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Real Estate Tips
Feb 24, 2017
The following questions have been asked pertaining to Real Estate and Jeffrey Cowan offers his advice. Adpated from Lawyer Metro News
Understanding interim versus final closing.
A client purchased a pre-build condo from a developer and the building is close to completion. He was contacted and given a date for an
interim closing date as opposed to a final closing date. What is the difference?
Condo towers are built from the bottom up so the living units on the lower floors could be ready for occupancy with the units on higher floors
not ready to be lived in.
Builder’s contracts make provisions for interim closings to enable them to transfer the cost of carrying the units to the purchasers.
During the interim period, purchasers take possession and pay a monthly occupancy fee that includes estimated taxes, common expenses and
the carrying costs of the deferred portion of the purchase price that still needs to be paid.
Once the building is complete and all of the owners have taken interim possession the builder lawyer’s register any documents required and
the units are ready to transfer the ownership.
At this time you will obtain the financing from your bank and take final title.
Leaky windows could spell big trouble.
A couple purchased a 35 year old condo and decided to replace the carpet that was in both the bedrooms. When the carpeting was removed from one of the bedrooms the parquet floor was damaged by water under the window. They thought it may have been from the former owners watering plants until after a heavy rainstorm two weeks later the carpet was now wet and it was obvious the water had seeped in from the window.
The first step is to determine for sure where the water is coming from. In older condos, the water often seeps through aged windows that may
need sealing Usually the condo corporation is responsible for sealing exterior windows, doors and cladding.
It will be necessary to check the declaration to see where the unit ends and the building starts. If the condo is responsible the management has
to be approached.
It is necessary to deal with the problem as soon as possible because moisture in walls, carpets and under rugs can create an environment for
mould. This could be a larger problem and professional tradespeople should be called upon to ensure the property is dry, secure and mould
The condo corp. may be responsible for a much larger remedial invoice.
Be aware of who you share your name with.
A client decided to take out a secured line of credit on his mortgage free property for renovations. The banker processed the application not anticipating any problem. A short while later the banker called to say there was an execution registered against him. What should he do?
When financial institutions are lending money to a customer without the use of a lawyer, they will do an execution search on your name
to see if there is a judgment registered against you with the sheriff.
This would put a potential loan in jeopardy if it were found that you had been successfully sued and not paid your debt.
The problem is that many people have the same names.
If you have a fairly common surname and a popular first name, there could be someone out there who hasn’t paid their debts.
Now the client has to prove they are not one and the same person, usually by swearing a declaration and may have to provide details as date
of birth and other pertinent information.
This could possibly affect your credit rating.
You should always be aware of other people out there who have the same name who can affect your creditworthiness.