sell the home, move or when the last surviving owner dies. On the surface this is a very appealing option to those that would like to stay put and do not have enough cash flow to comfortably cover their expenses. However, relying on a reverse mortgage for cash flow over many years is a risky plan as the total debt continually increases while home equity decreases.  Needless to say this is not a good combination in your retirement years with a few decades to fund.

To qualify for a reverse mortgage in Canada, you must be age 55 or older and live in your home for at least six months of the year. If eligible you can borrow up to 55% of the property’s value.  There are no repayments required until the mortgage is due and you don’t need an income to qualify.  Funds come tax-free and if the house value drops or interest rates rise there is no risk. At first, it sounds too good to be true. And it is.  For example, reverse mortgages are expensive to set up and the interest rate charged on the loan is normally over twice as high as a conventional mortgage rate.  https://www.greaterfool.ca/2020/12/02/in-reverse-2/

I urge to consult with a licensed experienced Mortgage Professional.  Lindsay Doke with Mountainview Mortgage. at 416 464 6423 or 

Services Provided    This could be right for you.

http://www.renewyourmortgage.ca/services.html