Podcasts Barry Mcguire: Real Estate Lawyer, Edmonton

Podcast Episode 55: “It Took How Long?” Many things can slow down a mortgage application. Two weeks is a minimum for your financing condition, but some sellers might not like it; getting pre-approved is a safer option. To avoid human error, make sure to read over your own mortgage documents carefully. Download the audio file … Continue reading Mortgage Delays

Podcast Episode 54: “Get it in Writing.” What happens when a real estate deal is delayed past the closing date? The seller can choose not to sell, but they still keep your deposit. Verbal agreements for things like extensions aren’t enough; you need signed documents or else people can change their minds. Download the audio … Continue reading Written Documents

Podcast Episode 52: “Some Deals Have It All.“ When doing joint ventures with friends and family, you still need formal documentation. If problems arise, deal with them promptly or pay the price. Download the audio file HERE and the text/handout HERE. (control click or right click + save as).   A Tale of Greed and … Continue reading Is a Handshake Enough?

Podcast Episode 51: “30 Days to Close Is Crazy.“ There are many things that can delay real estate transaction. 30 days is a minimum, but keep in mind that closing time should only begin after final conditions are removed. Download the audio file HERE and the text/handout HERE. (control click or right click + save … Continue reading How Long to Close a Real Estate Deal?

Podcast Episode 50: “Cornerstones Program.“ In Edmonton, AB, we have a program where homeowners can get a loan from the City to put in or fix up a secondary rental suite. The difficulty is that the City then puts a caveat on the title to ensure that their requirements are met. This can complicate selling, … Continue reading Caveats on Title

Podcast Episode 49: “Nailing It Down.“ When an inspection reveals problems with a potential property, these need to be fully resolved—even when they seem like they might be OK. Before removing conditions from, make sure to nail down issues so that they are 100%. Close or sort of isn’t good enough! Download the audio file … Continue reading Inspection Issues

Podcast Episode 48: “Plan B.“ Money and financing are essential parts of any real estate transaction. Always make sure to have a backup in order to make sure that you can still close a deal… just in case your first choice for financing dissolves! Download the audio file HERE and the text/handout HERE. (control click … Continue reading Plan B $$$

Podcast Episode 47: “Lender Lessons.“ Let’s look at five different aspects of ensuring financial success for your real estate business. Banks like things plain and simple. You need to deal with conditions on a mortgage and names on the title before you can close. Make triple sure you are unconditional before removing ‘subject to’ from … Continue reading Mortgage Madness

Podcast Episode 46: “Current Realities.“ Lending policy changes, as does the interpretation of existing rules and regulations. Make sure you stay on top of the current situation with your lender, the government, and market conditions. Download the audio file HERE and the text/handout HERE. (control click or right click + save as). Financing Facts: Current … Continue reading Financing Facts

Podcast Episode 45: “You Don’t Know What You Don’t Know.“ A new real estate investor managed to avoid a rookie mistake. He was about to enter into a rent-to-own agreement with someone, but the paperwork was so vague as to be useless. Luckily he brought it to me, and I told him to run! Download … Continue reading Rent-to-Own Fiasco

Podcast Episode 44: “Illegal Suites Are Everywhere.“ People often add onto or subdivide their properties, which can make diligence tricky for investors. Did the seller have a permit for a secondary suite? If so, did they actually build what they were supposed to? You need to figure these things out before purchasing or else you … Continue reading Illegal Suites

Podcast Episode 43: “There’s A Dead Guy In My Suite! (Follow-up)” This Tale follows up on the previous one about what you can do when a tenant passes away. Our example shows the steps taken by a landlord to deal with next of kin, and what happened when the family didn’t end up taking responsibility … Continue reading How to Deal with a Deceased Tenant (Follow-up)

Podcast Episode 42: “There’s A Dead Guy In My Suite!“ What do you do when a tenant dies? Most landlords will want to re-rent their property as a soon as possible, but wills and estates can take a long time to resolve. There are, however, still legal ways of preceding that can be quicker. Download … Continue reading How to Deal with a Deceased Tenant

Podcast Episode 41: “Rubik’s Cube Condo: An Investor’s Near-Miss.“ Purchasing a condominium unit as an investment can be tricky business because of the many other parties you need to deal with. There are also laws surrounding condos that you need to take into account. As always, due diligence is the key to avoiding a bad … Continue reading Condo Diligence

Podcast Episode 40: “Diligence with Alberta Health Services.“ The Public Health Act in Alberta also includes statutes regarding Minimum Housing and Health Standards. Investors and landlords need to be aware of their obligations. This is especially important because there is no grandfathering clause for older properties. Download the audio file HERE and the text/handout HERE. … Continue reading Housing Health Standards

Podcast Episode 39: “Fourplex Diligence.“ A ‘fourplex’ is not a legal term, and so we’ve done some digging through bylaws to show how this idea is actually expressed in the law. Many duplexes have illegal basement suites, and so you need to do your diligence before purchasing a so-called fourplex. Always confirm that the zoning … Continue reading Zoning Bylaws

Podcast Episode 38: “Do I Need a Real Property Report (RPR)?“ Diligence is one of these most important aspects of success as a real estate investor. In this third part of our series on Real Property Reports, we look at three more examples of how a Survey Certificate can save you a lot of time, … Continue reading Real Property Reports (Part 3)

Podcast Episode 37: “Who Needs a Real Property Report? (Part 2)“ Continuing from our previous Tale, we have another example of what can happen in a real estate deal without getting a proper survey done first. In Alberta, the seller is supposed to provide a Real Property Report and written confirmation that the property complies … Continue reading Real Property Reports (Part 2)

Podcast Episode 36: “Who Needs a Real Property Report?“ Before buying a piece of real estate, make sure to get an up-to-date survey of the property done by a professional. This report will help you to insure that there are no encroachments and that everything complies with municipal bylaws. This Tale illustrates the kind of … Continue reading Real Property Reports (Part 1)

Podcast Episode 35: “Follow-up Is Essential.” Why follow-up on a slam-dunk, for-sure mortgage? Sometimes paperwork just gets lost; having a Plan B is essential. Download the audio file HERE and the text/handout HERE. (control click or right click + save as).   Credit Hassles (Part 3): Follow-up Is Essential Three in one. It doesn’t happen … Continue reading Credit Hassles (Part 3)