It might get easier for home buyers and sellers in the Greater Toronto Area to accurately compare recently sold data and current homes for sale after a ruling from the Competition Tribunal. The Commissioner of Competition, the federal agency tasked with advocating for the rights of Canadian consumers, won their abuse of dominance case against the Toronto Real Estate Board (TREB) after fighting for years to have sales data made accessible to the public.
At the heart of the Competition Bureau’s argument is that TREB, the real estate board that represents real estate agents and brokerages that work in the GTA, stifles industry competition by restricting who gets full, easy access to housing market data. In an effort to increase competition within the real estate market, the Competition Bureau argued for open, easy access to housing data—data that lives on the Multiple Listings Service (MLS), a suite of services that enables a seller to market their property to multiple buyers in the open market. Read the full article at moneysense.ca
Probate is one of the issues that comes up when people inherit a property. The process of probate can tie up the sale of an inherited property, and will prevent or delay any closing of any agreement to sell the home, until this process has been completed. So what is “probate”?
Probate is a legal process triggered by the death of someone who owned property. Probate determines the validity of the last will and testament (or that there is no will) and the identity of the beneficiaries. If the person who passed away died without a will (intestate), then probate determines the identity of the heirs. Probate exists in both the U.S. and Canada, and although this article is being written from a Canadian perspective, the principles remain the same for both countries. In Canada, each province has differing rules on probate and each province has different specifications on what documentation is required as part of the probate process.
Typically when someone dies, and they have a will, there is a designated executor of the estate. The designated executor will usually hire a lawyer to facilitate guiding the estate through probate and the dispersion of assets.
Components of Probate
Probates have four main components: (1) the application process; (2) identifying and managing the assets; (3) paying off the debts of the estate, if any (4) distributing the balance to the beneficiaries.
Probates protect the interests of the estate’s beneficiaries and creditors by ensuring the orderly distribution of assets and payment of debts/expenses. Paperwork is typically filed by a lawyer, and court appearances may be required. Will probates can take 6 to 9 months or more to complete, and until the process is finished, you will be legally unable to sell the inherited house. If you accept an offer to sell an inherited property that is going through the probate process, it will not close on closing day, unless the probate has been completed.
Probate homes can be listed and sold, however, provided that there is a clause included in the offer, that the sale is conditional of the successful completion of the probate process. Otherwise, if there is no such clause, or if the sellers fail to disclose that there is a probate in process, if there are delays in closing, there can be ramifications wherein the buyer seeks compensation.
There are ways that owners of real property can avoid the probate process before they die, saving their heirs a great deal of trouble. One such strategy is the Living Trust. A living trust is a technique in which a trust is created while the owner is still living, and the real property is transferred into the name of the trust without giving up the possession or control of the property. When the person passes away, the home can be distributed directly to the beneficiaries named in the trust. Using this strategy, probate court is avoided.
There are other strategies to avoid the cost and time of the probate process, but these are legal matters, and anyone interested should check with an experienced real estate lawyer or accountant, for further advice.
Take the worry out of your option of a builder or architect to develop your brand-new desire home. Various valued and also talented structure designers have gained an enviable track record in building deluxe architect designed residences in Australia. They utilize the solutions of a multitude of specialist developers consisting of interior design, landscape design, hair stylists, modern technology designers as well as specialist service providers to make your deluxe brand-new residence flawlessly matched to your dream area and your specific way of living.
Their eye for information and also ‘can do’ attitude make certain an excellent quality product, makings them happy winners of several master building contractors Australia honor for quality. The masters home builders honors are testimony to their higher requirements. The acclaimed high-end new residence constructions offered by these building business have actually arrived around the globe over for their one-of-a-kind appeal as well as attention to detail.
An excellent building contractor always care for the details and assurance’s you an enjoyable experience in order to give your high-end created house its unique character that can add value to your new residence building as well as enhances your way of life. A real custom-made luxury designer developed house needs to deliver the feature you require along with the appearance you love and be flawlessly suited to your dream place. Certainly, the building contractors in Australia utilize all of their experience and knowledge to direct you via the maze of style alternatives as well as make your personal iconic site. Each and every high-end developed homes is put through the most extensive quality assurance to guarantee your residence is effortlessly constructed.
Architects for Luxury Homes
Six benefits of dealing with an architect who specializes in luxury homes:
1. Customize to your taste: luxury homes can be designed to suite your own personalized wants and needs. Add your personal touch to floor plans, fixtures, and a wealth of amenities both interior and exterior to the house
2.High quality: As these residences are developed with fantastic aesthetic charm and also are paid unique focus on rear and also side altitudes, you can find them appealing from all angles.
3.Solution: You could also have an option to select a deluxe architect developed house strategy based upon your certain criteria.
4. Assistance: The staff of architects and also developers offers technological assistance and building info based upon the residence strategy you have decided on.5.
Ease: The acquiring procedure is quickly and easy.
6. Worth: Every residence plans are developed to last, with ageless details as well as many custom-style amenities cause higher sale and also resale values.
