Learn to identify the highest producing apartment buildings in Nova Scotia!

Learn to master expenses and property management from those that ACTUALLY own and operate buildings!

Learn to finance income properties properly by leveraging cash flow and building value!

Tons to learn and experience, a must attend seminar!

Wednesday, January 20^th at 7:00 PM

2589 Windsor Street, Halifax (corner of Windsor and North Streets)

Presented by: CENTURY 21 Team One Realty and CENTUM Mortgage Team

Don’t wait another minute… call or email us today to reserve your seat!

 Call 422-2100 or email support@century21teamone.com

For additional information visit:  www.thelocalexperts.net

By Elias Metlej

There are different types of ownership if two or more people own a property together. Understanding the difference is critical to protect your interest and plan for your future.

“Joint Tenants” describes the ownership of land by two or more people where there is a right of survivorship. When one of the joint owners dies, his or her share passes automatically to the surviving owners. The right of survivorship is the most important element of joint tenancy.

As “Tenants In Common”, each owner has a separate and divisible interest in the property. If one person dies, his or her share does not automatically pass to the surviving owners. Rather, it is passed on according to the terms of his or her will and the Probate Court will tax the value of the share.

The difference between joint tenants and tenants in common can have a significant impact on estate planning matters. Many couples buy as joint tenants to avoid estate taxes and related expenses upon the death of a spouse. If you plan to leave your interest in a property to the person that you own it with, holding title as joint tenants will allow this to occur immediately and without triggering probate taxes on death.

However, you may not want your interest to pass to a surviving owner. If you want to leave your share in an investment property to your family, as opposed to your business partner, tenants in common is recommended.

If you own a property, check your deed to confirm if you own it as joint tenants or tenants in common. Fortunately, it is not expensive to change the form of ownership if it does not match your needs or intentions.

- Elias Metlej is a real estate lawyer with the Halifax firm Blois Nickerson & Bryson. www.bloisnickerson.com You can write to Elias at askelias@yahoo.com

Reposted from the Metro Daily News (July 27, 2009)
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By Elias Metlej

“Your mutual funds will not call you at 2:00 am to complain that they don’t have heat.” This is the advice that I frequently give to people who are looking to purchase an investment property. While many people recognize the benefits of an income-generating asset, they often underestimate the responsibilities that accompany such an investment.

As a result of best-selling books, seminars, and television programs, income properties are becoming increasingly popular among investors. The promise of great profit and minimal work is understandably alluring. However, many people consider such investments based solely on their potential for financial return. Rarely do investors consider the practical implications of owning an investment property.

A client recently said, “If you buy a property, you should also buy a plunger.”Rental income is typically characterized as passive income. However, it is highly unlikely that you will be able to succeed without investing your time with your money. Hiring a manager for a small rental property is not typically feasible. You must be available to personally deal with management issues such as marketing, conducting maintenance, and engaging in tenant relations. The call to deal with problems could come at any time; at 2:00 am, when you would rather be sleeping, or at 2:00 pm, while you are working at your job.

Investing in real estate certainly has financial benefits. The property value will likely appreciate and the rental income may generate a positive income stream in excess of your expenses. However, you must budget for major capital expenditures and vacancy. The modest monthly profit may be insufficient to cover the cost of replacing a roof or repairing a furnace. As well, your mortgage payments and heating costs will subsist despite an empty apartment. Therefore, you must be prepared to invest beyond the initial costs of purchasing the property.

- Elias Metlej is a real estate lawyer with the Halifax firm Blois Nickerson & Bryson. www.bloisnickerson.com You can write to Elias at askelias@yahoo.com

Reposted from the Metro Daily News (July 20, 2009)
]]> http://century21teamone.wordpress.com/2009/08/06/understanding-income-properties/feed/ 0 century21teamone http://century21teamone.wordpress.com/2009/08/04/protecting-your-property-when-living-as-common-law/ http://century21teamone.wordpress.com/2009/08/04/protecting-your-property-when-living-as-common-law/#comments Tue, 04 Aug 2009 12:23:56 +0000 century21teamone http://century21teamone.wordpress.com/?p=113 Continue reading →]]>

Understanding Rights in a Common Law Relationship

By Elias Metlej

Four years and more than $80,000.00 later, the separation was complete. But this couple was not married and didn’t own the house together.  

The rights and responsibilities of common law partners are often overlooked, and not considered as seriously as those of married couples. If you own your home, but allow someone to live with you as common law, you must carefully consider what you are entering into.

A common law relationship exists when two people, who are not married, live together in a marriage-like relationship. The couple can be a same-sex couple or of the opposite sex.

While Nova Scotia laws dictate the rights of married couples, the rights of common law couples are not as clearly defined. Ironically, some people select common law living to avoid the legal complications of marriage. However, living as common law has proven to be more complex, especially if there is no agreement on key issues.

For example, if a person who owns a house dies without a will, their common law partner may not have any entitlement to the property or the proceeds if it is sold. Conversely, while your intentions may be to leave your home to a family member, your common law spouse may have a claim against your estate depending on the circumstances.

To best protect yourself, you can set out the terms of your relationship in a cohabitation agreement. This document formalizes the interests and intentions of common law spouses. While the agreement can address numerous legal issues, it should explicitly establish how property and debts will be divided if the relationship ends.

Cohabitation agreements can be created Rebefore a couple starts living together or at any time during the relationship. Ultimately, each spouse should get independent legal advice before the agreement is signed.

Understanding common law rights and responsibilities will foster a strong relationship. Creating a cohabitation agreement will ultimately ease the situation, and protect your home, if the relationship ends.

- Elias Metlej is a real estate lawyer with the Halifax firm Blois Nickerson & Bryson. www.bloisnickerson.com You can write to Elias at askelias@yahoo.com

Reposted from the Metro Daily News (August 13, 2009)
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