Darlene H Thiessen Notary Corporation
5814 Riverside Street V4X 1T6 Abbotsford, BC, Canada

Recent changes to property insurance might leave your strata and you unprotected and at significant financial risk. These changes are serious, and they are affe...cting stratas in BC right now. If you are buying or selling a strata unit, check the insurance coverage for the building carefully. Your building must, by law, have full replacement coverage. Without that coverage, your strata buildings could be exposed to risk, and the owners to liability and damages. A lack of proper insurance could also put your mortgage in default. Failure to have full replacement coverage will also reduce the number of potential buyers for your condo to those who can pay cash (and are willing to risk the exposure of an improperly insured building). You could also be personally required to pay for your strata's deductible if you are responsible for damages. Sounds scary? It is. Read on for more details.

Are you thinking of transferring a portion of your residence to your child(ren) as joint tenants to avoid paying probate fees? There are some serious consequences to be considered, such as: 1. What if your child(ren) blocks your plans for the property? The original owner could lose control over the property if the joint tenant refuses to sell the property or decides later that sale proceeds belong to him/her prior to the death of the original owner. 2. What if your child(re...n) has financial difficulties? If the person who is on title as a joint tenant runs into financial troubles, his/her debts can be attached to the property. This includes unpaid student loans, unpaid debts to Canada Revenue Agency and future law suits. 3. What if your child(ren) and her spouse separate or divorce? If the person who is a joint tenant goes through a divorce, the property could be attached and be considered an asset (to be shared) by the unhappy spouse. 4. What about tax issues? There may very well be capital gains to be paid by the new joint tenant which they may not even be aware of. If the property is not the child’s principal residence, the tax would be on the equity accumulated during the time they are co-owners of the property. At approximately 25%, capital gains is much higher than 1.4% probate fees. The 1.4% probate fees pale in comparison to the potential financial expense indicated above. (Excerpts taken from Laurie Salvador, Notary Public Practicing in Sidney BC)

Please note that our offices have moved next door to 5814 Riverside Street, Matsqui Village, BC, V4X 1T6. Our phone number, email and fax number remain the same.

#MakeAWillWeek is April 7-13 in British Columbia. Here are five key reasons people under the age of 55 should have a Will: *You have children under age 18. *Yo...u own a home. *You are separated, divorced or living in a common-law relationship. *You have pets. *You want peace of mind about your family’s future. Learn more from BC Notaries: https://bit.ly/2YG4Eqt #wills #Notary #BritishColumbia See more

Avoid these 5 common mistakes first-time buyers make when purchasing real estate. Thanks to David Watts Notary Public for sharing these tips https://bit.ly/2TSHdvq

BC Notary David Watts shares these top reasons why a do-it-yourself Will is not in your best interest. https://bit.ly/2VjMFUd

Happy New Year!!Happy New Year!!

Merry Christmas and best wishes for 2019!