James Comparelli, B.A., LL.B.'s Archives
Question: Tuesday, March 23, 2010
I am dealing with an estate where our father has a piece of property in Vancouver and the amount of cash in the estate is small. The title to the property is currently in his name and the property has been rented out for the last 30 years. For the following scenarios I would like to know what the tax consequences would be and/or at what rate much taxes would be charged in each scenario. The property has been appraised at approx. $600,000. I don't wish to have to sell the property in order to distribute our father's wishes. 1. If the title to the property remains in the estate's name, how long can the property remain in that name? 2. If the title to the property was to be transferred into the names of all the immediate children (the local beneficiaries)? 3. If a company was to be created and title was to be transferred to the company?
Question: Monday, March 22, 2010
I have sold my condo - the subjects have been removed. The possession date is not for a few weeks, but I have just found out today through condo minutes that at our general annual meeting (it is a month and a half away) we are voting on an assessment for replacing the roof. Will I be liable for this?? If we have removed the subjects am I in the clear even though the possession date is a few weeks away?
Question: Tuesday, February 16, 2010
I bought 4.85 acres of farm land from a good friend. Can we just do the paperwork ourselves and transfer the title without a lawyer or a notary? Do we have to sign in front of a notary?
Question: Friday, January 29, 2010
My father intends to leave his house and property to me and my three sisters when he passes. The property is worth about $450 - 500,000 I think (house and two acres in Roberts Creek, BC). Would there be probate fees or death taxes involved? If so, we may not have the money for the taxes. Would we loose the house? Is there a way to protect us and avoid paying taxes or probate fees?
Question: Sunday, January 24, 2010
We have sold our home and have now changed our mind. The closing isn't for a few months. What options do we have?
Question: Tuesday, November 10, 2009
My wife and I own a recreational property in BC with another couple. On the registered title certificate it says: "an undivided half interest as joint tenants". I understand there is a difference between "Joint tenants" and "tenants in common". How would this affect the ownership if both of us were to die? Would our share go to our estate or to the other owners?
Question: Friday, March 06, 2009
I am 26 yr old first time Vancouver condo buyer, could you tell me what other costs should I be aware of for property purchase besides the down payment.
Question: Thursday, December 18, 2008
My friend and I bought a pre-construction condo unit. Both of us are on the purchase agreement @ 50% because we each paid half of the deposit. It is scheduled to be complete in 1 year. After, I decided to purchase an unrelated pre-construction unit on my own. Can I get my name removed from the first purchase agreement if he buys me out? How does this work? Do we need permission from the developer?
Question: Friday, October 03, 2008
In the secondary real estate market, what happens if the buyer fails to make full payment (i.e. after deposit has been paid)? Does the seller have any further recourse?
Question: Thursday, July 24, 2008
I bought a condo a year ago, with the assumption that it was a 644 square feet condo. Once we got the city assessment this year, I found out that the actual square footage was 594. The seller had added 50 square feet, by counting the balcony. Now what I need to know is if there is anything I can do about this. I know that it is buyer beware, but at the same time I feel ripped off. Is there any recourse or action I can take? My Realtor says it is not worth it. I feel that he is to blame and that he is trying to dissuade me from doing anything about it.