Brampton Real Estate and Brampton Homes-ED Samuel

1) Pay every account on time- This sound really simple but there is real beauty in simplicity. If you cannot make payments, make sure you are never 60 days past due. Some creditors will not report you if you are under 30 days past due but they will definitely report you for 60 days over-due. So play it safe and pay on time. Any late payment reported on your credit history can remain there for seven years.

2) Activity counts on each and every account- A lot of people have credit cards that they never use. I am advised that this actually hurts your credit score since your file isn't "active" on particular accounts. Activity generally means that you are using a particular account every 3 months or so.

3) If you have to, cancel the newest credit instrument first: Remember that credit history and debt to credit ratios count. If you cancel a long standing account (assuming its in relative good shape) you are erasing credit history and increasing your total debt to credit ratio since the available amount of credit to you just decreased pushing your ratio up.

4) Divide the cost of large purchases among several accounts: If you buy a dishwasher and max out one credit card to do it, your debt to credit ratio increased to 100% on that account which decreases your credit score. Split the purchase of big ticket items between several credit cards and try to keep the debt to credit ratio on each card under 50% (i.e. only use 50% of the credit available under each card).

5) Do not apply for a lot of credit at once: This is a particularly important tip for students who have just graduated or recent immigrants without a domestic credit history. If you do need credit, try to consolidate it with one institution which only has to run your credit score once. For example, apply for a credit card and a line of credit at one bank or at the same institution that is administrating your student loan; it will only require one credit check and, if you subsequently apply for more credit at that same institution, at least they will know that all the new accounts are with them.

6) The Two-Two-Two Rule: For fairly good credit history most lenders would like to see at least Two active trade lines on your credit report, with a credit limit of at least Two thousand dollars ($2,000), and for a period of at least Two years.

The Importance Of Housing Stats Information

When you are buying or selling a home, not knowing housing statistical information can cause you to pay more for a home or sell your home for less.  Be informed, when you are you ready to buy or sell a home, make the right move, contact MyDaddyHomes today for key housing information for Brampton and Mississauga. Don't Delay Contact Us Today! 

Studies and surveys indicate that more than 50 per cent of Canadian adults do not have a will, and about 70 per cent of Canadian adults do not have a signed Power of Attorney.

I believe that number would drop significantly if people truly understood the significant consequences of dying or becoming incapacitated without these legal documents.

Let’s start with a will.  What will happen if you died without one? Under the law that governs this situation (which is called an “intestacy”), your estate assets will be frozen until the courts appoint someone to administer your estate, known as an “Estate Trustee Without a Will”. This involves making a formal application to the court and always involves a certain amount of delay that is inherent in the process. This in turn could cause financial hardship for your family.

Eventually, your estate will be distributed by the Estate Trustee according to provincial intestacy laws, which vary by jurisdiction. Typically, they provide a set dollar-amount to a surviving spouse (in Ontario it is $200,000), with the balance divided in line with a graduated formula among your spouse and each of your biological or adopted children.

If you have no surviving spouse or children, then your assets would go to your next-of-kin, in a prescribed order that is set out by legislation. In contrast, common-law spouses and step-children may not he recognized by legislation as having any entitlement at all.

In these various scenarios, the Estate Trustee has very little discretion in distributing your assets. This means that – absent a will that expressly directs the distribution of your estate in the most tax-advantageous manner – you will have missed many opportunities to reduce taxes both before and after your death.

Similarly, without a will any preferences you have concerning the guardianship of your minor children or dependents may not be recognized. Payments to minor children would be held in trust by the courts, but only until they reached the age of majority. At this point, they would have a legal right to the money to spend as they wish – a thought that many parents find disconcerting and even abhorrent!

If you don’t have a will, these are just a few of the ways that your family and next-of-kin could be subject to delays, additional expenses, angst and potential conflict amongst themselves at an already stressful and emotional time.

Why do I need a Power of Attorney? – Like wills, a Power of Attorney is an often-overlooked legal document that you can have drafted to dictate the manner in which various matters will be dealt with in the event you become mentally incapacitated (for example due to an accident or illness) and therefore unable to make decisions on your own.

There are three kinds of Power of Attorney in Ontario:

General Power of Attorney for Property (to manage your finances and property, usually on a short-term or temporary basis);

Continuing Power of Attorney for Property (for managing your property on an ongoing basis); and

Power of Attorney for Personal Care (for appointing someone to make decisions about your current and future medical and personal care).

If you have the appropriate Power of Attorney document in place, you can choose who will act on your behalf. If you do not, the court may choose one for you. This means you may be leaving important decisions in the hands of family or others who are not fully familiar with your situation or your wishes, and more importantly, may not want to take on the responsibility of handling your affairs.

Even worse: Without written guidance in place as to your preferences and expectations, your family’s ability to arrange for your appropriate medical, shelter, nutrition and clothing needs might be impaired, to the point where costly and time-consuming litigation may commence. This is especially undesirable in cases where you have become suddenly and unexpectedly incapacitated and need prompt and proper medical care.

People often resist turning their minds to drafting a will for many reasons: they consider themselves “too young”, or feel that there are not wealthy enough to need to bother with having a will drawn up or are superstitious that having one drawn up will actually hasten their demise. The need for a Power of Attorney is often dismissed for similar reasons.

The truth is that it is never too early and an estate is never too modestly sized to make a will unnecessary or premature. As long as you own real estate, investments (regardless of size), vehicles, a business or any personal property, you have an estate that should be dealt with by way of a will.

Likewise, there is never a downside to formally choosing a trusted family member or friend who will deal with your assets and arrange for your medical and other personal needs in the manner that you wish, in the (hopefully unlikely) event that you become mentally or physically incapable of doing so.

Toronto lawyer Martin Rumack’s practice areas include real estate law, corporate and commercial law, wills, estates, powers of attorney, family law and civil litigation

Sellers always have agents to represent their best interests, you as a buyer must also do the same and seek out an agent to represent your best interests. During an offer negotiation a seller would love to have the advantage over a buyer who does not have buyer representation.

The Legal Obligations Of A Buyer Agent:

With Buyer Agency, the realtor is committed under Real Estate law to do whatever it takes to find the client the ideal home that suits their needs. It takes endless hours of searching the MLS, previewing and providing market analysis of homes, advising the client on what is a good or bad choice and working with other agents.  

A Buyer Agent representing a client is obligated not just to find all homes that matches the client needs, but to negotiate the best deal for the client.  A buyer agent is legally obligated under law to do the following for the client:

1. Loyalty: Total and undivided loyalty to the client
2. Confidentially: To never disclose the client's confidential details to any other party to a transaction
3. Obedience: To obey the client's lawful instructions
4. Accountability: To be accountable to the client for all actions taken by the Buyer Agent
5. Reasonable Care: To use expertise, knowledge, negotiating skills for the benefit of the client
6. Disclosure:  To disclose to the client, both the positive and negative facts about a property

Buyer agency is designed to help protect buyers during the purchase of a home. Don't buy a home without it.

If you have a home or condo to rent or an investor renting out a property, you need to ask yourself if you are prepared to manage the property yourself or ask a professional property management company to do it for you. Both choices have advantages and disadvantages, here are some factors you need to consider.