I strongly believe the Certificate of Independent Legal Advice (CILA) is ultra-important for the lease-option strategy. Not as important for other strategies, but very much so for lease-options. Why? Because if there is any dispute, the tenant wants to be characterized as a buyer with those...

Hi William. Right now our Deal-Ready Documents Focus Workshop covers Agreements For Sale, Options, Lease-Options, and Joint Ventures. That pretty much fills up the whole day. I know Ron LeGrand suggests a custom offer for wholesaling real estate. My view is that the normal AREA contract is...

Hello all, We`re pumped and ready to go!! We will be holding our Deal-Ready Documents Focus Workshop in Red Deer on Saturday, January 30th at The Capri Hotel & Convention Centre 3310 - 50 Avenue, Red Deer, AB Call the REIN office to register. Hope to see you there! Cheers, Barry "I feel...

For a little more clarity on the definition of legal non-conforming , take a look at the following quote from the City of Oshawa website. I believe this definition is roughly the same for all of Ontario. What is a legal non-conforming use? A legal non-conforming use is a use that is not...

William, you are right, Agreements for Sale (AFS) are NOT common today. As mentioned in my Ron LeGrande presentation, and at `Deal-Ready Documents Focus Workshop`, the AFS was common years ago when mortgages were impossible to get unless you a crazy deposit like 50%! Very few buyers had that...

Hi Brian. Here are the names of some insurance brokers that are at least familiar with investors. Perhaps they can help. 1. Meyers insurance in Sherwood Park Alberta 2. Sadler insurance [ Steve] on Whyte Avenue in Edmonton, and 3. Ravenhill insurance [Jim] in Edmonton Cheers Barry

Hello to all. I too was wondering what the sellers lawyers issue was with clause number five? There are three thoughts in that clause: 1. That the deal would close according to the most current version of the AREA contract 2. The closing day would be 30 days after exercise of the option, and...

Hello to all. Just back from a warm weather holiday and catching up on posts, ( missed that -46 day in Edmonton !! ). I`m not a bankruptcy/creditor`s rights lawyer but here are are few thoughts: 1. Bankruptcy does not necessarily mean the sale of all assets by the Trustee. Some assets might...

HI David. I think its a lender by lender situation rather than a broad policy. Suggest he talk to his broker. cheers Barry

I`m adding another idea. You can try and limit your exposure to full damages in an unconditional real estate purchase contract. The way you do it is to add a clause that says, "the seller`s damages for any breach of the contract including failure to close are limited to the deposit ". The...

Hi William. January 30, 2010, that`s the date for our Deal-Ready Documents Focus Workshop in, lucky you, Red Deer! That nasty blizzard stopped quite a few people from coming. Now, on to your question. Despite what Ron says, the basic legal rule in Alberta and, I believe across Canada is that...

We are so excited to be presenting our `Deal-Ready Documents` Focus Workshop tomorrow! After great reviews in Calgary two weeks ago, we`ve made it even better - role playing exercises, filled in examples of documents that will give you the confidence and clarity to present successfully to your...

Alright you laggards, still a few days to register for my workshop on December 5th, in Edmonton - "DEAL-READY DOCUMENTS" Focus Workshop. It`s a jampacked, full-day workshop that grew out of the Ron LeGrand event. Huge added value speakers now confirmed are: 1. Garth Chapman`s office, to tell...

Hi Rob. Let`s start with your last question first. There aren`t too many lawyers in Alberta who are familiar with the agreement for sale process or who handle it on any regular basis. It`s an older concept now coming back into use so it is mostly older lawyers who know about it. At Ritchie...

Hi Mehmet. Once you work your way thru the Realtor issue and you are ready to sit down with the seller, what you need are the " front end " documents. Those are the documents that let you write up an AFS deal. Very similar to how you write up any deal that is seller financed. You need: 1. a...

We`ve moved to a different venue for Edmonton Focus Workshop on Saturday, December 5th: Edmonton`s Focus Workshop Saturday, December 5th Lister Conference Centre (University of Alberta) 116 Street & 87 Avenue 9:00am (sharp) - 6:00pm Map...

I would like to jump right in here and make lots of legal comment. BUT, this scenario involves both potential foreclosure and bankruptcy, two areas of the law that I do not practice in. This complicates anything you do by at least a factor of two. Having said that I believe that in any...

Hi Gail, An ownership interest `in trust` always means that the title holder, in this case the Credit Union, holds a portion of the title for someone else. Titles always have two sides to the ownership, the legal interest and the beneficial interest. In almost all cases, the person on the...

QUOTE (Doris @ Nov 4 2009, 01:16 PM) Hi there, We are also in urgent need of the Ontario version of Barry`s forms. I called James Quigley and left a message but to date he has not replied. If you or anyone else has information on Ontario forms please pass them along. I talked to my lawyer...

Let me add my voice to the chorus, great post by Wade! Useful and valid points by other posters. Let`s emphasize and discuss some of those points further: 1. `Quick Turn` investing in its various forms is a `senior strategy`. 2. Don`t start your real estate investing career with a senior...