Trusted Tips and Resources

Trusted Tips & Resources

Ryan Boughen a Trusted Regina Mortgage Broker Shares Mortgage Renewal Tips!

The land of mortgages is a big one and Ryan Boughen a multi-award-winning Regina Mortgage broker with TMG The Mortgage Group, understands how confusing it can be with new rules and rates and information appearing regularly in the market. There are also dozens of lenders with thousands of mortgage products available. Each lender is unique in the types of situations they will lend on, their terms and conditions, and their best mortgage rates. Ryan Boughen is a Trusted Regina Mortgage Broker and in this Trusted Regina mortgage tip, he shares mortgage renewal tips!


Your mortgage is probably the single biggest expense. Unfortunately, most people give it little thought. Here are the most expensive mistakes you must avoid when you renew your next mortgage.

✅ Don't take the first offer - Most times the first offer you receive from a bank or lender is never their best. Don't be afraid to shop around.

✅ Refinancing - Many mortgage brokers and lenders will bring up the opportunity to refinance your debt or take out equity from your home at the time of mortgage renewal. For more than 99% of us, this is a bad idea. The lure of “cheap money” is strong – whether it is to pay off debts or use the money for a home reno – going into more debt when you renew your mortgage will cost you in the long run.

✅ Paying off Debt Responsibly - If you have car loans, lines of credit, a balance on your credit card, or other personal debts, you should never pay more than the minimum on your mortgage. Paying off these debts, along with saving for your child’s education and putting away 15% of your gross income into retirement ALWAYS takes priority over paying off your house.

✅ Have A Master Plan for your Finances - If you fail to plan, plan to fail. Ideally, you should have a monthly, yearly and 5-year plan for your overall finances. Anything from planning your monthly expenses such as budgeting housing, automotive, and general expenses to the amount you want to see in your RRSPs and retirement fund.


Trusted Regina REALTOR® James Wruth Explains Selling A Deceased Family Member's Home

James Wruth is one of Regina’s most trusted and top-selling Realtors. A member of Remax Crown Real Estate since 2006, James works with families, individuals, investors, and developers in the purchase and sale of residential properties. Since 2006, James has been a consistent Top Producing Realtor, and he has been awarded numerous prestigious distinctions including Re/Max 100% Club distinction, Platinum Sales Award, and Remax Hall of Fame induction. James Wruth is a Trusted Regina Real Estate expert.

James Wruth Explains The Process When Selling The Home Of A Deceased Family Member

I believe that relationships are more important than transactions. I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, your real estate goals, and to be 100% accountable to you. In my latest blog post, I explain the process of selling the home of a family member who has passed. 

What Is The Process Involved When Selling The Home Of A Deceased Family Member? 

Unfortunately, I am all too aware that the death of a relative is always a hard time for the family left behind. Not only do you have to navigate the emotional turmoil that is present when someone you love passes, but you may also have to deal with the inevitable real-world details – like liquidating assets and maybe even selling that person's home.

1. The Importance Of An Up To Date Will

If you think their properties will automatically pass to their descendants when they die, you could be in for an unpleasant surprise. If a homeowner dies without a will, or with a will that somehow fails to specify who the deceased’s property is meant for, what happens to the home becomes a provincial decision.

Each province has its own formula for distributing the deceased’s assets that takes priority over the dead person’s wishes.

When a person dies intestate, typically the family will act as administrator of the estate. Section 11 of The Administration of Estates Act lists the persons entitled to apply for Letters of Administration:
  • spouse; children & grandchildren;
  • parents;
  • siblings; nephews and nieces;
  • next of kin of equal degree of consanguinity;
  • creditors; and the official administrator.
Letters of Administration may not be required to deal with assets that are not part of the estate (Part II Assets) such as property jointly owned with the deceased at the date of death, assets with a named beneficiary or assets outside Saskatchewan. Letters of Administration will be required if the estate assets include real estate in order to conduct any land transactions with Information Service Corporation.

Selling a home after a relative dies is what’s known as an “estate sale.”

The term “estate sale” can often be interpreted in different ways. For instance, if you are not a Realtor, you might be thinking that an estate sale is an auction where furniture and other possessions are liquidated. Most real estate agents, on the other hand, think of an estate sale as selling a property for one of the heirs.


2. Transference of real estate after death.

So what happens when the home is going to be sold?

The first thing that needs to be done is to ensure the executor has been given authority to liquidate the real estate. There should be specific instructions in the will about selling the property.

First, look to see if the executor under the will was given power or authority over the real estate. If they were not given authority over the real estate, then the beneficiaries hold the authority and can sell the real estate without the executor’s consent.

Important note: 
If you are going to be selling an estate where there are more debts than assets, this is what’s called being insolvent. If this is your situation it is important NOT to pay any debts you don’t have to— If you pay some low-priority creditors, you could find you are personally liable for the amount you shouldn’t have paid out. For example, don’t pay the landscaper or the telephone bill. These should be paid by the executor once approved.

3. What Happens If there Is a Mortgage Outstanding?

A majority of Canadian homeowners don’t know what happens to their mortgages when they die. Only 28 per cent of respondents to a 2021 survey realize that their mortgage needs to be paid by the beneficiary who receives their properties. It does not disappear, unfortunately, although that’s exactly what 12 per cent of survey respondents think happens to a mortgage when a borrower dies.

Property owners, particularly investors, must also keep in mind the tax bills awaiting their surviving family members. The CRA treats a dead individual’s assets as if they were all sold on the day prior to his death, meaning capital gains taxes on non-primary residents need to be paid – even if the home is left to a beneficiary. Joint ownership of a property with a spouse can provide a clean and legal workaround; otherwise, those left behind will need to foot the bill. 

4. Collect all the necessary documents related to the home.

One of the least enjoyable, but most necessary, things that those left behind need to do is collect all required financial documents. Financial documents are essential for the distribution of the estate, including the home. Without all the necessary documents things become much more complicated.

You may have to search for a while to find everything you need. Often all documents won’t be in the same place. Sometimes people will stash them in hidden places. It is worth the time to search everywhere, including crawl spaces, the attic, and the garage, go through all the boxes and files, and even look under the mattress and drawers.

The documents you will want to gather may include:
  • Will – As explained - If there is a will, it will significantly simplify the distribution of the estate.
  • Receipts from bills – You will need to freeze your relative’s credit and contact all creditors, including the three major credit reporting agencies.
  • Investment documents – Your relative may have had stocks and/or bonds.
  • Insurance documents – There may be a policy from an employer, or one purchased privately.
  • Homeowner’s policy – Keep homeowner’s insurance up to date and increase coverage if necessary.
  • Bank account documentation – You want accurate information on all of your relative’s bank accounts.
  • Personal documents – If your relative had any personal documents, like journals, poetry, etc., you might like to have them at a later date for sentimental reasons.
Once you have gathered all the documents you know, you will need, shred everything else that has personal information on it. It is a common thing for identity thieves to use the social security numbers of the deceased. By eliminating all documents with the number on them, you make identity theft more difficult.

4. Change The Locks and Mail Delivery

When selling a home as an estate sale, it is essential you have complete control of the property. This includes changing the mail, so you receive it in a timely fashion, along with enhancing the home’s security. Keep in mind there are going to be folks who know about the death that took place and the fact the home may be vacant.

You will be surprised how many keys have been given out on a property over the years. Whether it is friends, relatives, the babysitter or various contractors who have done work. It is better to be safe than sorry.

5. Hire a Regina Realtor To Help You Get the Home Ready For Market

After you have processed all the personal possessions of your relative, you will be ready for the actual sale. At this point, you will go through much the same steps as any other home seller – although some minor differences may apply.

I have found that often when selling a home that was owned by an older relative, or a house that has been occupied for decades, there is extra work involved in prepping for sale. This can be one of the most challenging parts of selling a deceased parent's home. The house may be quite dated, including old wallpaper, decorations, carpet, paint, etc. It may also have damage that has gone unaddressed for a long time.

An experienced and reputable real estate agent will provide the best advice on what needs to be changed or repaired before you put the home on the market. If you want to get the best possible price, you may need to make some changes. The most common I see include:
  • Getting rid of old furniture/ window coverings
  • Removing wallpaper
  • Changing dated flooring and/or refinishing hardwood floors
  • Applying a fresh coat of paint
  • Eliminating all signs of pet ownership, like stains and other damage
  • Installing new fixtures and updating lighting
In addition to any changes you make to the home, you are going to want to clean it thoroughly. There is nothing more critical to the sale of a home than a proper cleaning. I may also suggest professionally staging the property if there is not enough appropriate furniture/belongings left after the cleanup. 

Once the home is prepared for buyers, then we can go ahead and list it. As long as you have made the home desirable based on the current Regina and Rea Real estate market, you should be able to sell it for a fair price.

A misunderstanding of what happens to a person’s property once they’ve died can cause extreme distress, both financial and emotional, for her surviving family members. So the best advice I can give is to have your will and paperwork in order as soon as you become a homeowner. In addition, you review your will on a regular basis to ensure it reflects your wishes. 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, James will be an expert at your side. 

The Trusted Regina Team Brag About Meriel Gordon A Trusted Regina Real Estate Agent

The Trusted Regina team is thrilled to brag about our newest Trusted Regina REALTOR®. We are thrilled to welcome Meriel Gordon to the Trusted Regina Community of businesses operated with integrity.  Meriel Gordon is a Trusted Regina Real Estate expert


Meet Meriel Gordon of eXp Realty - A Trusted Regina REALTOR®

Meriel Gordon made an excellent first impression when we initially chatted about her business. Her passion for real estate was evident, and she is one of those people that makes you feel instantly at ease and comfortable. That trait is a bonus when choosing a Regina real estate agent to work with. We could easily see why Meriel built a solid business based on referrals and repeat clients. She shared that she loves building long-term relationships. Throughout her 30 year + career, Meriel has helped over 1500 clients with their real estate needs. Ongoing referrals from past clients, centres of influence and friends speak to Meriel’s integrity, professionalism and her commitment to service.. Meriel is committed to making every move as smooth as possible, and she takes even more exceptional care and attention to those making those final moves. This tells you a lot about her integrity and warm, caring personality. 

An Award-Winning Regina Real Estate Expert

Meriel has been recognized with many sales awards over the course of her career. In December 2021, she was recognized as an eXp Realty Canada ICON AGENT. To be an eXp ICON means agents have achieved specific production requirements and represent the company’s core values in a 12-month time period.

At eXp, their core values are more than just motivational posters on the virtual walls; they support their vision and shape their culture. The Trusted team fully supports these values listed below.

  • Community Be a good neighbour to create a sustainable legacy.

  • Service Make a positive change in our company and the local community.

  • Sustainability Be a good financial steward of the environment, organization and our families.

  • Integrity Do the right thing.

  • Collaboration We are all on the same field.

  • Innovation The best way to predict the future is to invent it.

  • Agile Force chaos and change to survive and grow.

  • Fun Don’t take yourself too seriously.


We asked Meriel how she ended up with a career in Real Estate. 
 
" I thought I was going to be a Vet, then a Pharmacist then a banker. In 1981 I went to a Home Buyers’ Laws and Procedures Workshop and I instantly knew I wanted to be a real estate agent. The mortgage rates were 18%, I was 23 years old, I knew nothing about real estate but I was determined to be a Realtor® so I could help people. And although it is decades later, I still love this business. I am helping people every day. I am humbled. People let me into their lives. They share their stories with me. I share in the journey with them. Real estate is not just a career to me; it is a huge part of my life."- Meriel Gordon 

Over the years Meriel has learned to be versatile, she values education and continually takes courses. She studies the ever-changing market trends and statistics. Meriel said that she believes she will never know it all or have seen it all, and she strives to be in front of the trend for her clients. We spoke to many of them as part of the Trusted Regina verification process, and we can share that they were all were huge fans of Meriel. 

"Meriel is great! She and her team exactly know what they are doing. They provide excellent customer service and have in-depth knowledge of the business. We refer clients with high assurance that they receive the very best in their craft. Their experience hone the skills and talents that they share with their referred clients. Thank you Meriel for your team and the wonderful experience. May you and your company continue to grow and help your community. " -Mario Daniel Sconza
" Meriel is the best realtor in Regina! She is the utmost professional who is very knowledgeable about the real estate market. She truly cared about selling my property and did so quickly, especially in this difficult market. She was very responsive to my calls and questions. I highly recommend Meriel and rate her as 5+++!"- Deb Zick 
In January 2022 Meriel Achieved the CLHMS® Certified Luxury Home Marketing Specialist, she is an expert in the Regina high-end homes market.



Meriel Gordon's career has been built on honesty, integrity, and always trying to do what is best. There have been huge changes in the way the real estate industry operates, but the premise of the business has always remained the same; helping people, and that is her purpose.

Meriel Gordon is a Trusted Regina Real Estate Agent



Trusted Regina Real Estate Lawyers at MacKay & McLean Explain The Duty to Disclose

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are your TRUSTED REGINA LAWYERS. In Mackay & Mclean's latest legal tip they provide helpful information on the duty to disclose in real estate transactions. 


MacKay & McLean Discusses the Duty to Disclose

Buying Regina and are property? Wonder what the obligation on the Seller is to, to be honest? This is called the duty to disclose. 

When buying property, the rule of thumb is caveat emptor or buyer beware.

For this reason, many buyers obtain a home inspection. However, a home inspection may be a double edge sword, as it can negate potential title insurance claims.

The Seller has a duty to disclose latent defects or defects that are not readily observable. Observable defects are generally referred to as ‘patent’ defects. The problem here is that Sellers disputing the claim often claim that they were ‘unaware’ of the defect. This may permit them to escape liability. It is difficult to establish what they did or did not know.

For practical reasons this relegates many to investing in the fix rather than in a law suit.

The failure to disclose a latent defect may entitle a Buyer to collapse a transaction, have it set aside or damages. Please consult a lawyer with respect to your specific situation.

The Property Condition Disclosure Statements that are often included in transactions are somewhat helpful, in that they at least provide some record of the representations made with respect to the property. The MLS listing or web site advertisement, if bought privately, is also very helpful. Lastly, if you are relying on some specific representation, e.g. the ability to build a garage on the property or that the jacuzzi tub works, then make it a term of the contract.

Please contact MacKay & McLean for a free consultation and to discuss any concerns or answer questions you have on real estate and property law 

Read all of our Regina Real Estate Law articles here 

Buying, Selling or Refinancing Real Estate Property in Regina and area, or need general legal advice?

Being a small Regina, SK firm, the lawyers of MacKay & McLean give personal, professional attention to each of our clients, thus maximizing results while minimizing cost. Our lawyers and front office staff take the time to talk to you so that you are comfortable with the process. More importantly, we take the time to listen to you.

Robert Mackay and the team at Mackay & McLean offer a variety of legal services and are able to represent you in a variety of situations that require counsel. In addition, they offer a free initial consultation. Trusted Regina Lawyers, based in Regina Saskatchewan,  specializing in real estatecriminalpersonal injurycommercial & family law.

 

See more legal tips from Mackay & McLean here 

MacKay &  McLean are your TRUSTED REGINA LAWYERS


Trusted Regina Real Estate Lawyer shares some insight on the potential future of the Canadian Housing Market.

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

When looking to buy, sell, or refinance a property, you need to hire somebody who is not a stranger to addressing the real estate needs of individuals and families. 


Canadian Home Prices Could Drop as Much as 5% Due to Coronavirus


Trusted Regina Real Estate Lawyer Robert MacKay shares some insight on the potential future of the Canadian Housing market.

Canadian home prices could fall a “relatively modest” five per cent by July as some owners are forced to sell in the face of the economic hardship brought on by COVID-19, Capital Economics said Monday.

While sales activity and price gains were firm in the first half of March, real estate boards from across the country are reporting a near halt in activity as government shutdowns and physical distancing have people staying home.


As April unfolded, it became innately clear that COVID-19 had already impacted the local housing market, with Toronto home prices declining for the first time in nearly two years.

But the pandemic isn’t just going to have an impact on a local level but on a national level as well, with some experts already predicting that Canadian home prices could fall in the months to come.

Capital Economics said Canada’s house price inflation accelerated to a nearly two-year high in March, but given the disruption already caused by the coronavirus outbreak, prices are set to decrease in the coming months.

Capital Economics senior Canada economist Stephen Brown said April will see “an even steeper fall” in sales activity to a “small fraction of their normal levels.”

“New listings also fell sharply in March, which meant the sales-to-new listing ratio continued to point to strong house price inflation ahead,” said Brown, however, he said 

“given the huge rise in unemployment and the cashflow problems that restrictions on tourism have caused investors in the short-term rental market, it seems likely that there will be some forced sellers in the coming months. Those sellers will inevitably have to accept lower bids from the few people willing to buy in the current environment.”  said Brown.


Last week, the Canadian Real Estate Association reported a 14 per cent drop in sales volume from February to March. New listings were down 12.5 per cent from February, while average prices were flat month-over-month and up 12.5 per cent year-over-year.


That dynamic has Capital Economics “penciling in a relatively modest fall in house prices of five per cent in the coming few months.”


Source: Greg Bonnell - BNN Bloomberg - April 20 2020 - https://www.bnnbloomberg.ca/home-prices-could-fall-5-amid-pandemic-capital-economics-1.1424090 
Source: Ainsley Smith - Toronto Storeys - April 20 2020 - https://torontostoreys.com/canada-home-prices-coronavirus-decline/


For more questions and help with any legal property issues consult with our Trusted Regina Real Estate Lawyer Robert MacKay


More consumer tips by Robert MacKay: 



Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.

They  provide a full range of legal services including:

  • Real Estate & Mortgages
  • Wills & Estates
  • Family Law & Divorce
  • Commercial & Corporate Law
  • Litigation & Personal Injury

ROBERT Mackay is your TRUSTED REGINA REAL ESTATE LAWYER!



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