Legal Minute with CBM Lawyers

CBM Lawyers
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A short form podcast keeping listeners up to date with commonly asked questions in the Fraser Valley of British Columbia, Canada, for Family Law, Wills and Estates, Business Law, and more. Visit CBMLawyers.com to learn more.

  1. 09/27/2021

    Becoming a committee

    How does one apply to become a committee?

  2. 09/23/2021

    The cost of committeeship

    How expensive is applying for committeeship?

  3. 09/20/2021

    Duties of a committee

    What are the duties of a committee?

  4. 09/16/2021

    When to apply for committeeship

    When is committeeship necessary?

  5. 09/13/2021

    What is committeeship?

    What is committeeship?

  6. 09/01/2021

    How do you prepare for an appointment regarding a will?

    CBM Associate, Janice Papp, discusses how to prepare for an upcoming Will appointment.   When I meet with a client in order to take instructions for a will, I really appreciate that they come prepared with certain information and documents that they have it in their possession. And what that does, it it really helps me utilize the time in the best way possible, especially during the initial appointment. For example, if my client already has an existing will, I will ask them to bring a copy in. Who is the client going to name as an executor and a backup or an alternate? And something I like to remind my client prior to the appointment is that they actually speak to the intended executor or the backup to make sure they have that person's consent. Acting as an executor certainly carries a huge responsibility and can very be very frustrating and stressful at times.    And not everybody's cut out for it. If there's minor children involved, those being under the age of 19, who is the client going to name as a guardian in case both guardians or parents are gone. In a traditional family setting I will ask the client, what would they like to do with their estate if they don't have a spouse or children? And what I find fascinating is most people will not think past that scenario.    They don't consider what we call or refer to as a common disaster where the deceased is not survived by any spouse or children. And why that's so important to include in a will, even though it may never happen, is that the will-maker gets to be the decision maker in who the beneficiaries will be instead of relying on the court to make that determination. I also appreciate it when a client brings in a summary of their assets and their liabilities or their debt. What that does for me, it assists me with determining if the client's instructions are going to be reasonable, fair or adequate, depending on who the beneficiaries are and related to the assets and liabilities is the question.    Has the client given out any loans during their lifetime? And is there an expectation that those will be repaid or forgiven upon the lawmakers death? Having all this information and documentation at the first appointment means that we can provide a will for the client that not only meets their expectations and needs means we can also provide it in a very timely fashion.   Learn more about our Wills, Estates and Trust division

  7. 08/30/2021

    What is property tax and it is always required?

    CBM Associate, Janice Papp, discusses the details of property tax and whether a purchaser is required to pay it.    The property transfer tax is payable by a purchaser whenever they purchase real estate and that real estate can be residential, commercial or industrial, the property tax or PTT for short is calculated based on a property's fair market value and in increments.    So, for instance, on the first two hundred thousand dollars of a property's fair market value, one percent will be charged between two hundred thousand and two million. Two percent will be charged. And of course, between two million and three million, the government will collect three percent. If you have a residential property and it's three million or more. The government will add an additional two percent, taking that tax all the way up to five percent. If you notice, I mentioned that the tax is payable on the fair market value of the property. And the best way to describe that is what is a willing purchaser willing to pay for the property in an open market scenario.    Generally speaking, the fair market value is in fact the purchase price that's paid by the purchaser. But that's not always the case. What's also interesting to note is that the PTT might be applicable when you simply add a person to their title, not your typical purchase scenario. And that's why it's critical to speak to a lawyer prior to making that decision to add someone to your property.    We at CBM lawyers can provide you the information you require with respect to the PTT depending on your particular circumstances.   Learn more about our Real Estate division

  8. 08/27/2021

    Should you have a lawyer review a purchase or sale agreement prior to signing?

    CBM Associate, Janice Papp, talks about having a lawyer review a purchase or sales agreement.    I'm often asked by clients if it's a requirement that their lawyer review a contract to purchase and sale prior to them signing the actual contract. Certainly, there's no requirement for it. But in my opinion, it's highly advisable.    The contract of purchase and sale is actually what binds the parties to a transaction, and while most of the contracts are fairly uniform in nature, they remain very complex nonetheless. And it's critical that a purchaser and a seller understand exactly what they're agreeing to under the terms. When I review a contract, I will look at several items. For instance, deposit, how much is it? Who is payable to? And most importantly, what will happen to that deposit should any of the parties fail to complete the transaction?    I also like to look at conditions and the condition dates or the timelines set aside for those condition dates sufficient for the purchaser to gather all the information they need. Is the seller are aware that the property will be off the market during those condition timelines. When I out for a purchaser and reviewing a contract, I'd like to know if they understand what instruments might be registered against the title. Is there a leasehold interest that perhaps the seller hasn't disclosed in the contract, or is there a caveat registered against the property that could possibly restrict the building height or have strict architectural controls, thereby preventing the purchaser from possibly building their dream home?.    If the property that's being purchased is classified as strata, does the purchaser understand all the strato documents that have been provided to them?.    If I'm acting for a seller, are they aware that they could potentially be responsible in its entirety for any special assessment that might be levied even after the completion date? Having this type of legal advice before you actually sign on the dotted line is invaluable and that he could save the client from potential litigation issues and of course, substantial legal fees.    Learn more about our Real Estate division

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A short form podcast keeping listeners up to date with commonly asked questions in the Fraser Valley of British Columbia, Canada, for Family Law, Wills and Estates, Business Law, and more. Visit CBMLawyers.com to learn more.

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