That's all they can afford to pay..... Toronto Real Estate Crisis

Preamble

Widow with 3 adult sons remained in the family homestead of 40 years.  The growing needs of being a senior now require a single floor for mobility and less snow shovelling or house / lawn maintenance. Its expensive to heat the 4 bedroom house for one person. She expressed her interest to change to a condominium with her BFF [who was previously a REALTOR ® ] Smartsizing*   

There was a swift introduction to a Friend of the BFF. [bird dog]

He took her out a few times to look at condos, and then reminded her that she was obligated to him.  The sons are all past clients of mine.  The sons recommended that she contact me about her needs.

BUT ... She felt obligated.

They settled on a condo unit and a closing date. The home was listed for sale at $XXX.   Toronto, Ontario, Canada's real estate market for detached homes is firmly a SELLER's Market. After a few days on the For Sale, he asked What will you take...    What's your final price.  What's your lowest price?

She finally responded to the questions with...  "I will not take less than $YYY"

An offer from a showing appeared exactly at $YYY and the agent sheepishly added;

But thats all they can afford to pay....

The agent double dipped the seller on the detached home and sold a condo.

The family suspects that the Widow [their Mom] was shorted [duped] out of about 10% of the homes value by an unscrupulous agent. We all want a trust relationship, transparency and fiduciary duty to our clients. Mom doesn't believe she was manipulated.

"Happy Buyer" and a "Happy Seller" means that there is no ethical complaint against this realtor.  BUT should we sit by and permit this?   We talk about raising the bar in real estate transactions then find stories like this are more common.

What would you do?

Dad remarried; who shares your inheritance

Dad has been living on his own for a while and getting on in years.   He has met someone new. Whether he is divorced or a widower is academic. All the kids now have a new step Mother. [sharing their inheritance]

Claims of being a Gold Digger aside, your step Mom has spent lets say a decade looking after your Dad.  

The WILL that was drawn prior to the (RE) Marriage is rendered ineffective and must be redrafted. Your Step Mom has an interest in the Matrimonial Home.  [SHE] is entitled to an equalization of the equity in the home prior to the distribution of assets 

We know you would like to sell the Family Home as soon as practical; but there are some logistical issues that are immediately at hand.  Where will the NEW widow live?   What provisions has been made for her in the will.   While the New Step Mom, now widow, may no longer be asked for a Spousal Consent to the Sale she will however continue to have some possessory  rights.  Will there be a Dependence Relief Claim?

These are tough decisions for any Executor to make on the spur of the moment and in reality, it may be a minimum of 6 months or more before any decisions are made at all.  During this entire time, the estate is still making heat, hydro, water and insurance payments [ and possibly mortgage payments ]. 

With more than one Executor in the will have you made provision for dispute resolution between the executors?

All the more reason to call a Family Law Specialist who is wise with experience and an ASA REALTOR who is mindful of the resources that need to be introduced.

What legal minefields are you leaving behind with a home will kit? The argument will be what did [he] Dad mean by not addressing these issues.