Hi there I'm wondering if anyone can advise on any liability scenarios for my Mother cosigning a mortgage for my Sister. She doesn't understand the risks involved and frankly I don't either. Facts: Mother: Retired Earns 40k in pension Owns a house worth about 500k Plans to sell within a year...

Hi there, I have never owned or sold a house so I have some questions. My Mother is going to be selling the house that she bought new 50 years ago. If anyone has any ideas it would be greatly appreciated. The questions that I am most interested in are those that I have are underlined. 2 Part...

Thanks everyone this has been very helpful! I will pass these lessons on. I think it is an emotional purchase, but I also think that they are aware of that fact. I'm wondering if anyone has any thoughts on how to, or not to, proceed with a private sale as proposed in the description?

Hi all I am wondering what your thoughts are on this listing? Someone I know is considering buying it. Any thoughts/red flags/questions to ask would be greatly appreciated. Especially having to do with a private sale. I should mention that they want to live in it, and maybe pick up a tenant...

Perfect answer very helpful thanks!

I have 3 questions: 1) Does a mortgage renewal with the same bank at the end of its term, NOT incur any of the following fees for renewal: municipal tax admin fee current document execution fee current discharge admin fee current transfer/assignment fee current registry office discharge...

Thanks Thomas you have helped a lot! I will try to negotiate a LOC with a higher limit and perhaps even a lower rate. Any tips for getting a lower rate? She is currently at prime +1. But the LOC is secured by the house and she has a very good credit score and long history with the bank. Should...

Thanks very much Thomas and Sweetzone for your thoughtful replies! I think you have pretty much convinced me at this point. If it were me I would probably cc hop for the lowest rate but I think my mother should prioritize the option with lowest degree of risk and highest degree of simplicity...

Thanks so much for your replies! You both had very similar answers. Before your answers I was leaning toward saving the $2000 by using the MBNA 0% promotion. Your answers have lead me to revisit whether the risks/cons outweigh the benefits/pros of this option. Benefits/Pros: Probably save $2k...

Actually, looking again at this link, the Mortgage rate for a 3 year fixed would be slightly higher than I estimated above (3.39% vs 2.99%) which would make a mortgage consolidation even less appealing than stated above it seems. http://www.scotiabank.com/ca/en/0,,1112,00.html

Hi everyone, INTRO: I am trying to help my Mother with her mortgage renewal, and I’m wondering if anyone may be able to help me, as I am not very experienced with this stuff. FACTS: First of all she is almost 70 years old, lives alone. I’d say there is a 50% chance that within the next 2...

Thanks so much for your responses! So it looks like 4 votes for selling the house, which I take very seriously considering this is REIN who would be partial to renting it if it was worth it. Split on buying or renting an apartment, I see there are pros and cons to both approaches. As a result...

Hi there my Mother is trying to make a real estate decision and is looking for advice. She is getting a bit old at 70, and is having some trouble keeping up with an older house of 40 years. She has some debt to pay off around 40k mortgage and 20k low interest cc debt. No savings but has a...

I dont see it listed here: site: http://www.ltb.gov.on.ca/stdprodconsume/groups/csc/_ltb/_forms/documents/resourcelist/stel02_111630.pdf How to give this notice to the tenant... There are many ways that you can give this notice to the tenant. You can: hand it directly to the tenant or...

Wow thank you so much everybody! You really helped in a timely manner. REQ many thanks for the links, and as you mentioned I think the best approach will be to give fair warning about starting an immediate eviction process if she lets her son back on the property. Likewise are within your...

Hi there, my mother is renting out her basement apartment to an older lady in Ontario. The older lady has a son who recently 1) Caused significant damage to the basement by punching holes in the wall, which haven't been repaired for a month. 2) Physically assaulted his girlfriend on this...

Hi there My Mother's basement apartment tenant had her son sleep over last night in Ontario. He was drunk and caused much damage knocking down doors and punching holes in walls. He has been put in jail for the time being. We have never handled this before. What next steps should my mother...

Hi Adam thanks that last comment is very interesting to me. Could you provide any more information/direction/sources of the potential differences between a fixed lease and a month to month lease in this sense?

Sherilynn Many thanks for your help. 1) Yes I understand. It was an idea that I had as a sort of compromise between paying the whole year up front and paying monthly cheques. I thought she could have all the cheques for the year certified, held in cyberspace, until they are cashed at the...

Greg Wow thank you so much for this information. I very much appreciate your skeptical approach, I think that is the correct one to have in this case. So I take it you are suggesting that certified cheques aren't worth the paper they are written on either. Adam Many thanks for this...