Blog
Lately, there’s been a lot of discussion in the media and real estate circles that “as of January 1, 2018, it’s going to become more difficult to get a mortgage.” Maybe your real estate agent or mortgage broker has approached you and said, “Buy now! These new mortgage rules are going to make it more...
The Law Society of Upper Canada requires all firms and licensees to establish a Statement of Principles as a recognition that the legal profession plays a vital role in accelerating culture shift. The following is the Statement of Principles of Lemke Law Professional Corporation that every lawyer practicing at the firm is required to acknowledge...
Today, we’re proud to officially launch TorontoRealEstateLaw.com. Visit our page at the following link: www.TorontoRealEstateLaw.com and let us know what you think. At Lemke Law PC, we’re committed to providing honest, professional and concise services. From complicated real estate litigation matters to everyday residential closings, we’re here to help. Closing Costs Calculator Understanding the true...
There are various closing costs associated with purchasing a home in Toronto. Below is a brief summary of the most common expenses, their approximate cost, and how they are paid. Land Transfer Tax. Generally, the most significant cost when purchasing a home in Ontario is land transfer tax. There are two types of land transfer tax...
Passing away without a will can leave your loved ones with unforeseen complications and, in some cases, disappointment. No matter what stage of your life, planning for your death is not just to provide you peace of mind, but also your loved ones. If you die without a will, the law will decide how your...
As a first-time home buyer (as described below), you may borrow a maximum of $25,000 ($50,000 for couples) interest free for 15 years from your RRSP when purchasing a principal residence. Borrowing from your RRSP to invest in a principal residence not only assists your entry into a competitive housing market, but also offers a...
Due to commonplace public misinformation, it can come as a surprise when I inform my clients that the corporation for which they are a director and/or officer of is not an absolute shield against personal liability. Several federal and provincial statutes impose personal monetary liability upon corporate principals, and some go so far as to...
A shareholder agreement is an excellent corporate governance tool that can protect minority shareholder interests, safeguard the company’s competitive interests, and regulate ownership and voting rights. Its flexibility allows shareholders to anticipate a variety of situations that the corporation may encounter and to predetermine shareholder and corporate action. A well drafted shareholders agreement ensures the...
I recently attended the annual general meeting of a relatively small public company traded on the TSX-V (market cap as of 11/29/13 was 9.121M) where a group of disgruntled shareholders launched a coup against the company’s management and attempted to entirely replace the board of directors. This coup reminded me of a higher-profile shareholder campaign...
This is the second entry of a two-part blog entry. For information regarding the agreement of purchase and sale; the nuances of the transaction; and the completion of title and other recommended searches, please see A Lawyer’s Role in a Residential Real Estate Transaction I. Recommend whether Title Insurance Should be Purchased Title insurance is...
Blog
Lately, there’s been a lot of discussion in the media and real estate circles that “as of January 1, 2018, it’s going to become more difficult to get a mortgage.” Maybe your real estate agent or mortgage broker has approached you and said, “Buy now! These new mortgage rules are going to make it more...
There are various closing costs associated with purchasing a home in Toronto. Below is a brief summary of the most common expenses, their approximate cost, and how they are paid. Land Transfer Tax. Generally, the most significant cost when purchasing a home in Ontario is land transfer tax. There are two types of land transfer tax...
Passing away without a will can leave your loved ones with unforeseen complications and, in some cases, disappointment. No matter what stage of your life, planning for your death is not just to provide you peace of mind, but also your loved ones. If you die without a will, the law will decide how your...
As a first-time home buyer (as described below), you may borrow a maximum of $25,000 ($50,000 for couples) interest free for 15 years from your RRSP when purchasing a principal residence. Borrowing from your RRSP to invest in a principal residence not only assists your entry into a competitive housing market, but also offers a...
Due to commonplace public misinformation, it can come as a surprise when I inform my clients that the corporation for which they are a director and/or officer of is not an absolute shield against personal liability. Several federal and provincial statutes impose personal monetary liability upon corporate principals, and some go so far as to...
A shareholder agreement is an excellent corporate governance tool that can protect minority shareholder interests, safeguard the company’s competitive interests, and regulate ownership and voting rights. Its flexibility allows shareholders to anticipate a variety of situations that the corporation may encounter and to predetermine shareholder and corporate action. A well drafted shareholders agreement ensures the...
I recently attended the annual general meeting of a relatively small public company traded on the TSX-V (market cap as of 11/29/13 was 9.121M) where a group of disgruntled shareholders launched a coup against the company’s management and attempted to entirely replace the board of directors. This coup reminded me of a higher-profile shareholder campaign...
This is the second entry of a two-part blog entry. For information regarding the agreement of purchase and sale; the nuances of the transaction; and the completion of title and other recommended searches, please see A Lawyer’s Role in a Residential Real Estate Transaction I. Recommend whether Title Insurance Should be Purchased Title insurance is...
This is a two-part blog entry. For a discussion of title insurance, the registration of the deed, and the transfer of funds, please see A Lawyer’s Role in a Residential Real Estate Transaction II. For most of us, residential real estate is the largest single-item investment we will make in our lives. As such, the...
This is the third entry of Understanding Your Business Organization Options. For information on corporations and sole proprietorships, please see Understanding Your Business Organization Options I, and for information on general and limited partnerships, please see Understanding Your Business Organization Options II. Limited Liability Partnership A limited liability partnership is a hybrid form of partnership...