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Every Canadian Should Have a Valid Will When They Die

Wills & Estate Planning

A will is something that is on many a “to-do” list, but it rarely rises to the top of the list. For many people, just the thought of preparing a will is getting a little too close to admitting that everybody dies someday, you included. Many people rationalize that they are young – or relatively young – and in good health, so there is no hurry. You can get to it later. But if you want your estate distributed the way you really want it to be, the time to prepare a will is now. No one knows what will happen tomorrow. No one likes to think they might die tomorrow, but the cold hard fact is that for every tomorrow that becomes today, people die who did not think they would die tomorrow.

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What Should I Do When I Want to Buy a Commercial Property or Business?

Corporate Real Estate

If you are buying a commercial property of business for the first time, or even if you have engaged in many such transactions, it is important to engage in proper due diligence. Many people – including many people involved in commercial transactions, but especially newcomers to the field – do not fully understand the purpose of due diligence or what it should entail at its most effective. While most commercial buyers, whether of real estate or businesses, understand that due diligence is a process that helps them evaluate a property, many view the process as a means to ensure they are not paying too much. That is part of it, but there is much more to it, and to conduct proper due diligence requires a better understanding of the information you hope to discover during the process.

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Choice of Business Ownership Structures in Ontario

Business Law

Ontario has three primary forms of business structures — sole proprietorships, partnerships, and corporations. Your choice of which form of ownership you choose for your business could depend upon ease of formation, the expense of formation, taxation considerations, liability issues, control over company resources and decisions, and other factors. Each business form has different advantages and disadvantages, and you will have to decide which form best suits your situation and business goals. In this post, we will examine the three most common structures and highlight some of the pros and cons of each structure.

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Exercise Care When Buying Commercial Real Estate

Corporate Real Estate

Investing in commercial real estate can be challenging. You have to make decisions based on data, not what property you “love.” You need to understand what commercial purpose best suits that particular property, whether it be retail, residential, mixed use, or even industrial. You need to understand how to handle the property’s existing tenants and what kind of tenants you will want to seek going forward, as well as how to find and attract those future tenants. Above all, though, you need to know how to avoid the many pitfalls that lurk in the commercial real estate world.

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Ontario Real Estate Association Standard Form of Agreement of Purchase and Sale

Residential Real Estate

The majority of residential real estate transactions in Ontario are completed pursuant to the Ontario Real Estate Association (“OREA”) standard form of agreement of purchase and sale (the “Agreement”). The Agreement strives to balance the buyer and the seller’s rights and promotes consistency and certainty in residential real estate transactions. This article will provide a review of some of the key provisions found in the Agreement to allow the reader to understand the contract which underpins the majority of residential real estate transactions in Ontario. This article is not an exhaustive review of the Agreement’s contractual provisions. Should you require assistance in understanding your obligations in the purchase or sale of a residential real property, please do not hesitate to contact the Beganyi Professional Corporation, and we would be happy to assist you.

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