Real Estate Lawyers.ca LLP

Important information for Airbnb Renters in 2021. Click play on the video to learn more about short term rentals! Don’t forget to like, comment, and share this post!.... If you have any unanswered questions, Drop us a line at [email protected]

A. As a result of the pandemic and monetary policies of the Canadian Government, interest rates are now at historic lows. Whether you are looking for a new mortgage or refinancing an existing mortgage, you can take advantage of this to buy a home in your price range or reduce the number of monthly payments you are currently paying. In all cases, you should be consulting with a mortgage specialist to see what options are best for you. Our law firm can also assist with any purchase or re-financing that you may qualify for. If you have any questions, contact me at [email protected].

In Today’s blog, Real Estate Lawyers.ca LLP’s very own, Mark Weisleder, reflects on 2020 and what advancements the real estate industry experienced. Click the link below to read the full article! Don’t forget to like, comment, and share this post! If you have any questions about any leasing issue, please contact me at [email protected]... https://www.realestatelawyers.ca//Top-Real-Estate-Develop/

Answer: You must pay taxes on your rental property on these short-term rentals, you must collect a 4% city tax, and if you make over $30,000 a year on this property from renting, you must register it and collect HST on it.

Check out RealEstateLawyers.ca LLP's very own, Mark Weisleder's latest feature in the Globe and Mail where Mark explores how the chaotic market is keeping real estate lawyers! https://www.theglobeandmail.com//article-a-chaotic-marke/

Take a look at the latest edition of the Ontario’s Residential Condominium Buyers’ Guide! This guide was developed by the Condominium Authority of Ontario (CAO) in collaboration with the Ministry of Government and Consumer Services (MGCS) and approved by the Minister as a helpful resource for the purchasers of new condo units. Beginning on January 1, 2021, developers must provide a copy of the Condo Guide to purchasers of preconstruction/new residential condos or proposed co...ndos, along with the current required disclosure statement. The purpose of the Guide is to provide condo purchasers in Ontario with information and resources to make a more informed decision when purchasing a residential condo unit. Click the link below to access the guide! https://avoidaclaim.com//Ontarios-Condominium-Buyers-Guide

Take a look at Mark Weisleder's, senior partner at RealEstateLawyers.ca LLP latest feature in Yahoo! News. In this article, Mark explains who's responsible for COVID-19 protocols in condo buildings. Click the link below to read the full article!... https://yhoo.it/3badxkK See more

Out with the old, in with the new! Happy New Year!

Answer: Real estate agents can now incorporate their businesses and receive some of the tax benefits available to doctors, lawyers, and accountants. This can include deferring income tax into the future, taking salary or dividends and employing family members. This is an excellent opportunity for agents, but it is not for everyone. You must first speak to your accountant to determine if this is right for you and when would be the ideal time to incorporate. Once incorporated, ...your corporation will receive all real estate commissions and other remuneration payable to you by your real estate brokerage. You will have to set up your corporation to comply with all RECO requirements, including that the agent must be an officer, director and controlling shareholder of the corporation. We have prepared a complete incorporation package for real estate agents at our law firm, for a fee of $600 plus HST and disbursements (Total $1,350.00). We have prepared the structure to comply with all RECO requirements, and provide the agreement you need to enter into with your brokerage to get started. If you have any questions about buying or selling a home or need assistance closing your sale or purchase, please email [email protected] or call toll-free at 1-888-876-5529

A Personal Real Estate Corporation gives real estate agents the ability to utilize the benefits of incorporation. In Today’s blog, Real Estate Lawyers.ca LLP’s very own, Mark Weisleder, breaks down What a Real Estate Agent Needs to Know About a Personal Real Estate Corporation (PREC). Click the link below to read the full article! Don’t forget to like, comment, and share this post! If you have any questions about any leasing issue, please contact me at [email protected] https://www.realestatelawyers.ca//What-does-a-real-estate/

Answer: In the same way that no real estate agent is the same, it is also true that the financial circumstances of every real estate agent are also not the same. While there are definite tax advantages in incorporating, it is not for everyone. For example, if you take out all the money from your corporation each year, you will likely still end up paying the same amount of tax. Still, due to the ability to take out money by way of dividends, or salary, defer income, employ fam...ily members with certain restrictions and the added benefits of leaving money in your corporation to grow each year, there are many reasons to incorporate. You must therefore discuss this with your accountant first before making any decisions. At our law firm, we have prepared a complete incorporation package for real estate agents, for a fee of $600 plus HST and disbursements (Total $1,350.00). We have prepared the structure so that it complies with all RECO requirements and we provide the agreement you need to enter into with your brokerage to get started. If you have any questions about setting up your own PREC, please email me at [email protected] or call me toll-free at 1-888-876-5529

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Answer: In fact, since the pandemic started and open houses were paused, we are seeing very little downturn in the real estate market. Real estate agents have successfully used online marketing tools such as Zoom videos to widely expose the home and the number of showings they can provide to serious buyers. More serious buyers translate into offers that become accepted agreements--so those who were able to adapt quickly have been successful. Many realtors have also institute...d safe practices for showings, which has also increased the publics’ comfort for proceeding with the buying and selling process. This includes both realtors and guests wearing masks and gloves, limiting the number of people attending and obtaining signed acknowledgements from everyone attending that they understand COVID-19 and do not have any symptoms. By signing all documentation digitally, this ensures that real estate agreements can still be done safely and efficiently, even during the time of a pandemic. If you have any questions about a real estate closing, please email me at [email protected] or call me toll-free at 1-888-876-5529.

In today’s #QuestionoftheDay video, Real Estate Lawyers.ca LLP’s very own, Mark Weisleder, explains (using his recent webinar), How Real Estate Agents can form their own Agent Incorporation in Ontario. Click play on the video to learn more about incorporating your own business. Have a question unanswered? Drop us a line at [email protected].

The Real Estate Lawyer.ca team has spotted trends throughout the market, unexpected cities showcasing drops and spikes. The question is, Will Prices Start to Drop as a Result of the Pandemic? Click play on the video to get your answer! Don’t forget to like, comment, and share this post. If you have any questions about any leasing issue, please contact me at [email protected]

During these trying times, it is essential, especially as students, to know about your rights regarding your housing! In Today’s blog, Real Estate Lawyers.ca LLP’s very own, Mark Weisleder, explains Can University Students Get Out of their Leases Before a Virtual Semester. Click the link below to read the full article! https://www.realestatelawyers.ca//Can-University-students/... Don’t forget to like, comment, and share this post with your family and friends! If you have any questions about any leasing issue, please contact me at [email protected]

Answer: Real estate agents are now able to incorporate their businesses and receive some of the tax benefits available to doctors, lawyers and accountants. This is a great opportunity for agents but it is not for everyone. You must first speak to your accountant to determine if this is right for you and when would be the ideal time to incorporate. Once incorporated, your corporation will receive all real estate commissions and other remuneration payable to you by your real e...state brokerage. You will have to set up your corporation so that it complies with all RECO requirements, including who can be the officer, director and controlling shareholder of your corporation. At our law firm, we have prepared a complete incorporation package for real estate agents, for a fee of $600 plus HST and disbursements (Total $1,350.00). We have prepared the structure so that it complies with all RECO requirements and we provide the agreement you need to enter into with your brokerage to get started. If you have any questions about setting up your own PREC, please email me at [email protected] or call me toll-free at 1-888-876-5529

A. Bill 184 affecting Residential Tenancies is now law in Ontario. Based on the reaction of Toronto City Council, tenant advocates and landlords, you would think the sky is fallingbut this is not true. For years I have received the same number of complaints from Landlords and Tenants, whether it was about landlords providing poor services or tricking tenants into terminating their leases and professional tenants who did not pay any rent, bounced cheques or damaged the prope...rty. What this said to me in total was if everyone is complaining, the law may not be so bad after all. The current Bill 184 addressed major concerns by both landlords and tenants. Here are 3 things you need to know: Penalties were increased against individual landlords who violate the Act. Further provisions were inserted to dissuade a landlord not to try and trick a tenant into vacating, whether pretending to move in with their family or a buyer. An individual can be fined up to $50,000 per occurrence and a corporation up to $250,000 per occurrence. In addition, the compensation that may be ordered to be paid to a tenant who was tricked can be up to the equivalent of 12 months’ rent. Landlords now do not have to sue in Small Claims Court for any arrears or damages if the tenant has vacated the unit but can now go to the landlord and tenant board for relief. The major issue raised by tenant advocates is that somehow landlords can now unilaterally evict tenants without a hearing, based on unreasonable offers to settle outstanding rent arrears. This is not true. Landlords and tenants could always make a deal in advance about an eviction, and if the tenant broker the agreement, landlords could apply for an eviction without a hearing. The tenant could still dispute the eviction anyway. Thus, in short, nothing has really changed. The main lesson to remember is we are still all in this together. Staying healthy and safe should be our main focus, and landlords and tenants should treat each other with respect, patience and understanding during this challenging time. If you have any questions about your leasing issue, please contact me at [email protected]

In Today’s blog, Real Estate Lawyers.ca LLP’s very own, Mark Weisleder, explains 3 Things to Know About Bill 184 Click the link below to read the full article! https://www.realestatelawyers.ca//3-Things-to-Know-About-/ Don’t forget to like, comment, and share this post and continue to watch for additional information regarding the status of Bill 184 as it works its way through the Ontario Legislature.... If you have any questions about any leasing issue, please contact me at [email protected]

A. The Ontario Government announced that The Protecting Tenants and Strengthening Community Housing Act (Bill 184) affecting Residential Tenancies is now law and that the emergency state of eviction proceedings expired for the most part on July 31, 2020. Here are 3 main lessons for Realtors: You now have to pay one month’s compensation to a tenant if you are evicting them for the reason that a buyer is moving into the home on closing. ... Penalties have increased for anyone trying to trick a tenant into leaving. Tenants can sue for up to one year in rent, and penalties are now $50,000 if it is an individual landlord. Warn any of your landlord or seller clients about trying any games to try and evict a tenant early. It is best to make a deal with a tenant, especially when you want to make sure your deal will close in a timely manner. These deals can be enforced, and the process for eviction is faster if the tenant breaks their agreement. The main lesson to remember is we are still all in this together. Staying healthy and safe should be our main focus, and landlords and tenants should treat each other with respect, patience and understanding during this challenging time. If you have any questions about any leasing issue, please contact me at [email protected]

In today’s #QuestionoftheDay video, Real Estate Lawyers.ca LLP’s very own, Mark Weisleder, details What to Know When You are Buying a Home from a Builder. Click play on the video to learn more about home buying! Have a question unanswered? Drop us a line at [email protected]

In Today’s blog, Real Estate Lawyers.ca LLP’s very own, Mark Weisleder, explains What to Know About the Ontario Government Announcement on Rent Freezes for 2021. The bill would provide the vast majority of Ontario's tenants with financial relief as the province continues down the path of renewal, growth and economic recovery during this uneasy time. Click the link below to read the full article! https://www.realestatelawyers.ca//What-to-Know-About-the-/... Don’t forget to like, comment, and share this post. If you have any questions about your lease, please contact me at [email protected]

A. In most cases, students are not returning to University and are switching to a virtual semester because of COVID-19. However, student tenants do not have the right to cancel their leases. There is nothing written in the standard residential lease that would give the tenant this right. Tenants would be able to sublet their unit if they can find someone else to take their place. Tenants should also review their leases with a lawyer to see if there is any other way, they can terminate their lease earlier. We also suggest approaching your landlord and seeing if you can negotiate a lease release for a lesser amount. If you have any questions about your lease, please contact me at [email protected] Don’t forget to like, comment, and share this post!

"The team at Real Eatate Lawyers.ca are very professional and easy to work with. We used their services in 2019 for our purchase and sale, and again in 2020. This time while everyone has to deal with COVID they got even better with their services using remote signing on Zoom meeting. We highly recommend their excellent services and performance." says Robin on Google

In Today’s blog, Real Estate Lawyers.ca LLP’s very own, Mark Weisleder, explains What is Bill 184 & What Realtors Can Benefit from it. Click the link below to read the full article! https://www.realestatelawyers.ca//What-is-Bill-184-What-R/ Don’t forget to like, comment, and share this post! Remember to continue watching for additional information regarding the status of Bill 184 as it works its way through the Ontario Legislature.... If you have any questions about any leasing issue, please contact me at [email protected]

"Signing was fairly easy and painless through zoom. I did have to follow up a few times to get information that I needed, but it all worked out." says Carrie on Google