Spring Cleaning: The Legal Edition
As we all continue to take a day-to-day approach under the present circumstances, and with the warmer weather just around the corner, there is the possibility that a number of seemingly “less urgent” items may start to slip our minds. Given that most of us are spending more of our days at home than ever before, there is no better time to do a check and ensure that some of these items are not missed:
New Homebuyer Post-Closing Review
For anyone who recently bought a home:
If it was a new home purchased under TARION warranty, we recommend that you double-check your TARION documents to ensure compliance with the necessary timing and filing guidelines for each of the various warranty periods. These periods and guidelines are very specific and the claimable items do change from time to time. Now might be a good time to double-check that things are on track.
Also, for any first time homebuyers, it is a good time to make sure to review your income tax returns to ensure that you’ve considered all the possible deductions available for first time homebuyers. There are a number of categories where the possibility for deduction and/or credits may be available for qualifying first-time homebuyers.
Thinking About Selling Your Home?
Step 1 – don’t panic!
While volumes may be down slightly year-over-year, we’re still seeing homes being bought and sold (and closed), and a skilled and trusted Real Estate Agent can and will help you through these unique times.
It’s also a good idea for any potential home sellers to give your home a good once-over prior to listing. This will ensure that you are aware of any bumps or bruises that may presently exist. In the place of in-person home inspections, many buyers are tending to rely instead on strictly-worded representations and warranties from sellers relating to the state and condition of the home (and the items inside/outside the home) when entering into Agreements of Purchase and Sale.
As a seller, it’s best to ensure that you have accurate, current information about the state and condition of your home prior to engaging in negotiations around the inclusion of these types of warranties/representations in your potential Agreements of Purchase and Sale.
Financial Checks
Regardless of your situation, it’s never a bad idea to do an inventory of all your bank accounts, investments, registered plans, and insurance policies to make sure you’ve considered naming beneficiaries wherever possible on each of the plans/accounts/investments/policies.
Life tends to surprise us, and there are many circumstances where a significant life event may also have a significant impact on the decision as to who to name as beneficiary(ies) for the various items mentioned above.
We recommend that everyone spend a little time ensuring the accuracy of all named beneficiaries on all existing accounts/plans/investments/policies.
If you have any questions about your legal paperwork or other legal questions, contact the experts at Brown Beattie O’Donovan. We’re here to help.
