Condominium Law and Status Certificates

It is absolutely essential that the Purchaser of a condominium unit obtain from the Vendor a Status Certificate that is not more than 30 days old. The Purchaser's mortgage company will demand a status certificate as a condition of funding your mortgage for the purchase.

What is a Status Certificate?

It is a document from the Condominium Corporation dealing with the unit that you are buying. Your Lawyer Must review it. The status certificate will set out what the legal description of your property is including lockers and parking. What the amount of your monthly maintenance is, whether or not the condominium corporation is being sued and also whether or not there are special monetary assessments in addition to your monthly maintenance payment.

I have learned recently that many lawyers do not read the status certificates and indeed there are lawyers in front of the Law Society's discipline committee for failure to read status certificates and avoid problems that should have been caught before closing.

I stress I always read that status certificate.

You do not want to find out after you have moved in that have ot pay more money to the condominium corporation than you agreed to in your Agreement of Purchase and Sale.

Or that you own the wrong unit. Or that you do not have vehicle parking or a locker that you thought you had. I can help you avoid these problems. I read the Status Certificates.

Call me at 905 270 5110 Stan Gelman Lawyer http://WiseLawyer.ca

Pensions and New Evaluation Rules 2012

I'm going to talk to you about Family Law today. Pensions and their Value on Marriage Breakdown. On Marriage Breakdown Pensions and their value are part of a married couples property and are taken into calculation when matrimonial property is divided on marriage breakdown.

The Province of Ontario has a new law, on Pensions in Ontario coming into effect on January 1st 2012, which will clarify how the value of a pension is calculated. This new Act clarifies the previously muddied and unclear area of the law in respect of pensions, and their settlement in the event of marriage breakdown.

The Act is called the Division of Pensions Benefits in Ontario Act.

The new law applies only to pensions in Ontario and not to Federal Pensions such as the Federal Civil Service, Air Canada, Bell Telephone, Canada Pension etc. Here is how the New Ontario Act sets out pension evaluation and division.

Firstly, The Pension administrator must Value the pension. Then, there are two different methods of payment, First for a pension member who has not yet begun to receive pensions settlement, the division must be made in an immediate lump sum, transfer from the pension plan of up to 50% of its value. The Second Type of Calculation is for a Pension Member who is already receiving the pensions settlement payments. This is handled by dividing the pension payments between the member and the former spouse.

The payment division in the first senario is when the pension member has not begun to receive the pension. And as I have indicated the division is up to 50% of the value as it has been calculated. This money can be paid to the non member in a lump sum payment or transferred into an RRSP or Registered Retirement Income Fund ( RRIF) of the non member.

I caution you that may be more than one pension to be taken into consideration.

I can help you obtain your just rights in regards to pensions and their values on marriage breakdown. This is a difficult area of law which I do understand, Call me for my assistance. Call Me, Stan Gelman 905 270 5110 http://Wiselawyer.ca

Closing Costs in Builders Agreements

Builders forms and fine print often contains Levy's and addition charges for closing costs. During the 10 day rescission (cooling off) period bring your Builders Agreement of Purchase and Sale (condo or house) to make sure you understand what you are signing for. Do not get caught unaware.

Many additional fees exist in addition to the normal hydro, gas and water meters, and may take the form of park land dedication. tree planting, paving, grading or municipal lot levies issued to date of closing.

Protect yourself by understanding what you are signing within the 10 day cooling off period. Call Stan Gelman today to review your contract with you.

Accident or Injury? You do not pay unless YOU collect

If you have been involved in a slip and fall or motor vehicle accident you may indeed be injured and not known. There are limitation periods in making claims.

Stan Gelman Lawyer Mississauga http://Wiselawyer.ca is able to help diagnose closed head injury from slip and fall and motor vehicle accidents. Call today for your appointment. You don't pay for anything unless you collect.

Mediation Could be used against you

When you agree to mediation make sure that you are protected with right clauses that anything discovered or revealed that is not in your best interest cannot be used against you in future litigation if you do not settle.

Call Stan Gelman today 905 270 5110