real estate

Joint Tenancy's accessory, a Power of Attorney.

It is common for couples to purchase a home jointly with a spouse (via marriage or common-law) or even a close friend. One of the main advantages of joint tenancy is that it provides each other with a right of survivorship on death, saving approximately 1.6% on probate fees if one of the owners die, and keeping the home out of probate and away from potential wills variation actions.

BC's sensible real estate system

At the office today, I assisted a client who is purchasing property in Saskatchewan. As part of the sale, not only was the client required to fill out documents to purchase property, but they also had to fill out a rental agreement to live in the property between the day when their purchase completed until the time when the registration system officially recognized their sale. Additionally, they had to prepare documents to "transfer back" property to the sellers in case the sale fell through, along with various affidavits to accompany it.