Hamilton Real Estate Blog

Is now a good time to incorporate?

Every business changes over time. Businesses change the products they sell, their corporate culture and the people who keep the enterprise running. Many companies also go through changes in their structure. 

For example, if you are a small business owner, you may be thinking about changing your business structure by incorporation provincially or federally. To determine if this might be a good option for you, consider your answers to the following questions.

Is it time to update your estate plan?

Every adult in Ontario should have an estate plan in place. Though it may be uncomfortable to make decisions regarding incapacity and end-of-life care before you need to, the fact is that doing so can give you and the people you love peace of mind.

However, to ensure all the work and thought you put into an estate plan remains accurate and current, you must update your estate plan at specific points. 

New business owners: 4 things to watch for when signing a lease

Real estate can be one of the most expensive parts of operating a business. And any missteps or oversights could have costly consequences, including loss of space. Therefore, small business owners should make every effort to avoid problems, and this can start before you ever sign a lease.

Avoiding problems with commercial space can be as straightforward as signing a lease you understand and agree with. So, before you sign a commercial lease, you should be able to answer the following questions.

Conditions that could make or break a real estate transaction

Buying a home is one of the most significant purchases people will make throughout their lives. With hundreds of thousands of dollars on the line and a person’s living situation and lifestyle, buyers and sellers should carefully consider how they can protect themselves throughout this complicated transaction.

One way to do this is to use and negotiate conditions appropriately.

4 mistakes to avoid as the trustee of an estate

Serving as trustee for the estate of someone who has passed away is a major responsibility. Missteps and errors by a trustee can result in conflicts, delays and financial damages, all of which can disrupt familial relationships and result in long-term consequences.

As such, if you are a trustee, you should avoid common mistakes like those we discuss below.

The Probate Process and Multiple Wills

When someone passes away and you are the designated estate trustee, you will likely need to access the deceased's funds and accounts in order to settle the estate. In order to do this, it may be necessary to have the will probated. The probate process involves levying a fee, or tax, placed on the assets for the protection of banks and other institutions.

Probate fees help avoid any liability on the banks, or other institutions, if the funds are administered incorrectly. However, not every type of asset requires the probate process. This is commonly found in people who have complex estates.

What is condominium ownership?

Condominium ownership is a different type of property ownership than owning a house. There are many similarities, but there are some important distinctions that home buyers should be aware of as they do their research.

One of the differences is that a condo corporation takes care of the premises for the homeowner. Whether it’s a high-rise, or a housing complex, a condo corporation is generally responsible for the upkeep of the area. Whether that means maintaining the facilities of a building or taking care of a park within a housing community, certain responsibilities don’t rest on the homeowner.

Why Would Someone Draft Two Wills?

Like many legal queries, the answer to this question is not black and white. However, the most common reason for individuals create a primary will, and then a secondary will, is to avoid paying unnecessary probate fees. The other most common scenario is that secondary wills are used to breakdown down complex estates for executors and trustees.

It’s important to note that creating a secondary will is different than someone having two wills. A secondary will is done on purpose. If there is a question of multiple wills, then it becomes a question of which will should be upheld as the legal, valid will.

Must Sellers Disclose Cannabis Was Cultivated In Their Home?

Cannabis legalization presents home sellers with a problem: must they tell buyers that their home was used to grow cannabis in any amount? The stigma of cannabis cultivation or even consumption in a home is not an idle question. Forty-eight per cent of Canadians in a Zoocasa survey on this issue would reconsider buying a home if they learned the owner grew even a small amount of legal cannabis there. Thirty-nine per cent of those surveyed think even increased cannabis consumption in a home lowers its value.

Types of cannabis cultivation

Doing your homework before you buy a business

Making the decision to purchase a business can be exciting. You likely have a thousand ideas in mind for what you will do with the business, how to expand it and how to increase its profitability. You may be tempted to take a leap of faith and dive right in to the purchase. After all, this may be the opportunity you will forever regret if you don't take advantage of it.

However, if this kind of pressure is coming from the seller, it may be one sign that the business is not for you. Investing in a business venture is not one to take lightly or make impulsively, and the money you put down at the beginning is only a fraction of the expenses you can expect. To be truly prepared to buy a business, there are many factors to consider.

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