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 

      

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?