Porting your Mortgage

August 3rd, 2021  |  Real Estate

Now and again, a client at de Bakker & de Bakker is unpleasantly surprised about the penalty they must pay to their lender to break their mortgage early upon selling. This penalty will vary based on your lender and the terms of your loan. If you have a five-year fixed-term mortgage and you sell your […]

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Are your Beneficiary Designations up to date?

June 30th, 2021  |  Estate Planning

Michael consulted us recently after his father’s death. Michael was an only child, and his parents divorced when Michael was still quite young. Michael was his father’s closest relative and he thought he would inherit his father’s estate, which consisted of an RRSP worth $200,000 and a bank account worth $50,000. Unfortunately, when Michael’s father […]

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Where Should I be on Closing Day?

May 28th, 2021  |  Real Estate

Where should I be on closing day?  Your home purchase or sale is one of the biggest financial transactions of your life. Closing day is a crucial day, when the deal finally closes. There are many moving parts on closing day, and things can arise that have to be dealt with at the last minute. […]

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What Fixtures and Chattels are included?

May 20th, 2021  |  Real Estate

Buyers and sellers often have different understandings of what items are included in the sale. Whether an item is included often depends on whether it is considered a fixture or a chattel. In general, a seller must leave the fixtures on the property, but can take the chattels. If there are fixtures excluded from the […]

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Do I Need Conditions in the Agreement of Purchase and Sale?

May 18th, 2021  |  Real Estate

Conditions in an Offer to Purchase Your real estate lawyer can advise you about conditions you may wish to include in your offer. There is a wide range of possible conditions, but the most common ones are arranging financing satisfactory to you and obtaining a home inspection satisfactory to you. The agreement is not firm […]

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What is the difference between a Deposit and a Down payment?

May 17th, 2021  |  Real Estate

Deposits A deposit is usually given with the Offer to Purchase or within 24 hours of acceptance of the Offer. The purpose of the deposit is to show the seller that that the buyer is serious, and to protect the seller if the deal falls through. If the Agreement goes ahead, the deposit is credited […]

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Should I Get Mortgage pre-approval?

May 14th, 2021  |  Real Estate

Knowing what kind of a loan you qualify for will be a big advantage when you are shopping for new home, especially in a competitive market. Work with your financial institution or another mortgage lender you are comfortable with. Many of our clients find it helpful to consult a mortgage broker, who can streamline the […]

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Marriage will no longer revoke a Will!

May 7th, 2021  |  Estate Planning

A new law in Ontario will bring some important changes for Wills and Estates. Bill 245 has received Royal Assent but will not come into force until at least January 1, 2022. The new law will make several substantial changes affecting Wills and Estates, including repealing the longstanding rule in the Succession Law Reform Act […]

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The steps to buying a house in Thunder Bay:

April 19th, 2021  |  Real Estate

Your Thunder Bay real estate lawyer can guide you through all stages of your home purchase: Advise you about your Offer, to make sure your interests are protected; Review the Agreement of Purchase and Sale and explain the “legalese”; Check for any claims registered against the property; Explain Title Insurance and arrange for a policy […]

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Why homebuyers in Thunder Bay should speak to a Real Estate lawyer

April 14th, 2021  |  Real Estate

When you find the Thunder Bay house you want, things will seem to move fast—but don’t put off getting in touch with a real estate lawyer. Your home is your biggest investment, and you want to make sure your deal is legally sound. As a homebuyer in Thunder Bay, one of your key decisions is […]

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