If a person becomes incapable of making decisions for themselves, a family member, close friend, or another person or sometimes even a trust corporation often receives Power of Attorney or Guardianship in order to make decisions regarding property and/or personal care which that person is not capable of making for themselves. But although the terms Power of Attorney and Guardian […]

Quiet days spent fishing on the lake, jumping off the dock into the cool refreshing water, nights spent around a campfire and endless family game nights: your family cottage holds beautiful memories for everyone in your family, and it’s a special place you want to hang on to. The peaceful days on the dock may easily erase all of the […]

A spousal trust is an important aspect of the estate planning process that is often overlooked. Sometimes called a testamentary spousal trust, this important tool is generally included in your will in order to secure funds for your surviving spouse. It allows you to roll your assets directly into a trust for the benefit of your spouse, which shelters the […]

Often, borrowers loosing their home to a power of sale will take any advise they can get to stop the process. Borrowers are sometimes led to believe that if you register something on title to the property that you can possibly thwart the lender’s ability to physically transfer it. As with most registrations on title if it has nothing to […]

Meeting your legal needs during Covid-19 At Levy Zavet, the health and safety of our clients and staff is our top priority. During this time, we are monitoring the COVID-19 situation as more important information is being released, and have put safety measures in place during this epidemic, to ensure the continued safety and health of our clients and staff. […]

Often private lenders will receive a brief term sheet with an email introduction from a mortgage broker or agent trying to place a mortgage deal.  Included in this package may be an appraisal that was used perhaps to satisfy a prior lender on the property, or if looking for a second priority mortgage it may have been used for the first mortgage lender on the property.  What this means is that the appraisal was not commissioned for you, the private lender.  Its very easy to skim through an appraisal, see if it was ordered for a Big Bank, and rely on it as accurate and reliable.  How often do you read every single page, the assumptions, disclaimers and conclusions?  Most readers are ill-equipped to understand how the appraisal was prepared, under what requirements and circumstances.  Finally, its believed that if  you are relying on an “opinion” any damages by way of gross inaccuracies could result in a claim to recover against the appraiser.

For most buyers purchasing real estate, it is common practice to check municipal by-laws to determine whether their intended use for a property will be permissible. What they may not know however is to check for any restrictive covenants – which are often even stricter than municipal bylaws. What is a restrictive covenant? Restrictive covenants are conditions of use and […]

As 2019 came to a close, many Canadians are setting their sights on 2020 and making plans for the next decade. If one of your New Year’s resolutions is to purchase your first home, then you will definitely want to read our top tips for first-time home buyers! Tip #1: Learn about government programs that may apply to you. One […]

Do Private Lenders need a brokerage license to lend in Ontario?  The Mortgage Brokerages, Lenders and Administrators Act, 2006 establishes that anyone acting as a mortgage lender in Ontario must possess a brokerage license to operate legally. According to this law, a person or entity is considered a mortgage lender if they lend money within Ontario on the security of […]

For most Canadians, the purchase of a home is the largest single investment that they will ever make. Not only is the purchase of a home a large investment, but oftentimes it can be an incredibly complex one. It is of the utmost importance that all documentation is in order and that financial transactions are protected. By working with a […]