71: How to Avoid Surprises at Your Lawyer's Office with Acorn Law Corporation's Dani Brito

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Welcome back to the Colonial Real
Estate Podcast.

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I'm your mortgage broker host,
Taylor Atkinson.

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And I'm your real estate agent
host, Matt Glenn.

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What's happening, Taylor?
Big news today, Matt.

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If people aren't getting enough of
our faces, we are now on YouTube.

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So go check it out, Colonial Real
Estate Podcast.

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out, Colonial Real Estate Podcast.

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Finally, we are on YouTube.

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We've joined that side of the
earth.

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So can't wait for you guys to see
us and hear us.

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Yeah.

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No, today was an awesome show it's

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a long one but lots of good
information in there danny brito

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local lawyer at acorn law she's
awesome i know you've worked with

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her i've worked with her with
clients as well yes she is like so

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fast so accessible great knowledge
so we could sit here and ask her

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questions yes ask her questions
all day long she likes talking

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about it we like like talking
about it.

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So yeah, this episode goes a
little long.

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I mean, she's just a good,
balanced life, happy person, you

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know?
So if she's not part of your team,

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never had any regrets.

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had any regrets.

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Yeah.

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Yeah.

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She had some great answers for our
final wrap up questions.

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So stay tuned.

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You'll like it.

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This episode, like every episode
is sponsored by the best brokerage

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in the Okanagan.

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Century 21 Assurance Realty.

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It's where I'm at.

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It's where I've always been at.

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I like it here.

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I think you will too.

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If you're an agent looking to make
a change or someone looking to buy

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or sell a house, call the agents
at Century 21 or just me.

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I'd appreciate the business too.

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All right.

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Enjoy the show, guys.

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Welcome to the show, Dani Brito.

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Thanks for joining us.

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Thanks for having me.

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How we like to start our show is
just you connecting with our

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listener.

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What's your perfect Friday look

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like?
What makes you productive?

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What gives you energy?
And then leading into the weekend,

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what do you do for fun?
Honestly, productivity is

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everything around here.

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So we're all working moms at our

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office.

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I shouldn't say all, most of us.

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So we are about the most efficient
group you're going to find.

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So to me, my perfect day is I'm a
morning person.

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I get up early.

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I would love to get a workout in,

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get everything organized, get the
kids ready for the day.

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And then I'm into the office as
early as possible.

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That's when I get all my best work
done.

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And if I can be home to cook
dinner, you know, that's the

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dream.

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I'm one of the weirdos who

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actually loves cooking.

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If only my kids would eat what I

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made one day, one day, you get to
cook like three things every three

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things every night.

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Perfect.

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Exactly.

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Right.

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It's a night.

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Perfect.

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Right.

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It's a thing.

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But But yeah, what makes me
successful?

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I love what I do.

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And to me, measure of success is

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being happy, coming into work
happy and leaving happy doesn't

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happen every day, but by the vast
majority of it, I truly, truly

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love what I do.

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I love the people I work with and

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I get to be a mom too, which is
super special and a little bit

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rare to have as close to a
work-life balance as possible in

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the legal profession.

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So I'm happy.

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Yeah, that's awesome.

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I feel like as the transaction

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goes on, the stress builds up and
the time crunch is there and you

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guys are kind of the last in line.

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So if you've got a good balance,

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you're doing something right.

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Exactly right.

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And that's our main goal.

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From my perspective, my goal is

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that no one knows how hard we
work.

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That from the outside, you come
in, my desk is totally clean.

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It's like, what does she do all
day?

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I'm grinding it out, but you would
never know.

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My five-year-old, he says, what
does mom do for work?

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She does emails.

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And I'm like, that's 99% of the

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way there is I'm corresponding
with clients.

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I'm corresponding with mortgage
brokers, realtors, whoever I need

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to, to get everyone on the same
page.

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So that's kind of our role.

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Yeah.

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You are lightning is I'm You are
lightning speed.

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I love it.

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I'm never far from my computer.

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That's for sure.

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Yeah.

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Where are you guys located?
Your office?

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Yeah.

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Where are you guys located?

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Your office?
You were just talking about it off

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air.

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Yeah.

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We're just in the lower mission
area of Kelowna so we're just on

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the corner of Richter and
Lenfranco very deliberate in that

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we have free parking outside of
our building we're in one of the

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mission medical buildings so it
seems like every person's family

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doctor or specialist is in this
building so I'm like oh yeah I

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know where that is is yeah and
strategically we're located very

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close to the majority and
strategically we're located very

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close to the majority of the
banks.

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We're to and from the banks all
day, every day.

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So we have everything right around
the corner and it's beautiful.

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We're steps away from the beach,
so no one can complain about that.

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Yeah.

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That is a good point about going

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to the banks because you guys must
have to make like multiple runs a

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day.

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We do.

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Yeah.

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Because when Because when money's

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coming in or going out, depending
on the lender, sometimes we have

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to go out today, for example, to
go pick up a bank draft to close

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funds from a certain bank.

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And then when we're paying out

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funds, the part clients really
care about, we're tootling down to

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the bank to actually deposit the
solicitor's check into their trust

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account.

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So the only time we run into

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issues is kind of those virtual
banks or credit unions that don't

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exist here.

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So those are the ones where people

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run into a few more hiccups on it.

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But again, we ask in one of our

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initial contacts, where do you
bank?

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How do you want to get the sale
proceeds?

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My goal is there's never
surprises.

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Surprises are good for birthdays
and anniversaries, never from your

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lawyer.

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So we strive to avoid surprises.

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Yeah, yeah.

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That's a good rule.

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So Danny, before we jump into the
law questions, like I just have a

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question about the market.

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Like, so obviously you guys see

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from all the brokerages, all the
agents, has it been slower for you

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this summer?
Is it picking up?

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Or what's going on as a volume
perspective from you?

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in the wintertime, busier in the
summer with interest rates where

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they are.

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The new announcements about

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striking out Airbnbs and similar
short-term rentals, we didn't know

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what to expect.

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There's also a lot of condos and

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things like that that are
finishing up.

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So pre-sales from a few years ago,
getting ready to close.

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So I thought it was going to be a
lot more dynamic and interesting

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than it is.

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We just keep on keeping on.

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I've heard different things though
from different firms.

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Again, we're a little unique in
that we cap how many files we

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take.

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We're definitely not a McDonald's.

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So we try to provide the absolute
best service that we can for every

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single deal that comes in the
door.

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So we're pretty careful about that
and protect the service that we

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provide.

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But I'd say it's pretty normal to

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be honest, which is a bit
shocking, a bit shocking.

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I'd say this is the first year, I
don't know if you guys have

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noticed driving around summertime
kawana traffic is here and it's

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the first time i've really noticed
it since covid that you know out

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the it was a little more chill in
the summers and now driving home

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takes a bit longer but in the real
estate market it seems to be about

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the same what we would expect in
the summer interesting that's a

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good uh anecdote too about the
traffic it's a time out there

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interesting that's a good uh
anecdote too about the it's a time

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out there leave some extra time if
you're coming or going or leaving

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town or even driving for
groceries.

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But, you know, we can't complain.

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We're lucky enough to live here.

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Sitting out on the roads, it's not
the end of the world.

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Everywhere you drive to, like, it
takes half an hour, but it's like

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you're staring at some lake.

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You know, it's pretty beautiful.

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Yeah.

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know, it's pretty beautiful.

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Yeah.

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You get some good music going,

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you're good.

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Yeah.

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Yeah.

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Or actually a great podcast would

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Yeah.

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Or actually a great podcast would

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be even better.

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Nice I get some good music you're

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Yes.

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Nice.

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plug.

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Or Yeah, actually a great podcast

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would going, be even good.

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Yeah, Yes.

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yeah.

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better.

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Yes.

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Nice.

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plug.

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Or Yeah, actually a great podcast

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would going, be even good.

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Yeah, Yes.

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yeah.

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better.

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better.

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Nice, nice plug.

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plug.

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Yeah, I got you.

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Tell us just kind of start to
finish what a perfect transaction

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looks like if there is anyone in
solicitor mindset.

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Like that has no surprises.

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What do you like to see start to

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finish?
Yeah, oh, that's such a good

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question.

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So the earlier you can get a

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lawyer involved, the better.

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Now lawyers, they'll quote in

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different ways, right?
So some people will quote all in.

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That's what we do.

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I'll kind of elaborate more on

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that.

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Some will bill based on time.

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So it's literally starting a
stopwatch and every, you know, 0.1

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is every six minutes you're adding
to the clock.

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Some will do kind of a hybrid
where they give all in and then

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there's some disbursements.

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So disbursements are out of pocket

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expenses for registration
searches, things like that.

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So it's tricky to know unless you
specifically ask those questions.

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And if you're calling around for
quotes, it's hard because you

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might very well be comparing
apples to oranges and not even

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know.

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Why we do all in pricing is so

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that people can reach out as early
as possible, know that it's not

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going to change their price and
know they can ask us questions.

259
00:06:52,453 --> 00:06:55,951
Because at the end of the day,
that's really what we're here for.

260
00:06:56,051 --> 00:06:57,567
And that's where our value add is.

261
00:06:57,567 --> 00:06:59,051
There are lawyers and notaries all

262
00:06:59,051 --> 00:06:59,817
over the place.

263
00:06:59,817 --> 00:07:02,060
We need to be accessible and to

264
00:07:02,060 --> 00:07:03,692
actually answer and provide
service.

265
00:07:03,792 --> 00:07:06,055
So the earlier you can contact a
lawyer, the better.

266
00:07:06,055 --> 00:07:07,687
They should be reviewing the
contract.

267
00:07:07,787 --> 00:07:10,996
So if it's a purchase transaction
or a sale transaction, they should

268
00:07:10,996 --> 00:07:12,840
be reviewing the contract to
purchase and sale.

269
00:07:12,840 --> 00:07:15,074
They should be reviewing the title
search and actually providing

270
00:07:15,074 --> 00:07:16,065
advice on all of that.

271
00:07:16,065 --> 00:07:17,489
If it's a refinance or something

272
00:07:17,489 --> 00:07:20,900
like that, again, as early as they
can see the commitment letter and

273
00:07:20,900 --> 00:07:22,880
start looking through, because
you'd be amazed how many surprises

274
00:07:22,880 --> 00:07:25,609
there can be in any of those
documents of steps that need to be

275
00:07:25,609 --> 00:07:26,999
taken, things that people just
don't think about.

276
00:07:26,999 --> 00:07:29,393
So again, the earlier that you can
get someone thinking about it,

277
00:07:29,393 --> 00:07:32,798
talking to them, and just asking
basic questions is so nice from

278
00:07:32,798 --> 00:07:36,048
there really the biggest things
are making sure that the client is

279
00:07:36,048 --> 00:07:38,567
going to be available for signing
that's again one of the early

280
00:07:38,650 --> 00:07:41,160
questions that we're asking are is
there any restriction on your

281
00:07:41,260 --> 00:07:43,890
signing ability because some
people work away right they'll be

282
00:07:43,891 --> 00:07:48,082
here for a week they'll be gone
for a week they'll be here for a

283
00:07:48,181 --> 00:07:51,968
few days and then they're gone for
a month so the earlier we can hear

284
00:07:52,068 --> 00:07:55,169
about that the better and if
people are planning vacations this

285
00:07:55,169 --> 00:07:57,785
is a big one Kelowna in the
summertime people are on vacation

286
00:07:57,785 --> 00:08:01,477
what can you do but if we know
about that ahead of time or

287
00:08:01,477 --> 00:08:04,088
ideally if people could avoid
booking vacations right on the

288
00:08:04,088 --> 00:08:07,560
closing date or you know the
couple days prior that's great but

289
00:08:07,560 --> 00:08:11,672
again as long as we know generally
things can go pretty smoothly but

290
00:08:11,672 --> 00:08:14,138
But I think just, again, making
sure you're available, making sure

291
00:08:14,138 --> 00:08:16,100
you contact a lawyer as early as
possible.

292
00:08:16,100 --> 00:08:19,710
And then also just making sure
that you ask questions that you

293
00:08:19,710 --> 00:08:22,748
want to ask, because if you don't
ask them, those are the only dumb

294
00:08:22,748 --> 00:08:24,058
questions, right?
I think fear sitting across the

295
00:08:24,058 --> 00:08:27,334
desk from a lawyer or on the other
side of email as a lawyer and say,

296
00:08:27,334 --> 00:08:30,147
I don't know if I even want to ask
this question.

297
00:08:30,147 --> 00:08:33,240
You know, is this going to make me
sound dumb or like, I don't know

298
00:08:33,240 --> 00:08:33,756
what I'm doing.

299
00:08:33,756 --> 00:08:35,534
You don't want me doing your root

300
00:08:35,534 --> 00:08:35,676
canal.

301
00:08:35,676 --> 00:08:37,525
You don't want me doing your

302
00:08:37,525 --> 00:08:37,881
taxes.

303
00:08:37,881 --> 00:08:39,690
I know law, that's it.

304
00:08:39,690 --> 00:08:41,902
Right?
So like you So like you have to

305
00:08:41,902 --> 00:08:44,046
ask those questions at the end of
the day.

306
00:08:44,046 --> 00:08:45,557
I think that's, what's really
important.

307
00:08:45,557 --> 00:08:48,624
First time homebuyers are usually
as funny as it sounds, usually the

308
00:08:48,624 --> 00:08:51,391
most comfortable asking questions
because they know that you don't

309
00:08:51,391 --> 00:08:53,660
know, or you haven't been through
the process before.

310
00:08:53,660 --> 00:08:56,127
It's typically the people who
haven't bought or sold in a few

311
00:08:56,127 --> 00:08:57,335
years, right?
They should know what they're

312
00:08:57,335 --> 00:08:57,493
doing.

313
00:08:57,493 --> 00:08:58,969
Processes change all the time.

314
00:08:58,969 --> 00:09:01,242
So you have to, again, be able to
ask those questions.

315
00:09:01,242 --> 00:09:02,553
Yeah, you make Yeah, you make a
good point.

316
00:09:02,553 --> 00:09:03,960
For some homebuyers are like the
best at asking those questions,

317
00:09:03,938 --> 00:09:04,341
especially with lawyers.

318
00:09:04,341 --> 00:09:05,569
We were allowed to do virtual

319
00:09:05,547 --> 00:09:06,060
signings during COVID.

320
00:09:06,039 --> 00:09:06,352
What changed?

321
00:09:06,352 --> 00:09:07,285
In the fall, they've taken that
away.

322
00:09:07,254 --> 00:09:07,930
Most lenders in BC.

323
00:09:07,930 --> 00:09:09,297
Can you just walk us through why

324
00:09:09,197 --> 00:09:10,819
they went back?
It seemed like such a convenience.

325
00:09:10,819 --> 00:09:12,977
Well, they didn't ask In the Well,
they didn't ask me.

326
00:09:12,977 --> 00:09:13,647
So there's that.

327
00:09:13,647 --> 00:09:15,285
We found it so helpful.

328
00:09:15,285 --> 00:09:17,984
The scenario I was just talking
about, people who work away,

329
00:09:17,884 --> 00:09:20,698
they're doing shift work up north
or out of province or something

330
00:09:20,698 --> 00:09:21,078
like that.

331
00:09:21,078 --> 00:09:23,516
The biggest hurdle for us with the

332
00:09:23,516 --> 00:09:24,682
virtual signings was verifying ID.

333
00:09:24,682 --> 00:09:26,473
The list to get it verified

334
00:09:26,373 --> 00:09:28,647
properly in accordance with not
only the land title office rules,

335
00:09:28,647 --> 00:09:30,553
but also the law society rules.

336
00:09:30,553 --> 00:09:33,413
They were so stringent and so, so

337
00:09:33,413 --> 00:09:35,447
tricky to me that honestly, very
few people actually could.

338
00:09:35,447 --> 00:09:37,709
If I knew people were going away,
they could pop in my office for

339
00:09:37,609 --> 00:09:37,960
two minutes.

340
00:09:37,951 --> 00:09:39,104
I physically check their ID.

341
00:09:39,095 --> 00:09:40,668
We're off to the races.

342
00:09:40,668 --> 00:09:42,899
I can sign with them virtually.

343
00:09:42,899 --> 00:09:44,213
It was amazing.

344
00:09:44,213 --> 00:09:46,289
It was so, so helpful.

345
00:09:46,289 --> 00:09:49,130
But as you mentioned, the Law
Society and Land Title Office has

346
00:09:49,130 --> 00:09:50,404
basically said no to that.

347
00:09:50,404 --> 00:09:51,699
There are a few exceptions.

348
00:09:51,699 --> 00:09:54,721
If someone is signing outside of
BC, we may still be able to get an

349
00:09:54,721 --> 00:09:55,296
exemption for it.

350
00:09:55,296 --> 00:09:56,829
And then similar, there's actually

351
00:09:56,829 --> 00:10:00,358
always been a process for if you
are familiar with someone's

352
00:10:00,358 --> 00:10:03,558
signature, but again, it can't be
someone you've never met.

353
00:10:03,558 --> 00:10:05,060
Like I need to know them.

354
00:10:05,060 --> 00:10:07,418
I need to know what their

355
00:10:07,418 --> 00:10:10,802
signature looks like and all that
kind of stuff.

356
00:10:10,702 --> 00:10:13,788
So it's a lot trickier than it
once was, but definitely not

357
00:10:13,788 --> 00:10:14,021
impossible.

358
00:10:14,021 --> 00:10:15,825
So you're out of the country and

359
00:10:15,825 --> 00:10:19,349
you're not coming back for the
next few months, or at least until

360
00:10:19,349 --> 00:10:22,447
after closing, we usually can
inquire with the lender and say,

361
00:10:22,447 --> 00:10:24,869
hey, is this an option?
It depends on the lender's

362
00:10:24,869 --> 00:10:25,000
policies.

363
00:10:25,000 --> 00:10:26,682
Or to be quite honest, it's

364
00:10:26,682 --> 00:10:30,340
usually cheaper and easier to send
the person to a lawyer or notary

365
00:10:30,340 --> 00:10:31,628
local to them.

366
00:10:31,528 --> 00:10:33,014
But that doesn't help much if

367
00:10:32,914 --> 00:10:36,275
they're on site somewhere, right?
And it's an hour or two hour drive

368
00:10:36,275 --> 00:10:38,402
into the closest town, like it's
very tricky for that.

369
00:10:38,402 --> 00:10:40,261
So I wish it was still more
prevalent.

370
00:10:40,261 --> 00:10:42,468
I loved it, but I think probably
people weren't following the ID

371
00:10:42,468 --> 00:10:45,979
requirements as closely as the law
society or land title office would

372
00:10:45,979 --> 00:10:46,414
like.

373
00:10:46,414 --> 00:10:48,401
And someone has soured it for all

374
00:10:48,501 --> 00:10:49,924
of us, but that's okay.

375
00:10:49,924 --> 00:10:50,314
We're dinosaurs.

376
00:10:50,314 --> 00:10:51,165
We don't like changing.

377
00:10:51,138 --> 00:10:52,136
So to me, one of the major, major

378
00:10:52,136 --> 00:10:54,078
silver linings of COVID was the
virtual signups.

379
00:10:54,078 --> 00:10:55,455
And things are changing oh so
slowly.

380
00:10:55,455 --> 00:10:57,620
Last week, the Law Society has
approved us witnessing statutory

381
00:10:57,620 --> 00:10:58,144
declarations.

382
00:10:58,144 --> 00:10:59,559
So sworn statement where you can

383
00:10:59,559 --> 00:11:01,393
almost picture hand on the Bible
kind of thing.

384
00:11:01,393 --> 00:11:03,185
We're now allowed to do those
virtually again.

385
00:11:03,185 --> 00:11:06,832
So it took a few years to circle
back to it.

386
00:11:06,832 --> 00:11:08,711
So maybe, just maybe, we might get
there again.

387
00:11:08,711 --> 00:11:09,315
Okay, good.

388
00:11:09,315 --> 00:11:10,926
Yeah, that was a lifesaver.

389
00:11:10,926 --> 00:11:14,125
Like you said, like the camp
workers are the biggest one or

390
00:11:14,125 --> 00:11:16,040
someone that's moving from Ontario
to Kelowna, you know?

391
00:11:16,140 --> 00:11:16,488
Yeah, exactly.

392
00:11:16,488 --> 00:11:16,713
exactly.

393
00:11:16,713 --> 00:11:18,394
And they typically know ahead of
time, right?

394
00:11:18,494 --> 00:11:21,780
So if you ask the questions, we
were able to get them into a

395
00:11:21,880 --> 00:11:24,868
lawyer, get them to come into our
office, like I said, for a super

396
00:11:24,868 --> 00:11:27,442
quick flash me your ID and we're
good to go.

397
00:11:27,442 --> 00:11:31,165
Yeah, something that comes up
quite a bit is setting up the

398
00:11:31,165 --> 00:11:32,900
title in terms of ownership
percentage.

399
00:11:32,900 --> 00:11:35,358
If there's a co-signer, parents
are helping, estate planning.

400
00:11:35,358 --> 00:11:40,289
Is there like any way to simplify
that as much as possible so Matt

401
00:11:40,289 --> 00:11:41,389
and I can understand?
Yeah, totally.

402
00:11:41,489 --> 00:11:46,071
So whenever there's more than one
owner, we have to have a

403
00:11:46,071 --> 00:11:48,745
discussion with the clients about
how is this relationship going to

404
00:11:48,745 --> 00:11:50,796
be structured between the owners.

405
00:11:50,796 --> 00:11:53,312
So there's generally two ways to

406
00:11:53,312 --> 00:11:54,227
set it The up.

407
00:11:54,227 --> 00:11:54,902
first being joint tenancy.

408
00:11:54,902 --> 00:11:57,760
What that means is it has to be
equal between the owners.

409
00:11:57,940 --> 00:11:59,940
So if there's two owners, usually
this is a husband-wife kind of

410
00:12:00,020 --> 00:12:00,637
situation, 50-50.

411
00:12:00,537 --> 00:12:02,540
And if one of them passes away,

412
00:12:03,260 --> 00:12:05,227
there's what's called a right of
survivorship.

413
00:12:05,227 --> 00:12:08,300
All that means is if one passes,
then surviving spouse or owner has

414
00:12:08,300 --> 00:12:09,274
100% of the property.

415
00:12:09,274 --> 00:12:10,349
It's pretty much automatic.

416
00:12:10,249 --> 00:12:11,964
There's a quick filing with the
land title office.

417
00:12:11,964 --> 00:12:12,352
No questions asked.

418
00:12:12,452 --> 00:12:12,950
You're good to go.

419
00:12:12,950 --> 00:12:13,914
The alternative is tenants in
common.

420
00:12:13,914 --> 00:12:16,736
So they make them sound virtually
identical to make it extra

421
00:12:16,736 --> 00:12:18,006
confusing, but the result is so
totally different.

422
00:12:18,006 --> 00:12:20,450
So even if you have two owners,
they each have decided we're going

423
00:12:20,450 --> 00:12:22,279
to own 50% of the property.

424
00:12:22,279 --> 00:12:23,825
If one of them passes away, their

425
00:12:23,825 --> 00:12:26,866
50% does not go to the survivor.

426
00:12:26,766 --> 00:12:28,860
It goes to their estate.

427
00:12:28,860 --> 00:12:31,898
So sometimes we can see that with
lended families.

428
00:12:31,898 --> 00:12:34,564
Someone wants to make sure their
percentage goes to their child,

429
00:12:34,564 --> 00:12:35,043
something like that.

430
00:12:35,043 --> 00:12:37,950
Or where we see parents going on

431
00:12:37,950 --> 00:12:38,188
title.

432
00:12:38,188 --> 00:12:39,496
We're seeing that more and more in

433
00:12:39,496 --> 00:12:40,923
the past few months.

434
00:12:40,923 --> 00:12:43,116
I'm not sure if you guys have

435
00:12:43,116 --> 00:12:51,387
noticed, but on the contract to
purchase and sale, there used to

436
00:12:51,387 --> 00:12:52,671
always be two lines for buyers and
two lines for sellers, you know,

437
00:12:52,671 --> 00:12:53,107
kind of picturing a spousal
situation.

438
00:12:53,038 --> 00:12:53,600
There's now three.

439
00:12:53,484 --> 00:12:54,417
So it just goes to show how

440
00:12:54,322 --> 00:12:56,717
prevalent it is to have an extra
signer going on and an extra

441
00:12:56,717 --> 00:12:57,073
owner.

442
00:12:57,173 --> 00:12:58,969
So with tenants in common, you can

443
00:12:58,969 --> 00:13:01,158
pick whatever percentage you want.

444
00:13:01,158 --> 00:13:04,314
So you can be a third, a third, a

445
00:13:04,314 --> 00:13:04,622
third.

446
00:13:04,622 --> 00:13:07,480
You could be 1% and 99% to the

447
00:13:07,480 --> 00:13:08,240
actual owner of the property.

448
00:13:08,240 --> 00:13:09,828
Where it became more complicated

449
00:13:09,828 --> 00:13:14,118
this year, another plot twist that
came into the story, is the need

450
00:13:14,118 --> 00:13:16,544
now to file declarations with
respect to bear trusts.

451
00:13:16,544 --> 00:13:20,617
So we've had to declare them for a
while, but it never really came

452
00:13:20,617 --> 00:13:20,803
up.

453
00:13:20,803 --> 00:13:22,417
Bear trust, what that is, is

454
00:13:22,417 --> 00:13:24,280
basically it's a relationship
between two parties where one

455
00:13:24,280 --> 00:13:25,353
person is the beneficiary.

456
00:13:25,353 --> 00:13:27,638
They're the ones who are going to

457
00:13:27,638 --> 00:13:28,957
benefit from the property.

458
00:13:28,857 --> 00:13:31,023
Let's say if it's a rental

459
00:13:31,023 --> 00:13:33,911
property, the beneficiary is the
one getting the rent money.

460
00:13:33,911 --> 00:13:37,947
And then the trustee or the
nominee is the person who is going

461
00:13:38,047 --> 00:13:40,817
to carry out the wishes to make
that actually happen.

462
00:13:40,717 --> 00:13:43,730
So sometimes we'll see a bare
trust where one party owns the

463
00:13:43,630 --> 00:13:44,764
property on behalf of that
ultimate beneficiary.

464
00:13:44,764 --> 00:13:47,610
We sometimes see come up with
people with disabilities who can't

465
00:13:47,510 --> 00:13:48,644
have assets in their name.

466
00:13:48,644 --> 00:13:50,012
Sometimes it can be for estate

467
00:13:50,012 --> 00:13:52,383
planning, it can be development,
it comes up a lot.

468
00:13:52,383 --> 00:13:55,741
But where I don't think the
government really thought about it

469
00:13:55,741 --> 00:13:58,242
is technically, if parents are
going on title, so they're

470
00:13:58,242 --> 00:14:02,207
co-signing and they're going to be
owners of this property, unless

471
00:14:02,207 --> 00:14:05,772
they're getting an actual benefit
out of the property, it's now a

472
00:14:05,772 --> 00:14:06,129
bare trust.

473
00:14:06,129 --> 00:14:08,770
And they need to be filing not

474
00:14:08,770 --> 00:14:13,898
only the declaration, which costs
a bit more at the time of closing

475
00:14:13,798 --> 00:14:17,833
and legal fees, but it also now
requires an annual tax filing.

476
00:14:17,833 --> 00:14:19,525
A T3 has to be put in.

477
00:14:19,525 --> 00:14:21,681
So they've kind of waived it for

478
00:14:21,681 --> 00:14:24,564
this year because I think they
said, oops, we didn't quite see

479
00:14:24,464 --> 00:14:26,315
that, you know, catching that
group of people.

480
00:14:26,415 --> 00:14:28,547
But in theory, it is still a
thing.

481
00:14:28,547 --> 00:14:32,958
And so we have to be talking to
clients about this on every single

482
00:14:32,958 --> 00:14:33,184
transaction.

483
00:14:33,184 --> 00:14:35,220
We have to ask the question and we

484
00:14:35,680 --> 00:14:36,637
have to make sure that they're
advised.

485
00:14:36,737 --> 00:14:38,960
Now, lawyers and notaries are
taking like a wide variety of

486
00:14:38,960 --> 00:14:39,666
approaches to this.

487
00:14:39,666 --> 00:14:41,150
Some are ignoring it entirely,

488
00:14:41,150 --> 00:14:42,492
which I don't think is
appropriate.

489
00:14:42,492 --> 00:14:43,975
Some are saying parents are going
entitled.

490
00:14:43,975 --> 00:14:52,185
This is a bare trust every single
time.

491
00:14:52,151 --> 00:14:52,783
Again, I don't think that's
appropriate.

492
00:14:52,749 --> 00:14:53,579
You have to have the discussion,
right?

493
00:14:53,579 --> 00:14:55,306
We've come across situations where
the parents are going to park

494
00:14:55,306 --> 00:14:56,269
their RV on the property.

495
00:14:56,269 --> 00:14:56,469
Perfect.

496
00:14:56,435 --> 00:14:58,060
That justifies having 1% of the
property.

497
00:14:58,061 --> 00:14:58,591
No bear trust.

498
00:14:58,591 --> 00:15:00,106
You're good to go.

499
00:15:00,106 --> 00:15:02,554
We had one where they wanted to do
gardening.

500
00:15:02,454 --> 00:15:05,146
There was a little garden bed they
were going to build in the

501
00:15:05,246 --> 00:15:07,686
backyard and the parents were
going to go and plant whatever

502
00:15:07,686 --> 00:15:08,820
they wanted to plant in there.

503
00:15:08,820 --> 00:15:11,223
So again, like you just have to

504
00:15:11,223 --> 00:15:13,626
have the discussions and see what
the situation is.

505
00:15:13,626 --> 00:15:16,439
So that's a really long winded way
of saying it totally depends on

506
00:15:16,539 --> 00:15:17,327
the circumstances.

507
00:15:17,327 --> 00:15:18,267
And I think people have to

508
00:15:18,267 --> 00:15:19,383
actually get the advice.

509
00:15:19,383 --> 00:15:21,951
And I mean, the easy peasy one is

510
00:15:21,951 --> 00:15:23,717
husband, wife are going on there.

511
00:15:23,717 --> 00:15:24,946
There's no other situations we

512
00:15:24,946 --> 00:15:25,848
need to be thinking about.

513
00:15:25,848 --> 00:15:27,107
And it's going to be a joint

514
00:15:27,188 --> 00:15:27,414
tenancy.

515
00:15:27,314 --> 00:15:27,540
50-50.

516
00:15:27,800 --> 00:15:29,860
If one dies, it's all going to the
survivor.

517
00:15:29,860 --> 00:15:32,590
Basically anything outside of
that, we have to be talking about

518
00:15:32,590 --> 00:15:34,820
it and figuring out, do they have
an estate plan?

519
00:15:34,820 --> 00:15:37,987
Have they thought about this?
And where multiple people are

520
00:15:37,987 --> 00:15:39,520
going on title, whether it's
parents, a roommate, maybe a

521
00:15:39,520 --> 00:15:42,386
boyfriend, whatever, maybe it's
time for a co-ownership agreement

522
00:15:42,386 --> 00:15:44,623
or something else setting out each
party's rights and obligations.

523
00:15:44,623 --> 00:15:47,780
Because the goal is that's a total
waste of money and no one ever

524
00:15:48,660 --> 00:15:49,502
looks at it.

525
00:15:49,502 --> 00:15:51,317
But if something happens, meaning

526
00:15:51,317 --> 00:15:53,520
a couple separates, parents get
divorced, someone passes away,

527
00:15:53,600 --> 00:15:55,221
what's going to happen to that
property?

528
00:15:55,221 --> 00:15:59,325
And it's very nice to have a bit
of a blueprint of setting out what

529
00:15:59,325 --> 00:16:00,042
that looks like.

530
00:16:00,042 --> 00:16:01,511
Would you always recommend having

531
00:16:01,511 --> 00:16:04,376
an estate plan to, I guess it
doesn't entirely avoid probate,

532
00:16:04,476 --> 00:16:06,184
does it?
But like, is that step one for you

533
00:16:06,184 --> 00:16:08,482
guys to advise, okay, there should
be obviously something put in

534
00:16:08,482 --> 00:16:09,739
place within an estate if there's
multiple people involved.

535
00:16:09,739 --> 00:16:11,195
I mention it at the end of every
transaction.

536
00:16:11,195 --> 00:16:13,726
I hope it doesn't come off as
sales pitchy to clients, but it's

537
00:16:13,725 --> 00:16:14,574
just kind of a generic.

538
00:16:14,573 --> 00:16:16,677
If you have an estate plan, this

539
00:16:16,777 --> 00:16:21,470
is a good time to review it to
make sure it all still syncs up

540
00:16:21,470 --> 00:16:23,817
with your new acquisition or sale.

541
00:16:23,817 --> 00:16:25,944
And if you don't, let me know.

542
00:16:25,944 --> 00:16:28,846
Or if you want to discuss it, I'm
here.

543
00:16:28,746 --> 00:16:30,654
Where estate plans come into
importance.

544
00:16:30,554 --> 00:16:34,741
So estate what does that mean a
will so a will takes effect from

545
00:16:34,741 --> 00:16:37,765
the date of death you pass away
who is going to be managing your

546
00:16:37,765 --> 00:16:40,815
estate and where your assets going
to go so who's benefiting from

547
00:16:40,815 --> 00:16:43,259
this that's typically the one that
people are most familiar with if

548
00:16:43,259 --> 00:16:45,842
you don't have a will the
government does actually set out

549
00:16:45,842 --> 00:16:47,184
what's going to happen to your
estate.

550
00:16:47,183 --> 00:16:51,766
So who it's going to go to and
what percentage or what dollar

551
00:16:51,766 --> 00:16:55,237
amounts or whatever, just
depending on your family dynamics.

552
00:16:55,237 --> 00:16:58,727
The next of kin situation is a
little more complicated than that,

553
00:16:58,727 --> 00:17:00,621
but that's kind of how you can see
it.

554
00:17:00,621 --> 00:17:05,347
So as long as you're okay with
that, you can go without a will.

555
00:17:05,247 --> 00:17:07,959
It makes it a little more
complicated for your family

556
00:17:07,959 --> 00:17:10,228
because there's no one written in
the document saying, I'm going to

557
00:17:10,228 --> 00:17:14,636
be the one stepping up and going
to talk to the banks or dealing

558
00:17:14,636 --> 00:17:15,704
with the lawyers or accountants.

559
00:17:15,704 --> 00:17:18,480
So there's a few extra steps, but

560
00:17:18,480 --> 00:17:21,938
it's not the end of the world
where I say that a will is 100%

561
00:17:21,938 --> 00:17:24,343
essential once you have kids,
because that's also where you

562
00:17:24,343 --> 00:17:25,928
appoint guardianship for the kids.

563
00:17:25,928 --> 00:17:27,525
And then if you have any specific

564
00:17:27,525 --> 00:17:31,048
wishes for the property itself, so
making sure if you wanted it to be

565
00:17:31,148 --> 00:17:34,321
sold or held or whatever that's
going to be, that would go in your

566
00:17:34,421 --> 00:17:34,751
will.

567
00:17:34,651 --> 00:17:36,169
The piece of your estate plan that

568
00:17:36,169 --> 00:17:38,091
I think is the most important,
ignoring everything else that's

569
00:17:38,091 --> 00:17:39,704
going on in your life.

570
00:17:39,704 --> 00:17:41,783
If you own real estate, you should

571
00:17:41,783 --> 00:17:43,619
have a power of attorney in place.

572
00:17:43,719 --> 00:17:48,060
So what a power of attorney is, is

573
00:17:48,152 --> 00:17:50,118
it's a document that appoints
someone who would be able to sign

574
00:17:50,116 --> 00:17:51,172
legal documents on your behalf.

575
00:17:51,172 --> 00:17:52,568
They can do, you know, some other

576
00:17:52,568 --> 00:17:55,792
things too, but keeping it to real
estate, if you could picture this

577
00:17:55,792 --> 00:17:58,751
situation where my husband and I
own real estate together and, you

578
00:17:58,751 --> 00:18:00,460
know, we've lived a long, happy
life.

579
00:18:00,460 --> 00:18:03,925
And now all of a sudden, oops,
Danny has dementia and she needs

580
00:18:03,925 --> 00:18:05,615
to go into a care home.

581
00:18:05,715 --> 00:18:06,848
She can't, you know, support

582
00:18:06,848 --> 00:18:06,965
herself.

583
00:18:06,965 --> 00:18:08,316
My husband's not going to be

584
00:18:08,316 --> 00:18:11,020
taking care of me to the extent I
need.

585
00:18:11,020 --> 00:18:15,501
We need to sell the house so that
I have money to pay for the level

586
00:18:15,401 --> 00:18:16,486
of care that I need.

587
00:18:16,486 --> 00:18:17,450
I no longer have the mental

588
00:18:17,450 --> 00:18:19,438
capacity to sign to sell the
property on my own.

589
00:18:19,438 --> 00:18:21,093
And funny enough, this other
spouse doesn't either, unless

590
00:18:21,093 --> 00:18:23,727
there's a formal document
appointing them to be allowed to

591
00:18:23,727 --> 00:18:24,232
sell it.

592
00:18:24,232 --> 00:18:25,676
So power of attorney, you spend a

593
00:18:25,676 --> 00:18:26,904
couple hundred bucks to set it up.

594
00:18:26,904 --> 00:18:28,180
The goal is it's good until the

595
00:18:28,180 --> 00:18:28,835
dawn of time.

596
00:18:28,935 --> 00:18:30,901
I've used some from the 80s, 90s,

597
00:18:30,801 --> 00:18:33,234
and they're as good today as they
were back then to allow that to

598
00:18:33,234 --> 00:18:35,869
happen, right?
So it truly is allowing you to

599
00:18:35,769 --> 00:18:39,553
access or use your money or
assets, I guess, in a way that

600
00:18:39,553 --> 00:18:41,687
makes sure that you can actually
live out your days.

601
00:18:41,687 --> 00:18:45,713
Kind of the way I view it is,
again, ignoring if you have kids

602
00:18:45,713 --> 00:18:46,971
and making sure they're provided
for.

603
00:18:47,071 --> 00:18:47,328
I'm gone.

604
00:18:47,328 --> 00:18:48,654
If my assets go to the wrong

605
00:18:48,654 --> 00:18:49,980
place, it's not going to affect me
personally.

606
00:18:49,980 --> 00:18:54,071
If I need money and to sell a
house so that I can fund care for

607
00:18:54,071 --> 00:18:57,466
myself, that's going to directly
affect the end of my life and how

608
00:18:57,366 --> 00:18:58,285
I'm living on my days.

609
00:18:58,285 --> 00:18:59,882
And I really care about that.

610
00:18:59,882 --> 00:19:00,097
Yeah.

611
00:19:00,097 --> 00:19:01,758
Can you retract the POA, power of

612
00:19:01,758 --> 00:19:01,973
attorney?
Yeah.

613
00:19:01,973 --> 00:19:02,241
Yeah.

614
00:19:02,241 --> 00:19:02,723
Okay.

615
00:19:02,723 --> 00:19:02,830
Yep.

616
00:19:02,830 --> 00:19:03,993
You absolutely can.

617
00:19:03,993 --> 00:19:06,493
So as long as you have capacity,
you can retract it.

618
00:19:06,493 --> 00:19:09,400
It's best to give notice to the
other people who you've appointed

619
00:19:09,400 --> 00:19:10,463
under your existing power of
attorney.

620
00:19:10,463 --> 00:19:13,849
Where that's most important is if
they have an original, but they

621
00:19:13,949 --> 00:19:16,730
kind of have a loaded gun that
they could go out and transfer for

622
00:19:16,730 --> 00:19:17,429
you to do whatever.

623
00:19:17,429 --> 00:19:18,880
So it's kind of the formal notice

624
00:19:18,880 --> 00:19:20,877
saying, Hey, you no longer have
these powers.

625
00:19:20,877 --> 00:19:23,040
But again, it's kind of one of
those things you give notice, but

626
00:19:23,040 --> 00:19:24,329
you can revoke it at any time.

627
00:19:24,329 --> 00:19:25,987
You can change it, do a new one.

628
00:19:25,987 --> 00:19:28,689
Typically where we see people do
power of attorneys is when they're

629
00:19:28,689 --> 00:19:30,298
doing the rest of their estate
plan.

630
00:19:30,298 --> 00:19:33,650
And then typically once their
children reach of age that they

631
00:19:33,750 --> 00:19:35,203
would feel appropriate appointing
them.

632
00:19:35,203 --> 00:19:38,348
So typically people kind of do two
power of attorneys over their

633
00:19:38,348 --> 00:19:38,662
lifetime.

634
00:19:38,662 --> 00:19:40,248
So again, for a couple hundred

635
00:19:40,248 --> 00:19:41,836
bucks, it's money so well spent in
my eyes.

636
00:19:41,836 --> 00:19:44,474
The alternative is, so let's go
back to my scenario, I need to go

637
00:19:44,574 --> 00:19:47,511
into care and no one else has been
appointed to be able to sign to

638
00:19:47,511 --> 00:19:49,088
sell my property for me.

639
00:19:49,088 --> 00:19:50,937
There is a process through the

640
00:19:50,937 --> 00:19:54,215
court, but you're talking, it can
be months in court, five, six,

641
00:19:54,215 --> 00:19:55,560
$7,000 in legal fees.

642
00:19:55,560 --> 00:19:57,060
You'd be kicking yourself if you

643
00:19:57,060 --> 00:19:58,320
didn't have that one document in
place.

644
00:19:58,320 --> 00:20:00,587
That to me, again, if you're
responsible enough to have a

645
00:20:00,587 --> 00:20:03,740
mortgage and buy real estate,
you're responsible enough to get a

646
00:20:03,740 --> 00:20:05,981
power of attorney done so that
it's tucked away.

647
00:20:05,981 --> 00:20:08,055
And if anything happens, you're
good to go.

648
00:20:08,055 --> 00:20:08,342
Yeah.

649
00:20:08,342 --> 00:20:09,415
They should almost make it

650
00:20:09,415 --> 00:20:09,772
mandatory.

651
00:20:09,772 --> 00:20:11,218
Like it's part of the process, eh?

652
00:20:11,318 --> 00:20:11,685
Yeah.

653
00:20:11,585 --> 00:20:13,004
Well, in my eyes, yes.

654
00:20:13,004 --> 00:20:14,527
But there are also people who
they're receiving every single

655
00:20:14,527 --> 00:20:16,353
penny they can, right?
To buy their first home.

656
00:20:16,453 --> 00:20:17,492
And I get that.

657
00:20:17,492 --> 00:20:20,084
But I think, again, as long as

658
00:20:19,984 --> 00:20:23,669
people get the advice that, hey,
now that you have this, you know,

659
00:20:23,769 --> 00:20:27,229
this beautiful asset, you need to
think about kind of the worst case

660
00:20:27,229 --> 00:20:31,180
scenarios of what happens if you
need to sell it and you can't.

661
00:20:31,180 --> 00:20:32,347
Or power journeys are great.

662
00:20:32,347 --> 00:20:33,869
You win the lottery and you're out

663
00:20:33,869 --> 00:20:34,528
on a fabulous vacation.

664
00:20:34,528 --> 00:20:35,631
Someone can go deposit your check

665
00:20:35,631 --> 00:20:36,272
for you.

666
00:20:36,272 --> 00:20:36,622
Like, perfect.

667
00:20:36,622 --> 00:20:39,360
Yeah, if I'm on vacation and I win
the lottery, I'm happy.

668
00:20:39,880 --> 00:20:40,103
Yeah.

669
00:20:40,003 --> 00:20:40,616
Well worth it.

670
00:20:40,616 --> 00:20:41,676
So well worth it.

671
00:20:41,775 --> 00:20:42,456
I love it.

672
00:20:42,456 --> 00:20:44,488
it. Yeah, so it's kind of one of
those things.

673
00:20:44,488 --> 00:20:47,001
I think it's money so, so well
spent to just have a plan in place

674
00:20:47,101 --> 00:20:49,998
so that you don't even have to
think about it, worry about it.

675
00:20:49,998 --> 00:20:53,287
And your family doesn't have to
think about it and worry about it.

676
00:20:53,287 --> 00:20:57,484
If there's a major accident and
you need to sell your house to pay

677
00:20:57,484 --> 00:20:58,972
for care or major surgeries or
something, right?

678
00:20:58,972 --> 00:21:00,640
Your family's going through a hard
enough time.

679
00:21:00,540 --> 00:21:03,569
They don't need to be going
through court to get the same

680
00:21:03,569 --> 00:21:03,733
power.

681
00:21:03,833 --> 00:21:06,064
They could have had with you a

682
00:21:06,064 --> 00:21:07,975
quick signature on a document from
a lawyer or notary.

683
00:21:07,975 --> 00:21:08,229
Yeah.

684
00:21:08,229 --> 00:21:08,421
Awesome.

685
00:21:08,421 --> 00:21:10,614
So, Donnie, when you're reviewing
a title for a purchase, like,

686
00:21:10,614 --> 00:21:12,570
should the lawyer be pulling all
the charges, everything registered

687
00:21:12,570 --> 00:21:16,075
on title, or should the realtor,
like, how do you think that should

688
00:21:16,075 --> 00:21:18,141
work?
It doesn't matter matter who pulls

689
00:21:18,141 --> 00:21:21,937
them them it just depends who's
putting out those expenses like i

690
00:21:21,937 --> 00:21:25,147
said we do all in pricing so we're
so you're pulling them we cover

691
00:21:25,147 --> 00:21:28,199
them you're pulling them yeah if
there's a you know 10 page title

692
00:21:28,199 --> 00:21:30,446
and they're all statutory
right-of-ways and it's on a condo

693
00:21:30,546 --> 00:21:34,618
and we know nothing's going to
come of it i'll ask and say do you

694
00:21:34,592 --> 00:21:37,156
want me to pull these like it's
going to get pretty expensive it's

695
00:21:37,156 --> 00:21:40,402
roughly like 20 for each one yeah
and then we typically are also

696
00:21:40,402 --> 00:21:43,101
pulling the plans associated with
right of and we typically are also

697
00:21:43,101 --> 00:21:44,828
pulling the plans associated with
right of ways, easements, things

698
00:21:44,828 --> 00:21:47,052
like that, because land title
office doesn't make it quite so

699
00:21:47,052 --> 00:21:47,252
easy.

700
00:21:47,344 --> 00:21:47,968
Sometimes they do.

701
00:21:47,868 --> 00:21:50,843
And you'll scroll down to the
bottom and there's the plan just

702
00:21:50,843 --> 00:21:51,351
looking beautiful.

703
00:21:51,351 --> 00:21:53,197
If not, we have to pull that one

704
00:21:53,197 --> 00:21:53,420
too.

705
00:21:53,420 --> 00:21:55,325
So whether the realtor pulls it or

706
00:21:55,325 --> 00:21:57,005
we pull it, I still want to look
at it.

707
00:21:57,005 --> 00:21:59,262
And the time to review the title
is before you remove conditions.

708
00:21:59,262 --> 00:22:02,573
And I think a lot of people don't
get a lawyer to do it.

709
00:22:02,473 --> 00:22:05,840
Again, maybe it's because they
don't know.

710
00:22:05,980 --> 00:22:07,200
Maybe it's because they don't want
the added expense.

711
00:22:07,400 --> 00:22:09,841
But to me, the major value from us
is giving that advice early on.

712
00:22:09,941 --> 00:22:12,173
So the client has the opportunity
that they can back out of the

713
00:22:12,173 --> 00:22:12,419
deal.

714
00:22:12,419 --> 00:22:13,524
And they have, like, we're

715
00:22:13,524 --> 00:22:15,120
certainly not out there to kill
deals.

716
00:22:15,120 --> 00:22:16,879
Like that is the last thing we
want to do.

717
00:22:16,879 --> 00:22:21,070
But if you say I have young kids
or I have a dog and I need to be

718
00:22:21,070 --> 00:22:23,580
able to fence in the backyard,
that's the plan.

719
00:22:23,480 --> 00:22:25,604
And there's something registered
on title that basically prevents

720
00:22:25,704 --> 00:22:26,397
you from doing that.

721
00:22:26,366 --> 00:22:27,341
The client needs to know, right?

722
00:22:27,341 --> 00:22:30,338
And so it's kind of one of those
things where I think you'd be

723
00:22:30,338 --> 00:22:31,943
better off having a lawyer do it.

724
00:22:32,043 --> 00:22:35,101
Even if you did have to pay extra

725
00:22:35,101 --> 00:22:37,651
for it, it'd be similar to getting
a home inspection done and the

726
00:22:37,651 --> 00:22:39,395
pros and cons of getting it done
or not.

727
00:22:39,395 --> 00:22:41,763
Do you want to go in blind or do
you not want to?

728
00:22:41,763 --> 00:22:44,450
But again, in my opinion, lawyers
should be looking at it every

729
00:22:44,450 --> 00:22:44,907
single time.

730
00:22:44,907 --> 00:22:46,279
I think some lawyers, if we don't

731
00:22:46,279 --> 00:22:49,174
get it until after conditions come
up, there are likely people who

732
00:22:47,308 --> 00:22:51,367
won't bother looking and pulling
it and doing all the steps that

733
00:22:51,367 --> 00:22:55,580
you otherwise would be if you were
giving advice that could actually

734
00:22:55,580 --> 00:22:56,120
be acted upon.

735
00:22:56,120 --> 00:22:57,440
Because once conditions are off,

736
00:22:57,440 --> 00:22:57,980
it's too late.

737
00:22:57,980 --> 00:22:59,000
You have the knowledge, you can't

738
00:22:59,000 --> 00:23:02,317
really do anything with it or, you
know, run for the hills.

739
00:23:02,317 --> 00:23:04,780
So that's important too, right, is
to still follow your processes,

740
00:23:04,780 --> 00:23:05,598
follow your steps.

741
00:23:05,598 --> 00:23:07,563
And I think that's good advice for

742
00:23:04,194 --> 00:23:06,144
lawyers, realtors, mortgage
brokers, any professional is to

743
00:23:06,144 --> 00:23:08,927
follow your steps, follow your
processes, don't get compliant or

744
00:23:09,027 --> 00:23:11,270
lazy about you don't get compliant
or lazy about it.

745
00:23:11,270 --> 00:23:14,510
Because the one time you don't do
it is the one time that it's going

746
00:23:14,510 --> 00:23:16,105
to come bite you one day.

747
00:23:16,205 --> 00:23:17,168
And I can comfortably say, if

748
00:23:17,168 --> 00:23:19,574
anyone ever asked me, did you pull
this title?

749
00:23:19,574 --> 00:23:21,636
Did you review this title?
I don't even have to remember the

750
00:23:21,536 --> 00:23:21,720
file.

751
00:23:21,720 --> 00:23:23,073
I can tell you with 100%

752
00:23:23,073 --> 00:23:25,074
certainty, I'm sure I did because
I always do.

753
00:23:25,074 --> 00:23:25,128
Yeah.

754
00:23:25,128 --> 00:23:25,290
Right.

755
00:23:25,290 --> 00:23:26,534
And so there's comfort in that.

756
00:23:26,534 --> 00:23:27,508
So yeah, we're looking at

757
00:23:27,508 --> 00:23:27,724
everything.

758
00:23:27,724 --> 00:23:29,447
Like we're looking so there's

759
00:23:29,447 --> 00:23:30,368
comfort in that.

760
00:23:30,368 --> 00:23:32,209
So Like we're looking at who owns

761
00:23:32,309 --> 00:23:32,578
the property.

762
00:23:32,578 --> 00:23:34,216
We're looking at do the names sync

763
00:23:34,216 --> 00:23:34,543
up.

764
00:23:34,543 --> 00:23:34,817
Right.

765
00:23:34,917 --> 00:23:37,330
If there's two Like there's two
people registered on title and one

766
00:23:37,330 --> 00:23:38,844
on the contract, has someone
passed away?

767
00:23:38,944 --> 00:23:40,974
Like what's going on here?
We're looking at the legal

768
00:23:41,074 --> 00:23:41,385
notations.

769
00:23:41,285 --> 00:23:42,428
Usually those are for the benefit

770
00:23:42,428 --> 00:23:44,523
of the property or kind of things
that aren't really going to bother

771
00:23:44,523 --> 00:23:44,641
you.

772
00:23:44,641 --> 00:23:45,176
Permits, variances, anything like

773
00:23:45,176 --> 00:23:45,354
that.

774
00:23:45,354 --> 00:23:46,662
But we do want to see if there's

775
00:23:46,662 --> 00:23:50,001
bylaw infractions, seeing anything
like that's going to be on there.

776
00:23:50,001 --> 00:23:52,500
Another one that's often missed
under legal notations is personal

777
00:23:52,500 --> 00:23:53,280
property registry notices.

778
00:23:53,380 --> 00:23:55,011
So those would be for, I don't

779
00:23:55,011 --> 00:23:58,116
know if you've got financing for a
furnace and now it's been sitting

780
00:23:58,116 --> 00:23:59,864
on there and people keep
forgetting about it or never

781
00:23:59,864 --> 00:24:00,599
circling back to it.

782
00:24:00,699 --> 00:24:02,069
Like those sorts of things on the

783
00:24:02,069 --> 00:24:04,678
charges, those are all things that
are going to be encumbering or

784
00:24:04,678 --> 00:24:05,870
affecting your use and enjoyment
of the property.

785
00:24:05,870 --> 00:24:07,177
You may not care about 90% of
them, right?

786
00:24:07,177 --> 00:24:10,614
It's never come up, whatever, but
to go through them one by one and

787
00:24:10,614 --> 00:24:13,199
make sure that everything is still
consistent with what you would

788
00:24:13,199 --> 00:24:16,850
expect, I think is just so
important because you need to know

789
00:24:16,850 --> 00:24:18,133
what you're buying.

790
00:24:18,133 --> 00:24:19,560
Here's the situation I'm thinking,

791
00:24:19,560 --> 00:24:20,749
right?
It's so important because you need

792
00:24:20,749 --> 00:24:21,478
to know what you're buying.

793
00:24:21,454 --> 00:24:22,732
the situation I'm thinking, like

794
00:24:22,732 --> 00:24:24,433
say you don't like your house
anymore.

795
00:24:24,433 --> 00:24:27,273
You want to move across the
street, but you want to put a

796
00:24:27,273 --> 00:24:29,948
covenant on title saying that your
current house can't go any higher

797
00:24:29,848 --> 00:24:33,724
than say 20 feet because it's
going to mess up the view of the

798
00:24:33,824 --> 00:24:34,847
new house that you're buying.

799
00:24:34,847 --> 00:24:37,589
Can you put a covenant on title so

800
00:24:37,589 --> 00:24:41,038
that the future owner can't do
anything with that property?

801
00:24:40,938 --> 00:24:42,162
And can you do this in McKinley?
you do this in McKinley?

802
00:24:42,162 --> 00:24:44,240
Matt's just asking for a friend.

803
00:24:44,240 --> 00:24:46,060
I've had this situation come up in

804
00:24:46,060 --> 00:24:48,818
a few had this situation come up
in a few different ways.

805
00:24:48,718 --> 00:24:51,637
And that's just the example I was
going through so covenants going

806
00:24:51,637 --> 00:24:53,162
through so covenants are
interesting right so what a

807
00:24:53,144 --> 00:24:55,902
covenant is the usual ones we see
you know a developer goes and they

808
00:24:55,902 --> 00:24:59,998
need a city approval for various
things in the city saying you can

809
00:24:59,998 --> 00:25:03,914
do this or you can't do this and
it's going to be registered on

810
00:25:03,814 --> 00:25:04,852
title so that it not only affects
you but every owner who is ever

811
00:25:04,852 --> 00:25:07,560
going to own this property down
the road unless it's discharged so

812
00:25:07,660 --> 00:25:10,442
so that's kind of what it is is It
says either you can do something

813
00:25:10,442 --> 00:25:13,035
or you can't or you must or you
won't, whatever.

814
00:25:13,035 --> 00:25:14,707
you So who needs to consent to
that?

815
00:25:14,707 --> 00:25:17,473
The registered owner of the
property has to consent to it.

816
00:25:17,473 --> 00:25:20,412
So if you're still the registered
owner of that, you're probably not

817
00:25:20,512 --> 00:25:22,760
going to run into an issue.

818
00:25:22,660 --> 00:25:23,409
If you've already sold the

819
00:25:23,409 --> 00:25:26,450
property and then you're saying,
oh, hey, remember me?

820
00:25:26,424 --> 00:25:28,123
I actually want you to not build
over X height.

821
00:25:28,123 --> 00:25:32,038
They're probably going to say no
because there's no real for them,

822
00:25:32,038 --> 00:25:33,711
unless you're paying them a whack
of cash.

823
00:25:33,711 --> 00:25:34,978
And sometimes people are cool with
that.

824
00:25:34,978 --> 00:25:36,531
The city has to generally agree to
it.

825
00:25:36,531 --> 00:25:39,878
For most things, if they're part
of the covenant, I mean, yeah, if

826
00:25:39,978 --> 00:25:41,709
it's being being amended, removed
anything like that.

827
00:25:41,709 --> 00:25:44,347
And then if there's a mortgage on
the property, the lender actually

828
00:25:44,347 --> 00:25:47,101
also has to sign off on it to
confirm that they're okay.

829
00:25:47,101 --> 00:25:49,745
Typically, they don't care unless
it's going to be affecting the

830
00:25:49,745 --> 00:25:50,845
value of the property.

831
00:25:50,845 --> 00:25:52,415
If the value is going up, lender's

832
00:25:52,415 --> 00:25:52,620
happy.

833
00:25:52,620 --> 00:25:55,267
If the value is going to be going

834
00:25:55,253 --> 00:25:56,140
down, not so happy.

835
00:25:56,140 --> 00:25:56,687
They're not signing it.

836
00:25:56,660 --> 00:25:59,316
So it can feel like a super easy,
simple process, but the time that

837
00:25:59,316 --> 00:25:58,203
it takes to get everyone on board
and signed off on everything, it

838
00:25:58,177 --> 00:25:59,316
can take some time.

839
00:25:59,316 --> 00:26:00,443
Getting them removed, really

840
00:26:00,443 --> 00:26:00,573
tricky.

841
00:26:00,573 --> 00:26:02,074
One that we do get questions about

842
00:26:02,026 --> 00:26:02,860
removing sometimes are statutory
building schemes.

843
00:26:03,080 --> 00:26:03,262
Yeah.

844
00:26:03,262 --> 00:26:04,049
So what a statutory building

845
00:26:04,049 --> 00:26:06,834
scheme what a statutory building
scheme is, is they're registered

846
00:26:06,834 --> 00:26:07,924
typically when a neighborhood's
being developed.

847
00:26:07,924 --> 00:26:10,466
And the developer wants all of the
properties to be of similar look

848
00:26:10,466 --> 00:26:13,974
and feel, you know, so that you
don't have a mega mansion on one

849
00:26:13,974 --> 00:26:16,213
lot and a teeny tiny trailer on
the next.

850
00:26:16,213 --> 00:26:18,192
and a teeny tiny trailer on the
next.

851
00:26:18,192 --> 00:26:18,192
tiny trailer on the next.

852
00:26:18,192 --> 00:26:18,313
Yeah.

853
00:26:18,313 --> 00:26:21,320
And then a log cabin on the next.

854
00:26:21,313 --> 00:26:22,664
and Yeah, then a log cabin on the

855
00:26:21,313 --> 00:26:21,458
next.

856
00:26:21,458 --> 00:26:22,285
a log next.

857
00:26:22,278 --> 00:26:22,521
Yeah, exactly right.

858
00:26:22,520 --> 00:26:23,099
exactly right.

859
00:26:23,099 --> 00:26:25,108
Yeah, So they registered these
statutory building schemes on

860
00:26:25,108 --> 00:26:26,734
there with the intention of
keeping some consistency in the

861
00:26:26,734 --> 00:26:27,422
neighborhood.

862
00:26:27,422 --> 00:26:28,985
It can be what it looks like.

863
00:26:28,985 --> 00:26:30,334
It can be what the landscaping
looks like.

864
00:26:30,334 --> 00:26:33,768
This is where sometimes you run
into no fences or no RVs in the

865
00:26:33,768 --> 00:26:34,960
front yard, no clotheslines,
things like that.

866
00:26:34,960 --> 00:26:35,210
Cedar shingles.

867
00:26:35,210 --> 00:26:35,560
Cedar shingles.

868
00:26:35,560 --> 00:26:36,560
Yeah, right?
It can be anything, whatever

869
00:26:36,560 --> 00:26:38,946
they've agreed to, as long as they
still own the whole development.

870
00:26:38,946 --> 00:26:40,453
development again they're not
looking for consent from

871
00:26:40,453 --> 00:26:43,265
individual owners they just slap
it on there and it affects

872
00:26:27,734 --> 00:26:44,956
everyone yeah there's also
restrictions on use so it can say

873
00:26:44,956 --> 00:26:47,492
can be also restrictions on use so
it can say specifically no

874
00:26:47,492 --> 00:26:51,791
business in the home so that was a
typical one from way way back when

875
00:26:51,791 --> 00:26:53,952
70s 80s 90s in today's day and,
it's a little bit different,

876
00:26:53,952 --> 00:26:55,272
right?
Like there are a lot more people

877
00:26:55,136 --> 00:26:55,696
working from home.

878
00:26:55,696 --> 00:26:56,223
Now who's going to complain?

879
00:26:56,223 --> 00:26:58,981
Probably no one, but in theory,
you could be offside of the

880
00:26:58,981 --> 00:26:59,547
statutory building scheme.

881
00:26:59,547 --> 00:27:00,675
What's important to note about

882
00:27:00,675 --> 00:27:03,215
statutory building schemes is the
people who enforce it are the

883
00:27:03,215 --> 00:27:04,431
other owners of properties under
that same scheme.

884
00:27:04,531 --> 00:27:07,080
So it's not like the city's coming
to you and saying, it said no

885
00:27:07,080 --> 00:27:11,026
chickens in the backyard, which is
a funny The old ones always say no

886
00:27:11,126 --> 00:27:12,960
no da da da da da.

887
00:27:13,060 --> 00:27:13,513
one.

888
00:27:13,413 --> 00:27:15,681
chicken, swines, So you can't have
chickens, you can't have cow,

889
00:27:15,681 --> 00:27:16,487
whatever on your property.

890
00:27:16,487 --> 00:27:18,357
We have had clients walk away from

891
00:27:18,257 --> 00:27:20,260
deals because of this really old
building scheme because they're

892
00:27:20,261 --> 00:27:21,119
like, I wanted chickens.

893
00:27:21,119 --> 00:27:23,003
I'm glad we talked about this.

894
00:27:23,003 --> 00:27:24,644
So like, you just never we know.

895
00:27:24,644 --> 00:27:25,915
And that's why it's so important

896
00:27:25,915 --> 00:27:27,980
again, for clients to tell us
what's important to them.

897
00:27:27,980 --> 00:27:30,148
Do you want a pool?
Do you want a fence?

898
00:27:30,048 --> 00:27:31,598
Do you want chickens?
I don't know.

899
00:27:31,598 --> 00:27:33,020
For me, here's a goofy one.

900
00:27:33,020 --> 00:27:34,455
I wanted a clothesline.

901
00:27:34,455 --> 00:27:35,675
That's my dream, the Okanagan
dream.

902
00:27:35,675 --> 00:27:37,612
My grandma lived in a Soyuz.

903
00:27:37,612 --> 00:27:39,619
Well, maybe in the winter, but in

904
00:27:39,719 --> 00:27:42,276
the summer, throwing the clothes
out on the clothesline, I don't

905
00:27:42,276 --> 00:27:44,994
know, that was the dream to me.

906
00:27:44,994 --> 00:27:47,576
And there's a billing scheme on my

907
00:27:47,576 --> 00:27:47,094
property that said no
clotheslines.

908
00:27:47,094 --> 00:27:48,585
Really?
Yep, but it's expired.

909
00:27:48,485 --> 00:27:49,501
So I'm good.

910
00:27:49,501 --> 00:27:50,998
I'm still in compliance.

911
00:27:50,998 --> 00:27:53,301
I'm still being a good girl.

912
00:27:53,301 --> 00:27:54,843
But it's those little things that

913
00:27:54,843 --> 00:27:56,415
clients often don't tell you,
right?

914
00:27:56,315 --> 00:27:59,117
They'll talk to the realtor about
it, but I'm never walking through

915
00:27:59,117 --> 00:27:59,818
that property with them.

916
00:27:59,818 --> 00:28:00,939
me. And Really?

917
00:28:00,939 --> 00:28:01,640
a good girl.

918
00:28:01,640 --> 00:28:01,810
So anyway, so billing schemes, the

919
00:28:01,772 --> 00:28:01,820
people enforcing them are the
other owners.

920
00:28:01,790 --> 00:28:02,965
It's not the city coming knocking
on your door.

921
00:28:02,965 --> 00:28:04,252
So if you have a grumpy Karen next
door, you have to be aware of it,

922
00:28:04,152 --> 00:28:07,380
right?
You got to be following the rules.

923
00:28:07,300 --> 00:28:09,430
And sometimes people say, well,
how do I know if they're going to

924
00:28:09,430 --> 00:28:11,773
enforce them or not?
I wish I had a crystal ball.

925
00:28:11,773 --> 00:28:12,586
That'd be amazing.

926
00:28:12,586 --> 00:28:13,571
Go drive through the neighborhood.

927
00:28:13,571 --> 00:28:16,247
Do you see anyone else with
chickens or an RV in the front

928
00:28:16,247 --> 00:28:19,407
yard when it says no RVs?
Typically, if people in the

929
00:28:19,407 --> 00:28:21,607
neighborhood aren't complying with
it, Go in the neighborhood aren't

930
00:28:21,607 --> 00:28:24,539
complying with it, likely no one's
enforcing it, but you never know

931
00:28:24,539 --> 00:28:27,717
who's going to move in and
actually so what's the process for

932
00:28:27,717 --> 00:28:30,750
the complaint then they're not
going to go to the the process for

933
00:28:30,750 --> 00:28:21,607
the complaint then they're not
going to go to the city they have

934
00:28:21,607 --> 00:28:37,101
to hire a lawyer and take you to
start you have to get half a dozen

935
00:28:37,101 --> 00:28:40,887
eggs and you fire them at the
house first together then if that

936
00:28:40,887 --> 00:28:45,122
doesn't you have to get half a
dozen eggs and you fire them at

937
00:28:45,122 --> 00:28:48,670
the house first together then if
that doesn't work yeah and if that

938
00:28:48,670 --> 00:28:51,684
doesn't work yeah and that's why
you need the chickens in the

939
00:28:51,684 --> 00:28:54,344
backyard yeah toilet paper in the
house on Halloween also yeah

940
00:28:54,330 --> 00:28:56,865
toilet paper in the house on
Halloween also helps.

941
00:28:56,865 --> 00:28:57,320
Right.

942
00:28:57,320 --> 00:28:59,335
But so to get this thing removed.

943
00:28:59,335 --> 00:29:02,400
So we've run into it before where
someone has in the contract before

944
00:29:02,400 --> 00:29:04,980
getting legal advice committed to,
I'm going to be removing this

945
00:29:09,080 --> 00:29:09,120
statutory building scheme.

946
00:29:09,085 --> 00:29:09,120
You're probably not like, that's

947
00:29:09,100 --> 00:29:09,120
not something that's easily done
to remove a building scheme.

948
00:29:09,203 --> 00:29:15,087
Every single owner who is subject
to that building scheme has to

949
00:29:14,889 --> 00:29:15,091
agree.

950
00:29:15,091 --> 00:29:15,900
But not only that, they need to

951
00:29:15,877 --> 00:29:16,536
sign in front of a lawyer.

952
00:29:16,536 --> 00:29:17,598
So you can be rallying the troops

953
00:29:17,676 --> 00:29:18,947
of 20, 30, 40 people.

954
00:29:18,947 --> 00:29:21,627
And so maybe you're going to pay

955
00:29:21,527 --> 00:29:25,820
your lawyer to go door to door and
hope that no one has passed away.

956
00:29:25,820 --> 00:29:27,711
Hope that there are no tenants in
the property, that the registered

957
00:29:27,709 --> 00:29:28,899
owner of the property happens to
be there.

958
00:29:28,899 --> 00:29:29,915
It's a big thing.

959
00:29:29,915 --> 00:29:31,587
The alternative is you can go to

960
00:29:31,687 --> 00:29:33,862
court and apply to have it
removed.

961
00:29:33,862 --> 00:29:38,636
This has come up a few times kind
of in the areas, I don't know,

962
00:29:38,636 --> 00:29:41,273
Sutherland, the areas where
they're really trying to get rid

963
00:29:41,273 --> 00:29:43,741
of the single family homes and
build condos or townhouses, that

964
00:29:43,741 --> 00:29:45,624
sort of thing, because those would
be contract to the building

965
00:29:45,624 --> 00:29:46,418
schemes right now.

966
00:29:46,417 --> 00:29:48,844
And so you can kind of argue that

967
00:29:48,844 --> 00:29:51,713
this thing is so obsolete and no
one is using it and it's for the

968
00:29:51,713 --> 00:29:54,792
best interest of the city to get
rid of it.

969
00:29:54,692 --> 00:29:57,502
You can go down paths like that,
but don't agree to remove a

970
00:29:57,502 --> 00:29:58,410
statutory rebuilding scheme.

971
00:29:58,410 --> 00:29:50,901
Just don't do it unless you've

972
00:29:50,892 --> 00:30:02,473
talked to a lawyer and you know
that everyone is on board for it.

973
00:30:02,473 --> 00:30:06,003
Back to my original to my original
question, say I registered like a

974
00:30:06,003 --> 00:30:08,050
covenant or something barring the
next owner from doing something.

975
00:30:08,050 --> 00:30:09,793
Is there anything from stopping
them from getting the property and

976
00:30:09,793 --> 00:30:12,185
just removing that?
Because I guess if I did that, I'd

977
00:30:12,185 --> 00:30:13,376
be the only one putting it on.

978
00:30:13,376 --> 00:30:14,554
Yeah, but you would actually also

979
00:30:14,554 --> 00:30:15,892
be the one who's benefiting from
it, right?

980
00:30:15,892 --> 00:30:19,486
So same way that the city can tell
you you can't build on this

981
00:30:19,486 --> 00:30:20,672
certain area of the property
because of geotechnical concerns

982
00:30:20,672 --> 00:30:21,321
or something like that.

983
00:30:21,421 --> 00:30:23,536
The city would have to consent to

984
00:30:23,536 --> 00:30:16,754
you taking them off.

985
00:30:22,293 --> 00:30:24,400
It would be the exact same for,

986
00:30:24,640 --> 00:30:27,852
yes, you have registered saying
you're not going to build over X

987
00:30:27,852 --> 00:30:30,350
but height, you also knew you have
registered saying you're not going

988
00:30:30,350 --> 00:30:31,578
to build over X height.

989
00:30:31,578 --> 00:30:30,350
But you also, new you on your new

990
00:30:30,350 --> 00:30:31,665
property has to consent to
removing that.

991
00:30:31,665 --> 00:30:33,549
And you're probably not going to
if you've gone out of your way to

992
00:30:33,549 --> 00:30:33,649
register.

993
00:30:33,649 --> 00:30:35,195
your way to Yeah, so we see that a

994
00:30:35,195 --> 00:30:36,392
lot in the new development kind of
world.

995
00:30:36,392 --> 00:30:34,746
so we Where so long as you still
own that property, you can

996
00:30:34,746 --> 00:30:35,694
register whatever you want on
there.

997
00:30:35,694 --> 00:30:38,854
And you can move, you know, go
down the dusty trail and they

998
00:30:38,854 --> 00:30:41,031
would have to try to track you
down to get you to remove this

999
00:30:41,031 --> 00:30:43,252
thing, which is tricky with
individuals because people pass

1000
00:30:43,252 --> 00:30:43,529
away.

1001
00:30:43,529 --> 00:30:42,700
Companies, sometimes they go under

1002
00:30:42,700 --> 00:30:44,357
too, right?
Like they just disappear if it's

1003
00:30:44,457 --> 00:30:45,331
no longer relevant.

1004
00:30:45,331 --> 00:30:46,797
Sometimes we even see that come up

1005
00:30:46,797 --> 00:30:48,967
with companies who have done
developments in areas and they've

1006
00:30:48,967 --> 00:30:51,850
incorporated this company just for
this one, you know, neighborhood.

1007
00:30:51,850 --> 00:30:55,946
And now here we are 30, 40, 50
years later, company's gone, who

1008
00:30:55,845 --> 00:31:00,071
are you going to ask to get things
changed or removed so it can get

1009
00:31:00,071 --> 00:31:00,755
kind of funky.

1010
00:31:00,755 --> 00:31:02,178
But again, these are things that

1011
00:31:02,178 --> 00:31:05,238
the lawyer should be looking at
talking about asking the questions

1012
00:31:05,238 --> 00:31:08,023
and clients to need to be
advising, you know, what is

1013
00:31:08,023 --> 00:31:11,300
important to them, or what would
be a deal breaker or something

1014
00:31:11,300 --> 00:31:12,962
that's really, really important to
them deciding whether or not they

1015
00:31:12,962 --> 00:31:13,637
want to go forward.

1016
00:31:13,637 --> 00:31:14,780
Do they want to shop?

1017
00:31:14,780 --> 00:31:17,223
Do they want to pool?
What does that look that look

1018
00:31:17,223 --> 00:31:18,594
like?
Are you seeing more holdbacks and

1019
00:31:18,594 --> 00:31:20,486
would you like to see more
holdbacks?

1020
00:31:20,386 --> 00:31:21,777
I mean, probably not.

1021
00:31:21,777 --> 00:31:23,389
It's a headache for you, but I'm

1022
00:31:23,389 --> 00:31:25,440
just asking because it seems like
pretty common now.

1023
00:31:25,440 --> 00:31:28,397
Like these are very large assets
and there always seems to be a bit

1024
00:31:28,397 --> 00:31:31,148
of a discrepancy of somebody
thinks that the TV mount should be

1025
00:31:31,148 --> 00:31:34,712
there and then it's out or, you
know, yard hasn't been upkeeped or

1026
00:31:34,712 --> 00:31:37,929
even a pool saying, you know, hey
be serviceable by the time we move

1027
00:31:37,929 --> 00:31:40,923
in but then cleaning is a huge one
is yeah there's just there seems

1028
00:31:40,923 --> 00:31:44,131
to be a lot of stuff yeah carpet
will ever be clean enough for

1029
00:31:44,131 --> 00:31:46,295
stuff yeah carpet will ever be
clean enough for a new buyer

1030
00:31:46,295 --> 00:31:50,186
that's all there is to it for a
all there is to it it's never

1031
00:31:50,186 --> 00:31:52,222
going to happen cleaning too like
so subjective right yeah happen

1032
00:31:52,222 --> 00:31:53,432
cleaning too like so subjective
yeah right it's tricky so there's

1033
00:31:53,432 --> 00:31:55,759
an important logistical part of
closing, right?

1034
00:31:55,759 --> 00:31:59,435
So the buyer's lawyer is going to
register to transfer the property.

1035
00:31:59,335 --> 00:32:01,637
And there's undertakings, which
are promises that are unbreakable.

1036
00:32:01,637 --> 00:32:04,015
If you break them, you have to
report to the law society.

1037
00:32:04,015 --> 00:32:06,864
Like no lawyer wants to be risking
their own reputation and career

1038
00:32:06,764 --> 00:32:07,106
for it.

1039
00:32:07,106 --> 00:32:08,357
So you make certain undertakings

1040
00:32:08,357 --> 00:32:11,391
to pay money and pay out certain
things, cut the checks for the

1041
00:32:11,391 --> 00:32:12,481
commissions, do all of these
things.

1042
00:32:12,481 --> 00:32:15,689
Once the money gets sent to the
seller side, unless there's a

1043
00:32:15,689 --> 00:32:18,320
holdback or something telling them
they can't release that money,

1044
00:32:18,320 --> 00:32:19,020
that money is gone.

1045
00:32:19,020 --> 00:32:20,766
And that seller, they are probably

1046
00:32:20,766 --> 00:32:21,413
not circling back.

1047
00:32:21,513 --> 00:32:23,087
Like they are going to disappear

1048
00:32:23,087 --> 00:32:23,950
off into the sunset.

1049
00:32:23,950 --> 00:32:24,694
So if you have an issue that you

1050
00:32:24,543 --> 00:32:25,979
find the day you move in, and
often we do see closing on one day

1051
00:32:26,079 --> 00:32:27,310
and possession on the next day.

1052
00:32:27,310 --> 00:32:29,307
Closing being the date that you

1053
00:32:29,307 --> 00:32:30,577
become the registered owner of the
property.

1054
00:32:30,547 --> 00:32:31,190
So that's when your insurance
kicks in.

1055
00:32:31,190 --> 00:32:31,495
That's when technically you are
the registered owner.

1056
00:32:32,440 --> 00:32:33,732
Possession is when you are
actually moving into the property.

1057
00:32:33,732 --> 00:32:36,768
So if you move into that property
and there's issues, it's very,

1058
00:32:36,768 --> 00:32:40,039
very, very hard to get that money
back, if not impossible.

1059
00:32:40,039 --> 00:32:42,340
Some people are really wonderful
and they have high moral standards

1060
00:32:42,340 --> 00:32:44,183
and they say, oh my goodness, I'm
so sorry.

1061
00:32:44,183 --> 00:32:45,356
I didn't know this was an issue
here.

1062
00:32:45,356 --> 00:32:46,361
I'll pay that much back.

1063
00:32:46,461 --> 00:32:47,422
And it has happened.

1064
00:32:47,422 --> 00:32:51,192
There are really, really good
people in the world, but I would

1065
00:32:51,292 --> 00:32:54,193
say the majority of people, once
they have their money, they're not

1066
00:32:54,093 --> 00:32:54,845
talking about this.

1067
00:32:54,845 --> 00:32:56,499
So what a holdback is, is it's an

1068
00:32:56,499 --> 00:32:59,847
agreement before closing saying,
I'm going to hold back X amount of

1069
00:32:59,847 --> 00:33:02,004
money for this specific purpose.

1070
00:33:01,904 --> 00:33:03,367
So do I want to see more

1071
00:33:03,267 --> 00:33:09,943
holdbacks?
I'm okay with it as long as it's

1072
00:33:09,943 --> 00:33:10,548
in the contract and it's written
well.

1073
00:33:10,511 --> 00:33:11,375
Where we run into issues is
sometimes, again, this is

1074
00:33:11,475 --> 00:33:12,926
something we're looking at in the
contract early on, that if I have

1075
00:33:12,915 --> 00:33:14,722
questions about the wording of a
holdback, hopefully it can get

1076
00:33:14,722 --> 00:33:17,355
amended at the same time or when
conditions are coming off.

1077
00:33:17,255 --> 00:33:19,120
So what do I want to see in a
holdback?

1078
00:33:19,120 --> 00:33:22,112
I say go back to elementary school
and think who, what, where, when,

1079
00:33:22,112 --> 00:33:22,967
why, and how.

1080
00:33:22,867 --> 00:33:24,566
Because I need to know to a T

1081
00:33:24,566 --> 00:33:26,013
exactly who is going to be holding
the money.

1082
00:33:26,013 --> 00:33:28,090
Is it the buyer's lawyer or
seller's lawyer?

1083
00:33:28,090 --> 00:33:31,092
How much is it going to be?
How are we going to know when to

1084
00:33:31,092 --> 00:33:31,650
release it?
I don't know.

1085
00:33:31,650 --> 00:33:33,654
The door is repaired or the window
is repaired.

1086
00:33:33,754 --> 00:33:35,038
Okay, but who's going to confirm
that?

1087
00:33:35,038 --> 00:33:36,645
Is it the buyer?
Is it the seller?

1088
00:33:36,645 --> 00:33:38,757
Is it the contractor?
What does that look like?

1089
00:33:38,757 --> 00:33:41,904
So that has to be set out in there
because otherwise the seller is

1090
00:33:42,004 --> 00:33:44,969
saying, I went in and i screwed in
a new doorknob or whatever they

1091
00:33:44,969 --> 00:33:47,541
could say yeah it's fixed we're
good to go release the money what

1092
00:33:47,541 --> 00:33:49,710
happens if nothing ever happens
this thing is dragging on for

1093
00:33:49,710 --> 00:33:53,047
months and months and months i
need that money out of my trust

1094
00:33:53,047 --> 00:33:53,578
account contrary to many beliefs i
don't want people's money i just i

1095
00:33:53,578 --> 00:33:55,035
want it in the trust account out
the trust account because you have

1096
00:33:55,035 --> 00:33:58,025
to balance to the penny if If
there's one penny out, we are

1097
00:33:58,025 --> 00:33:57,122
reporting to the law society.

1098
00:33:57,122 --> 00:33:59,040
We are doing all these extra

1099
00:33:59,040 --> 00:33:59,486
steps.

1100
00:33:59,486 --> 00:34:02,160
We cut checks to people for a

1101
00:34:02,260 --> 00:34:05,057
penny that never get cashed and
stay all day.

1102
00:34:05,057 --> 00:34:06,556
I don't want extra money.

1103
00:34:06,656 --> 00:34:08,880
So those are the important things.

1104
00:34:08,880 --> 00:34:12,185
If nothing's going to happen, what
date can I just cut a check out,

1105
00:34:12,185 --> 00:34:13,949
whether it be to the buyer, to the
seller.

1106
00:34:13,949 --> 00:34:18,118
So I need to know all of those
details for it to be a proper hold

1107
00:34:18,118 --> 00:34:18,295
back.

1108
00:34:18,295 --> 00:34:19,125
Now, what's an appropriate

1109
00:34:19,125 --> 00:34:20,034
timeline?
Totally depends.

1110
00:34:19,934 --> 00:34:23,368
I'm holding one right now that is
going to be in trust for a year

1111
00:34:23,368 --> 00:34:25,300
because there's some major
remediation work that has to be

1112
00:34:25,297 --> 00:34:27,701
done from an old gas station or
something like that.

1113
00:34:27,693 --> 00:34:28,940
A year is appropriate.

1114
00:34:29,040 --> 00:34:31,429
If it's a matter of, I don't know,

1115
00:34:31,429 --> 00:34:34,413
fixing the fridge or replacing,
you know, an appliance, two weeks,

1116
00:34:34,413 --> 00:34:36,994
30 days, like that should be
plenty of time to run down to Home

1117
00:34:36,994 --> 00:34:39,130
Depot and you get, an appliance
know, two 30 weeks, like that

1118
00:34:39,130 --> 00:34:42,320
days, should be plenty of time to
run down to Home Depot and get,

1119
00:34:42,320 --> 00:34:43,697
you know, something put into the
property.

1120
00:34:43,797 --> 00:34:45,313
So it really depends on that.

1121
00:34:45,313 --> 00:34:46,835
What I think is more appropriate

1122
00:34:46,835 --> 00:34:49,717
than anything else, and some
realtors do this and I love it,

1123
00:34:49,717 --> 00:34:51,261
maybe contrary to what other
sellers and realtors would like,

1124
00:34:51,234 --> 00:34:54,780
is a walkthrough before closing,
kind of two days out, even one day

1125
00:34:54,780 --> 00:34:55,780
before doing a walkthrough.

1126
00:34:55,880 --> 00:34:58,702
And some sellers will say, I'm in

1127
00:34:58,702 --> 00:35:02,645
the thick of packing, or of course
it's not going to be- That's the

1128
00:35:02,745 --> 00:35:04,013
biggest to be- That's the biggest
pushback.

1129
00:35:04,013 --> 00:35:06,121
It's like, you're seeing our house
at the worst possible time.

1130
00:35:06,121 --> 00:35:08,935
I know, right?
But I don't really care if it's

1131
00:35:08,935 --> 00:35:09,127
dirty.

1132
00:35:09,227 --> 00:35:10,474
I can generally tell someone who's

1133
00:35:10,474 --> 00:35:14,007
packing in an orderly fashion are
going to be cleaning up the

1134
00:35:14,007 --> 00:35:14,268
property.

1135
00:35:14,368 --> 00:35:15,573
What I care more about are their

1136
00:35:15,573 --> 00:35:17,400
huge issues that we didn't see.

1137
00:35:17,400 --> 00:35:18,643
I've had an amazing realtor.

1138
00:35:18,643 --> 00:35:21,335
She puts us in every single one of
her contracts.

1139
00:35:21,335 --> 00:35:23,950
Two days before closing, we found
a massive retaining wall has

1140
00:35:23,950 --> 00:35:24,094
collapsed.

1141
00:35:24,094 --> 00:35:25,712
And that is tens of thousands of

1142
00:35:25,712 --> 00:35:27,160
dollars that we never would know.

1143
00:35:27,160 --> 00:35:28,985
That money would have been long

1144
00:35:28,885 --> 00:35:29,108
gone.

1145
00:35:29,108 --> 00:35:31,116
And so if I know that there's a

1146
00:35:31,116 --> 00:35:33,495
major issue like that, I can deal
with it before any money is

1147
00:35:33,495 --> 00:35:34,689
changing hands.

1148
00:35:34,689 --> 00:35:35,158
I get pictures.

1149
00:35:35,158 --> 00:35:38,506
I get the whole bit because while
I have the money, I can get people

1150
00:35:38,506 --> 00:35:40,185
to do things or at least talk
about things and try to act

1151
00:35:40,185 --> 00:35:40,662
reasonably.

1152
00:35:40,662 --> 00:35:42,386
Once I've cut the check and it's

1153
00:35:42,386 --> 00:35:44,342
over in the cellars, I have next
to no power.

1154
00:35:44,342 --> 00:35:45,849
I can send a grumpy email beyond
that.

1155
00:35:45,849 --> 00:35:47,558
So what do you do in that
instance?

1156
00:35:47,558 --> 00:35:49,748
Say you're 48 hours till closing
and there's you know twenty

1157
00:35:49,748 --> 00:35:52,001
thousand dollars worth of damage
say to a retaining wall do you

1158
00:35:52,001 --> 00:35:54,342
just say okay like we're not going
through this transaction until we

1159
00:35:54,342 --> 00:35:58,080
do a twenty thousand dollar hold
back we sign off on that how do

1160
00:35:58,200 --> 00:36:00,390
you know it's twenty thousand
though well it's twenty thousand

1161
00:36:00,390 --> 00:36:02,515
though yeah it's a great a great
question right so what i'm saying

1162
00:36:02,515 --> 00:36:06,042
is i want a photo of whatever this
big issue is i need at least one

1163
00:36:06,042 --> 00:36:08,452
to two quotes the realtor the
buyers they're scrambling right

1164
00:36:08,452 --> 00:36:10,281
like no one wants to be dealing
with this.

1165
00:36:10,281 --> 00:36:13,088
They're getting trades people in
there to give them some sort of

1166
00:36:13,088 --> 00:36:15,569
quote to say, here's approximately
what it's going to be to get it

1167
00:36:15,569 --> 00:36:15,677
fixed.

1168
00:36:15,677 --> 00:36:17,080
Because I can't just go

1169
00:36:17,080 --> 00:36:18,749
arbitrarily email the other side.

1170
00:36:18,749 --> 00:36:20,017
I need an extra 20 to 30,000.

1171
00:36:20,017 --> 00:36:21,419
I hope that's cool, thanks.

1172
00:36:21,419 --> 00:36:23,616
I hope that's You have to have

1173
00:36:23,616 --> 00:36:24,344
some sort of backup.

1174
00:36:24,344 --> 00:36:25,922
And I find that once you have

1175
00:36:25,922 --> 00:36:28,229
pictures, like it's very clear
that you're taking this seriously

1176
00:36:28,229 --> 00:36:30,449
and that this is a reasonable
thing to do.

1177
00:36:30,449 --> 00:36:31,462
Or you say, no problem.

1178
00:36:31,462 --> 00:36:32,812
Seller has to get this fixed in

1179
00:36:32,812 --> 00:36:34,008
the next 48 hours.

1180
00:36:33,908 --> 00:36:34,267
Good luck.

1181
00:36:34,267 --> 00:36:36,779
Because the seller has an
obligation to provide the property

1182
00:36:36,679 --> 00:36:38,700
on the possession date in the same
condition or substantially the

1183
00:36:38,700 --> 00:36:39,720
same as when you viewed it.

1184
00:36:39,720 --> 00:36:41,280
So if there is a major issue and

1185
00:36:41,280 --> 00:36:43,742
they're not doing that, they're in
breach of the contract.

1186
00:36:43,742 --> 00:36:48,261
So you can't say, I'm not going to
close unless da da da da da,

1187
00:36:48,261 --> 00:36:49,925
because the buyer then can
actually put themselves in a bit

1188
00:36:49,925 --> 00:36:52,850
of a bind where they're, it's
called anticipatory breach,

1189
00:36:52,850 --> 00:36:55,243
basically saying, I'm going to
breach this contract unless you do

1190
00:36:55,243 --> 00:36:56,231
what I'm going to say.

1191
00:36:56,331 --> 00:36:57,775
So you can't do that.

1192
00:36:57,875 --> 00:37:00,010
It's more of a request, a polite
request.

1193
00:37:00,010 --> 00:37:04,600
And so if the seller just pushed
back and said, forget it, I'm not

1194
00:37:04,600 --> 00:37:04,817
doing it.

1195
00:37:04,669 --> 00:37:04,848
Does the transaction just not go

1196
00:37:04,816 --> 00:37:05,219
through or what are the
repercussions?

1197
00:37:05,023 --> 00:37:05,512
Typically Typically you would
still close and then you sue.

1198
00:37:05,324 --> 00:37:06,676
No one wants to do that, right?
The issue with suing after closing

1199
00:37:06,776 --> 00:37:09,832
is typically you're not going to
be dealing with the same lawyers.

1200
00:37:09,832 --> 00:37:11,057
So I do happy law.

1201
00:37:11,057 --> 00:37:13,718
I get to deal with happy people,

1202
00:37:13,618 --> 00:37:16,652
Jenna, 99% of the time who
actually want to come see me

1203
00:37:16,652 --> 00:37:19,507
because they're buying a house,
they're selling a house, they're

1204
00:37:19,507 --> 00:37:22,376
incorporating a business, selling
a business, whatever it is.

1205
00:37:22,476 --> 00:37:24,377
So they actually want to see me.

1206
00:37:24,377 --> 00:37:26,565
Once people start fighting, I am

1207
00:37:26,453 --> 00:37:26,828
not very helpful.

1208
00:37:26,828 --> 00:37:28,202
They need to go to a litigation

1209
00:37:28,190 --> 00:37:29,130
lawyer, which is a totally
separate branch.

1210
00:37:29,130 --> 00:37:30,595
So I shouldn't say no, but very,
very rarely would you see a

1211
00:37:30,595 --> 00:37:32,567
litigation lawyer also be the one
completing a real estate

1212
00:37:32,567 --> 00:37:32,753
transaction.

1213
00:37:32,753 --> 00:37:34,558
So you're now going to have to go

1214
00:37:34,558 --> 00:37:35,989
hire a litigation lawyer.

1215
00:37:35,989 --> 00:37:37,715
It's going to be very expensive.

1216
00:37:37,715 --> 00:37:38,961
This is where the cleaning comes
in.

1217
00:37:38,961 --> 00:37:42,946
It's a few hundred bucks or the
carpet cleaning, or I don't know,

1218
00:37:42,946 --> 00:37:46,349
a couple of light bulbs or
whatever it is that people get

1219
00:37:46,349 --> 00:37:48,807
very, very upset about because
they've spent all their money on

1220
00:37:48,907 --> 00:37:49,785
this beautiful home.

1221
00:37:49,785 --> 00:37:52,592
And here are the issues with it.

1222
00:37:52,592 --> 00:37:55,846
Now you're going to pay more in
legal fees in your consultation

1223
00:37:55,846 --> 00:37:57,235
than the money is worth.

1224
00:37:57,182 --> 00:37:58,178
So there are small claims

1225
00:37:58,178 --> 00:37:59,466
processes and things like that.

1226
00:37:59,466 --> 00:38:00,968
But again, it's the time, the

1227
00:38:00,968 --> 00:38:04,920
money and and the energy that goes
into it that's just such a pain.

1228
00:38:05,600 --> 00:38:08,113
So if you can have a holdback or
if you can do an initial

1229
00:38:08,113 --> 00:38:09,901
walkthrough and put your solicitor
to work before closing, you'll

1230
00:38:09,901 --> 00:38:12,274
have two days of stress rather
than months and months and months.

1231
00:38:12,274 --> 00:38:15,657
But even if they don't even if
they don't close, like even if you

1232
00:38:15,557 --> 00:38:19,060
do a walkthrough before, the
seller still has seller still has

1233
00:38:19,060 --> 00:38:22,323
to agree to it or else the buyer
has to breach the contract.

1234
00:38:22,323 --> 00:38:25,187
the Yeah, you don't want to breach
the contract.

1235
00:38:25,187 --> 00:38:25,720
No, exactly.

1236
00:38:25,720 --> 00:38:26,811
So what happens if a buyer

1237
00:38:26,811 --> 00:38:29,680
breaches a contract is they So
what happens if a buyer breaches a

1238
00:38:29,680 --> 00:38:31,137
contract is they would be
responsible for any damages

1239
00:38:31,110 --> 00:38:31,587
incurred by the seller.

1240
00:38:31,587 --> 00:38:32,480
So that can be commissions that

1241
00:38:32,453 --> 00:38:34,327
they have now committed to paying,
legal fees that they've incurred.

1242
00:38:34,327 --> 00:38:37,636
But the bigger one to keep in mind
is if the seller has to relist the

1243
00:38:37,636 --> 00:38:40,561
property and they can't get the
same purchase price, the buyer in

1244
00:38:40,561 --> 00:38:42,169
theory is responsible for that
shortfall.

1245
00:38:42,169 --> 00:38:45,637
The truth is by the time you're a
couple days out from closing, no

1246
00:38:45,607 --> 00:38:47,218
one wants to breach the contract.

1247
00:38:47,218 --> 00:38:48,174
I shouldn't say no one, because we

1248
00:38:48,174 --> 00:38:50,551
have had situations, but very
rarely, like you've packed up your

1249
00:38:50,551 --> 00:38:50,654
life.

1250
00:38:50,654 --> 00:38:51,782
You've called TELUS and you've sat

1251
00:38:51,782 --> 00:38:53,859
on hold for two or three hours to
change your address.

1252
00:38:53,859 --> 00:38:54,501
Like it's happening.

1253
00:38:54,501 --> 00:38:56,067
In Kelowna specifically, this is

1254
00:38:55,967 --> 00:38:58,303
one of the most beautiful things
about working in Kelowna is you

1255
00:38:58,303 --> 00:39:00,419
have connections and relationships
with the other professionals in

1256
00:39:00,419 --> 00:39:00,920
town.

1257
00:39:01,080 --> 00:39:02,930
So I know a lot of the realtors.

1258
00:39:02,930 --> 00:39:05,057
I know a lot of the mortgage
brokers.

1259
00:39:05,057 --> 00:39:07,853
I know a lot of the lawyers,
particularly the lawyers who do

1260
00:39:07,853 --> 00:39:11,241
areas of law that are similar to
me because we cross paths.

1261
00:39:11,241 --> 00:39:15,180
So it's great to be able to pick
up the phone, even the assistants,

1262
00:39:15,180 --> 00:39:17,825
right?
So like your assistant is a pot of

1263
00:39:17,825 --> 00:39:20,140
gold like you need to treat them
well if anyone mistreats my

1264
00:39:20,140 --> 00:39:23,075
assistant i will go to war because
without my assistants i'm not all

1265
00:39:22,975 --> 00:39:25,173
that helpful like i need a team
behind me to actually make things

1266
00:39:25,173 --> 00:39:27,176
happen while i'm sitting here
doing emails and meeting clients

1267
00:39:27,176 --> 00:39:28,315
and doing recording podcasts
podcasts yeah exactly right

1268
00:39:28,313 --> 00:39:31,680
they're right they're working,
grinding it out so that I can sit

1269
00:39:31,680 --> 00:39:33,412
here and chat with you guys.

1270
00:39:33,412 --> 00:39:34,368
So anyway, it's this beautiful

1271
00:39:34,468 --> 00:39:35,723
thing where you can call in
favors.

1272
00:39:35,623 --> 00:39:38,604
And if you're a good person who
works hard and is reasonable, and

1273
00:39:38,604 --> 00:39:42,387
when things come up, you deal with
it rather than sweep it under the

1274
00:39:42,387 --> 00:39:44,304
rug, you get respect in the
community.

1275
00:39:44,304 --> 00:39:46,541
And it also goes the other way,
right?

1276
00:39:46,541 --> 00:39:50,203
Like if someone is a bit of a
jerk, you know, they're a bit of a

1277
00:39:50,203 --> 00:39:52,843
jerk and you're not going to go
out of your way.

1278
00:39:52,843 --> 00:39:56,103
And the thing is, it's tricky for
clients to get that sense or to

1279
00:39:56,003 --> 00:39:58,662
know who they're dealing with and
what their relationships are in

1280
00:39:58,662 --> 00:39:59,164
the community.

1281
00:39:59,164 --> 00:40:00,329
If you can ask, I'm sure there's

1282
00:40:00,329 --> 00:40:02,600
people who would happily speak
highly or low of any person,

1283
00:40:02,600 --> 00:40:04,949
right?
But I can sit very happily and

1284
00:40:04,949 --> 00:40:06,955
comfortably saying, if I need
something, if I have a seller and

1285
00:40:06,955 --> 00:40:09,319
they're leaving town early and I
need documents from the buyer side

1286
00:40:09,319 --> 00:40:12,806
a week early, two weeks early, I
can say, can I please, please, I'm

1287
00:40:12,806 --> 00:40:14,862
like, there's any way we can get
this to happen.

1288
00:40:14,862 --> 00:40:17,207
I have no doubt that we can make
it happen.

1289
00:40:17,207 --> 00:40:18,963
I'll send a Starbucks card.

1290
00:40:18,963 --> 00:40:19,900
I'll, you know, be nice.

1291
00:40:19,900 --> 00:40:21,910
And you know, it goes in a little
IOU bank.

1292
00:40:21,910 --> 00:40:25,725
And when they need a be when they
need a favor, it's a no problem.

1293
00:40:25,725 --> 00:40:29,014
Like at the end of the day, we
have to advocate for our clients

1294
00:40:29,014 --> 00:40:32,203
so am i ever gonna you know bend
over it back away because i have a

1295
00:40:32,203 --> 00:40:35,093
good relationship with the lawyer
on the other side no but can i go

1296
00:40:34,993 --> 00:40:37,857
i i go into the conversation
knowing that i have someone who i

1297
00:40:37,857 --> 00:40:41,681
respect and who respects me back
you get so far so i think again

1298
00:40:41,681 --> 00:40:43,732
where you have the backup
generally speaking you get a lot

1299
00:40:43,732 --> 00:40:45,676
farther than just saying, you
know, my client wants X amount

1300
00:40:45,669 --> 00:40:45,719
off.

1301
00:40:45,718 --> 00:40:46,900
It's just not going to happen.

1302
00:40:46,900 --> 00:40:49,419
And when we're dealing with firms
from outside of Kelowna, again,

1303
00:40:49,419 --> 00:40:52,183
you're running into a different
dynamic of relationship and what

1304
00:40:52,183 --> 00:40:54,333
they're willing to negotiate on or
not negotiate on.

1305
00:40:54,333 --> 00:40:56,069
I find that's almost the number
one factor.

1306
00:40:56,069 --> 00:40:57,271
on. I find that's almost the
number one factor.

1307
00:40:57,271 --> 00:41:00,244
Things are going south it's like
who's the other side he's from

1308
00:40:59,358 --> 00:41:01,509
vancouver it's like god yeah
honestly you know i think it's

1309
00:41:01,509 --> 00:41:05,060
just a thing and it might just be
a you know i think it's just a

1310
00:41:05,280 --> 00:41:05,941
thing and it might just be a big
town thing or that things are just

1311
00:41:05,941 --> 00:41:08,898
done differently yeah i think it's
just a difference of procedures

1312
00:41:08,898 --> 00:41:12,880
that just yeah it truly yeah i
think it's just a difference of

1313
00:41:12,880 --> 00:41:17,133
procedures that just yeah it that
just yeah it truly is whereas i

1314
00:41:17,133 --> 00:41:20,222
think we're a lot and again i
can't speak for all of colonna but

1315
00:41:20,222 --> 00:41:22,674
the professionals that i get to
deal with are really really nice

1316
00:41:22,674 --> 00:41:22,829
people.

1317
00:41:22,829 --> 00:41:23,036
Yeah.

1318
00:41:23,036 --> 00:41:26,658
Where if you need something done,
if I have a back to back

1319
00:41:26,658 --> 00:41:29,300
transaction, I let them know that
they will bump it to the top of

1320
00:41:29,300 --> 00:41:29,860
the pile.

1321
00:41:29,860 --> 00:41:31,957
So that we can all get things done

1322
00:41:31,957 --> 00:41:34,122
in an orderly fashion and
everyone's talks and everyone

1323
00:41:34,222 --> 00:41:35,001
communicates really openly.

1324
00:41:35,001 --> 00:41:36,395
It's when you're dealing with

1325
00:41:36,395 --> 00:41:38,449
people that you don't know and who
have different processes and don't

1326
00:41:38,449 --> 00:41:41,140
do things the same way that we do.

1327
00:41:41,640 --> 00:41:43,473
Like there are certain documents

1328
00:41:43,473 --> 00:41:45,862
that firms in Vancouver will ask
for that we just don't do here

1329
00:41:45,862 --> 00:41:49,499
that aren't relevant or it's just
not our standard practice.

1330
00:41:49,499 --> 00:41:52,960
when that The other really, really
big thing to keep in mind is

1331
00:41:52,952 --> 00:41:54,635
Vancouver firms are a little bit
different in how they deposit

1332
00:41:54,635 --> 00:41:54,819
funds.

1333
00:41:54,919 --> 00:41:57,274
So with us, firms in Kelowna, we

1334
00:41:57,274 --> 00:41:59,082
will direct deposit it into the
lawyer's trust account.

1335
00:41:59,082 --> 00:42:00,675
That's typically how it's done.

1336
00:42:00,664 --> 00:42:01,374
Very rarely is it wired.

1337
00:42:01,374 --> 00:42:04,721
You physically take a check down
to the bank and deposit it into

1338
00:42:04,721 --> 00:42:05,594
the other firm's bank account.

1339
00:42:05,594 --> 00:42:06,103
No biggie.

1340
00:42:06,103 --> 00:42:08,720
Super important because the money
is released right away.

1341
00:42:08,720 --> 00:42:13,727
You can then use it for if you're
waiting on sale money to close a

1342
00:42:13,726 --> 00:42:14,084
purchase.

1343
00:42:14,084 --> 00:42:15,606
Boom, boom, boom, done, done.

1344
00:42:15,606 --> 00:42:17,402
We're all going home and making
dinner.

1345
00:42:17,402 --> 00:42:19,725
we're all going home and making In
some firms dinner.

1346
00:42:19,725 --> 00:42:23,041
will do Vancouver, that, but
because it doesn't expressly state

1347
00:42:23,041 --> 00:42:26,156
that as a requirement in the
contract, some of them will say

1348
00:42:26,156 --> 00:42:28,515
the check is ready for pickup at
our office.

1349
00:42:28,415 --> 00:42:31,731
Well, we are four hours away, so
that's not very helpful.

1350
00:42:31,731 --> 00:42:34,507
Some of them will put their foot
down and say, absolutely not.

1351
00:42:34,507 --> 00:42:36,127
I'm not going to the bank.

1352
00:42:36,127 --> 00:42:36,959
I'm not dealing with this.

1353
00:42:36,940 --> 00:42:37,798
You come pick it up.

1354
00:42:37,798 --> 00:42:40,030
So we then have to send a courier

1355
00:42:40,130 --> 00:42:42,602
to go pick it up and bring it to
us.

1356
00:42:42,602 --> 00:42:43,606
It's not going to happen.

1357
00:42:43,606 --> 00:42:45,273
If we need that money for a same

1358
00:42:45,273 --> 00:42:46,442
day closing, it's over before it
began.

1359
00:42:46,441 --> 00:42:48,348
So it's again, knowing the
logistics of things and how it

1360
00:42:48,348 --> 00:42:49,552
works, it's just important.

1361
00:42:49,552 --> 00:42:51,069
And some firms in Vancouver will

1362
00:42:51,069 --> 00:42:52,649
require you to certify the check.

1363
00:42:52,649 --> 00:42:54,501
So a solicitor's trust check, it's

1364
00:42:54,501 --> 00:42:56,972
just a fancy check that comes
straight out of our trust account.

1365
00:42:56,972 --> 00:42:59,901
It's as good as cash, but some
firms, especially in Vancouver,

1366
00:42:59,801 --> 00:43:01,259
want you to certify it first.

1367
00:43:01,259 --> 00:43:04,376
So you take it to the bank first

1368
00:43:04,276 --> 00:43:06,056
for them to certify that the funds
are good.

1369
00:43:06,056 --> 00:43:08,526
And then you take it to wherever
they want it to go.

1370
00:43:08,526 --> 00:43:09,900
And it's just an extra step.

1371
00:43:09,896 --> 00:43:10,410
It's an extra expense.

1372
00:43:10,506 --> 00:43:12,402
And sometimes it's just very, very
difficult logistically to get it

1373
00:43:12,402 --> 00:43:12,680
all done.

1374
00:43:12,780 --> 00:43:14,305
So again, it's just a difference

1375
00:43:14,305 --> 00:43:16,212
in who you're working with and
understanding their processes.

1376
00:43:16,212 --> 00:43:19,911
And again, asking the questions as
early as possible to know, are we

1377
00:43:19,911 --> 00:43:22,192
going to run into any surprises on
the closing day?

1378
00:43:22,192 --> 00:43:22,263
Because I would just rather not.

1379
00:43:22,363 --> 00:43:24,236
I want to ask one more question

1380
00:43:24,236 --> 00:43:26,077
before we get into a wrap up
talking about surprises.

1381
00:43:26,077 --> 00:43:28,096
Fire season, you literally said
there's a fire in South Pandozzi

1382
00:43:28,096 --> 00:43:28,333
today.

1383
00:43:28,333 --> 00:43:28,689
What happens?

1384
00:43:28,689 --> 00:43:30,175
Because this obviously happened a
lot last year.

1385
00:43:30,175 --> 00:43:32,257
Once there's a fire, insurance
companies won't insure,

1386
00:43:32,257 --> 00:43:33,031
transaction has to be delayed.

1387
00:43:33,031 --> 00:43:33,566
Can we mitigate that at all?

1388
00:43:33,566 --> 00:43:36,487
What a It's such a good question.

1389
00:43:36,487 --> 00:43:38,524
And it's becoming more and more

1390
00:43:38,524 --> 00:43:38,863
relevant.

1391
00:43:38,863 --> 00:43:40,051
Of course, we think forest fires

1392
00:43:40,051 --> 00:43:44,618
in Kelowna, we had a huge fire in
our backyard last year.

1393
00:43:44,618 --> 00:43:46,224
So it's all very fresh.

1394
00:43:46,324 --> 00:43:49,182
This has been an issue for a long

1395
00:43:49,182 --> 00:43:49,998
time, floods and fires.

1396
00:43:49,998 --> 00:43:50,968
Any kind of extraordinary weather

1397
00:43:50,968 --> 00:43:52,712
events are what we're thinking
about.

1398
00:43:52,712 --> 00:43:56,199
So why do we care?
It's because anyone who's getting

1399
00:43:56,199 --> 00:44:00,383
a mortgage, one of the conditions,
without a doubt, is that the bank

1400
00:44:00,383 --> 00:44:02,169
wants to see property insurance.

1401
00:44:02,169 --> 00:44:01,220
Because if the house burns down,

1402
00:44:01,240 --> 00:44:04,950
the mortgage is not going to get
repaid and they don't have

1403
00:44:04,910 --> 00:44:05,976
anything they can foreclose on
itself.

1404
00:44:05,976 --> 00:44:07,915
So that's why the bank cares.

1405
00:44:07,915 --> 00:44:09,595
If you cannot provide them with

1406
00:44:09,595 --> 00:44:11,513
that insurance binder, which is
just a fancy piece of paper

1407
00:44:11,513 --> 00:44:10,804
saying, yes, the property is
insured that shows the bank's name

1408
00:44:10,804 --> 00:44:12,880
on it as the lost payee, they are
not giving you any money.

1409
00:44:12,880 --> 00:44:14,500
If we don't have money, we're not
closing.

1410
00:44:14,500 --> 00:44:17,215
So that's where we run into an
issue.

1411
00:44:17,215 --> 00:44:15,198
It's not actually an issue if a
buyer is paying cash.

1412
00:44:15,198 --> 00:44:18,378
If they're paying cash and they
still want to close on this deal,

1413
00:44:18,378 --> 00:44:19,076
no problem.

1414
00:44:19,076 --> 00:44:19,930
Property is yours.

1415
00:44:19,930 --> 00:44:21,125
Even if they can't access it?
Yep.

1416
00:44:21,125 --> 00:44:23,845
What if it's burnt down?
What if it's burnt down?

1417
00:44:23,845 --> 00:44:23,908
Yeah.

1418
00:44:23,908 --> 00:44:25,515
See, you are just getting right on

1419
00:44:25,515 --> 00:44:26,060
my alley.

1420
00:44:26,320 --> 00:44:26,580
Okay.

1421
00:44:26,480 --> 00:44:28,095
So basically, that's why we run
into the issue.

1422
00:44:28,095 --> 00:44:28,303
Yeah.

1423
00:44:28,303 --> 00:44:29,553
Is we need this insurance binder

1424
00:44:29,553 --> 00:44:30,542
so we can get money.

1425
00:44:30,542 --> 00:44:30,750
Yeah.

1426
00:44:30,750 --> 00:44:32,742
Is we need this insurance binder
so we can get money.

1427
00:44:32,742 --> 00:44:32,863
Yeah.

1428
00:44:32,863 --> 00:44:33,044
Perfect.

1429
00:44:33,044 --> 00:44:33,226
Perfect.

1430
00:44:33,226 --> 00:44:33,407
Okay.

1431
00:44:33,407 --> 00:44:35,279
So what happens if the property
burns down?

1432
00:44:35,279 --> 00:44:38,360
Or what happens if there's an
evacuation notice?

1433
00:44:38,560 --> 00:44:40,087
We've run into both of those.

1434
00:44:40,087 --> 00:44:40,287
Yeah.

1435
00:44:40,285 --> 00:44:41,371
Right?
Where we actually had a situation

1436
00:44:41,369 --> 00:44:43,737
where client is in the moving
truck, moving across the country,

1437
00:44:43,734 --> 00:44:46,648
and and there's an evacuation
notice and we do not know if the

1438
00:44:46,648 --> 00:44:47,150
house is standing.

1439
00:44:47,150 --> 00:44:47,250
Yeah.

1440
00:44:47,250 --> 00:44:48,203
It was like that close.

1441
00:44:48,203 --> 00:44:49,707
It was within one kilometer and we

1442
00:44:49,707 --> 00:44:53,316
don't know if it's going to be
there when they get here or not.

1443
00:44:53,316 --> 00:44:55,453
That happened That happened to
McKinley last year, right?

1444
00:44:55,453 --> 00:44:59,991
My neighbor was moving in the day
the fire started and then we

1445
00:44:59,891 --> 00:45:01,793
didn't know if it was burnt down.

1446
00:45:01,793 --> 00:45:02,337
Yep.

1447
00:45:02,337 --> 00:45:03,582
It's pretty crazy.

1448
00:45:03,582 --> 00:45:05,569
So the important thing to keep in

1449
00:45:05,569 --> 00:45:07,816
mind is that sellers are required
to provide the property.

1450
00:45:07,816 --> 00:45:10,913
I kind of mentioned this earlier
in the same condition as when they

1451
00:45:11,013 --> 00:45:12,188
view the property.

1452
00:45:12,188 --> 00:45:14,010
If the property is burnt down,

1453
00:45:14,110 --> 00:45:15,224
they are in breach of the
contract.

1454
00:45:15,224 --> 00:45:16,985
They can't provide it in the same
condition.

1455
00:45:16,985 --> 00:45:19,636
So, I mean, again, are people
going to be reasonable?

1456
00:45:19,536 --> 00:45:19,840
Probably.

1457
00:45:19,840 --> 00:45:21,115
But again, technically they're in

1458
00:45:21,115 --> 00:45:21,540
breach.

1459
00:45:24,380 --> 00:45:24,614
The other thing...

1460
00:45:24,436 --> 00:45:24,660
Well, what's been reasonable?
Taking over a pile other thing...

1461
00:45:24,631 --> 00:45:28,098
Well, what's been reasonable?
of ash?

1462
00:45:28,069 --> 00:45:28,561
Well, sometimes they'll delay and
let it rebuild or something,

1463
00:45:28,543 --> 00:45:33,872
right?
of or something, Again, it's hard.

1464
00:45:33,872 --> 00:45:35,797
It's hard and it depends on the
people and it depends on the

1465
00:45:35,797 --> 00:45:35,997
circumstances.

1466
00:45:35,964 --> 00:45:37,043
So that's kind of piece number

1467
00:45:37,111 --> 00:45:37,445
one.

1468
00:45:37,345 --> 00:45:38,466
Seller has to provide it in the

1469
00:45:38,434 --> 00:45:39,313
same condition or similar
condition.

1470
00:45:39,313 --> 00:45:42,278
The other thing to keep in mind,
and this is the big one that

1471
00:45:42,278 --> 00:45:44,166
people don't think about, is that
a seller has to provide vacant

1472
00:45:44,164 --> 00:45:44,902
possession of the property.

1473
00:45:44,898 --> 00:45:45,582
Now, vacant possession does not

1474
00:45:45,582 --> 00:45:46,413
mean here are the keys.

1475
00:45:46,413 --> 00:45:47,444
They actually have to have access,

1476
00:45:47,440 --> 00:45:49,169
physical access and possession of
that property.

1477
00:45:49,069 --> 00:45:52,555
If there's an evacuation notice
saying you cannot, I'm sorry, not

1478
00:45:52,555 --> 00:45:55,999
an evacuation notice, like a
demand, you must not go to the

1479
00:45:55,999 --> 00:45:56,231
property.

1480
00:45:56,231 --> 00:45:57,393
Technically, again, the seller's

1481
00:45:57,393 --> 00:46:00,355
in breach of the contract that
they cannot provide possession of

1482
00:46:00,455 --> 00:46:00,889
the property.

1483
00:46:00,889 --> 00:46:02,598
We've run into that So all the

1484
00:46:02,598 --> 00:46:02,865
seller's too.

1485
00:46:02,865 --> 00:46:04,455
possessions are of the that they

1486
00:46:04,455 --> 00:46:06,422
contract, cannot provide
possession of the We've run

1487
00:46:06,522 --> 00:46:07,137
property.

1488
00:46:07,037 --> 00:46:07,590
into that too.

1489
00:46:07,590 --> 00:46:09,708
So all the seller's possessions
are still there, or maybe they've

1490
00:46:09,708 --> 00:46:10,181
moved out.

1491
00:46:10,181 --> 00:46:11,839
And it truly is a totally vacant

1492
00:46:11,939 --> 00:46:12,235
property.

1493
00:46:12,135 --> 00:46:13,626
If the buyer cannot get to the

1494
00:46:13,626 --> 00:46:15,117
property, it's not in compliance
with what has to happen.

1495
00:46:15,117 --> 00:46:16,821
So it's a fundamental breach of
the contract.

1496
00:46:16,821 --> 00:46:19,427
Again, breaches, you start talking
to a litigation lawyer.

1497
00:46:19,427 --> 00:46:21,660
So what are the buyer's options?
They can either accept that this

1498
00:46:21,660 --> 00:46:25,062
isn't happening and they get their
deposit pack and move on.

1499
00:46:24,962 --> 00:46:27,374
It sucks for everyone, but it is
what it is.

1500
00:46:27,274 --> 00:46:28,451
At least there's no harm, no foul.

1501
00:46:28,451 --> 00:46:29,540
In theory, the seller's insurance

1502
00:46:29,580 --> 00:46:30,449
is still in place.

1503
00:46:30,449 --> 00:46:31,797
I'll talk about that in a little

1504
00:46:31,797 --> 00:46:33,123
more detail in just a sec.

1505
00:46:33,119 --> 00:46:34,540
They can either insist that the

1506
00:46:35,160 --> 00:46:36,118
seller complete.

1507
00:46:36,018 --> 00:46:38,202
There are certain steps that have

1508
00:46:38,202 --> 00:46:40,447
to be done for that.

1509
00:46:40,447 --> 00:46:42,542
This is an important one that

1510
00:46:42,542 --> 00:46:44,443
people I don't think understand or
know.

1511
00:46:44,543 --> 00:46:48,375
Buyers and sellers, if you cannot
get to the property to confirm if

1512
00:46:48,375 --> 00:46:50,826
it is standing or the extent of
the damage, both sides by common

1513
00:46:50,826 --> 00:46:53,556
law, so by court made law, have
the right to delay completion

1514
00:46:53,556 --> 00:46:54,871
until they can go see the
property.

1515
00:46:54,871 --> 00:46:57,564
Even without a force Even without
a force majeure, they still have

1516
00:46:57,564 --> 00:46:59,002
the right for that?
Yeah.

1517
00:46:59,002 --> 00:47:00,472
If you cannot get to the property.

1518
00:47:00,472 --> 00:47:02,225
So this isn't because you can't

1519
00:47:02,225 --> 00:47:02,960
get insurance.

1520
00:47:02,960 --> 00:47:04,846
Like you are barred from crossing

1521
00:47:04,846 --> 00:47:08,482
the police line that says you
cannot go see if this house is

1522
00:47:08,482 --> 00:47:09,560
standing or not.

1523
00:47:09,800 --> 00:47:11,174
I mean, the rationale being, it's

1524
00:47:11,174 --> 00:47:14,807
very hard for a buyer to make a
decision if they're going to close

1525
00:47:14,807 --> 00:47:15,977
or not close, assuming they can.

1526
00:47:15,977 --> 00:47:17,860
Let's say, you know, I got cash in

1527
00:47:17,860 --> 00:47:19,560
the bank, I'm ready to buy this
thing.

1528
00:47:19,560 --> 00:47:23,519
If I don't know if it's standing,
it's very hard for me to commit to

1529
00:47:23,519 --> 00:47:25,147
that because I don't know what I'm
buying anymore.

1530
00:47:25,147 --> 00:47:27,588
Or they can complete anyway and
just risk it, roll the dice and

1531
00:47:27,588 --> 00:47:28,452
let's see what happens.

1532
00:47:28,452 --> 00:47:29,215
Realistically, you're only doing

1533
00:47:29,215 --> 00:47:32,467
that if you're paying cash and if
the cash buyer has insurance

1534
00:47:32,467 --> 00:47:34,965
already in Like can place, because
otherwise that is a because

1535
00:47:34,965 --> 00:47:35,816
otherwise that is a risk.

1536
00:47:35,816 --> 00:47:36,156
Yeah.

1537
00:47:36,156 --> 00:47:36,440
Yep.

1538
00:47:36,700 --> 00:47:38,225
Make a phone call before that one.

1539
00:47:38,225 --> 00:47:38,425
Yeah.

1540
00:47:38,422 --> 00:47:38,521
Yeah.

1541
00:47:38,521 --> 00:47:41,773
So if you do decide you're going
to you do decide you're going to

1542
00:47:41,773 --> 00:47:43,610
complete, you need to be thinking
about what is this going to look

1543
00:47:43,610 --> 00:47:44,960
like?
Are there any adjustments that

1544
00:47:44,960 --> 00:47:46,879
need to be done?
Who is paying for accommodations

1545
00:47:46,979 --> 00:47:49,440
of the buyer until they can get
into the property?

1546
00:47:49,480 --> 00:47:50,734
Who's paying for meals?
Typically insurance, if the buyer

1547
00:47:50,734 --> 00:47:50,330
has insurance, will cover for a
certain period of time.

1548
00:47:50,330 --> 00:47:52,760
But beyond that, like if you're
out for weeks, months, whatever,

1549
00:47:52,840 --> 00:47:54,310
it's important to think about
that.

1550
00:47:54,310 --> 00:47:56,403
And then also the seller's
personal belongings.

1551
00:47:56,403 --> 00:47:58,475
If they're still in the property,
you want something written into

1552
00:47:58,475 --> 00:48:01,572
the contract or added in saying,
you know, once it's all been

1553
00:48:01,572 --> 00:48:04,171
lifted, they have X number of days
to get everything moved out,

1554
00:48:04,171 --> 00:48:05,796
cleaned, da da da da da.

1555
00:48:05,796 --> 00:48:06,391
Because otherwise, again, you're

1556
00:48:06,391 --> 00:48:09,725
kind of in no man's land of who's
going to be responsible for what.

1557
00:48:09,725 --> 00:48:12,443
So the big tips to try to mitigate
this the best we can is include a

1558
00:48:12,443 --> 00:48:12,920
force majeure clause.

1559
00:48:13,020 --> 00:48:14,195
So you've kind of alluded to that.

1560
00:48:14,272 --> 00:48:17,192
Force majeure, it's just a fancy
way of saying, if I can't complete

1561
00:48:17,192 --> 00:48:20,320
and it's totally outside of my
control, we can extend for a

1562
00:48:20,380 --> 00:48:21,323
certain period of time.

1563
00:48:21,323 --> 00:48:22,735
So there's different versions of

1564
00:48:22,735 --> 00:48:23,902
the clause floating around out
there.

1565
00:48:23,902 --> 00:48:25,966
Some I love, some I don't.

1566
00:48:25,866 --> 00:48:27,524
There's actually a new one that

1567
00:48:27,524 --> 00:48:30,533
was released not too long ago from
the real estate board that I

1568
00:48:30,533 --> 00:48:31,454
really don't like.

1569
00:48:31,554 --> 00:48:32,804
If I'm being totally honest, the

1570
00:48:32,804 --> 00:48:36,097
wording of it, I don't think is
very appropriate or practical in

1571
00:48:35,997 --> 00:48:36,834
how it flows.

1572
00:48:36,734 --> 00:48:39,167
But anyway, I can save that for

1573
00:48:39,067 --> 00:48:39,719
another day.

1574
00:48:39,619 --> 00:48:41,768
But basically, you just want to

1575
00:48:41,868 --> 00:48:44,777
make sure you're not just copying
and pasting every time.

1576
00:48:41,461 --> 00:48:42,667
Think about it.

1577
00:48:42,567 --> 00:48:46,005
And does it make sense in this

1578
00:48:46,005 --> 00:48:47,785
scenario?
And if you have a client who's

1579
00:48:47,885 --> 00:48:50,314
buying and selling, And you need
to make sure the force majeure

1580
00:48:50,314 --> 00:48:50,807
clauses mesh together.

1581
00:48:50,807 --> 00:48:51,973
So if, for example, you need the

1582
00:48:52,073 --> 00:48:54,891
sale proceeds to complete on your
purchase, the buyer on your sale

1583
00:48:54,891 --> 00:48:55,858
has invoked a force majeure.

1584
00:48:55,858 --> 00:48:57,524
Under most wording, that's not

1585
00:48:57,524 --> 00:48:59,580
going to be enough to invoke the
force majeure on your purchase.

1586
00:48:59,580 --> 00:49:01,353
So you could not have money from
your sale.

1587
00:49:01,353 --> 00:49:02,620
Now you're in breach of your
purchase.

1588
00:49:02,620 --> 00:49:06,351
So you have to think about
connecting the dots there.

1589
00:49:06,351 --> 00:49:07,559
So again, don't be complacent.

1590
00:49:07,459 --> 00:49:09,615
You have to think about it every

1591
00:49:09,615 --> 00:49:10,140
single time.

1592
00:49:10,140 --> 00:49:12,489
Again, a lawyer should be looking

1593
00:49:12,489 --> 00:49:15,838
at that when they do their
contract and title review and

1594
00:49:15,838 --> 00:49:16,474
everything.

1595
00:49:16,574 --> 00:49:18,127
Buyers, make sure that you get

1596
00:49:18,127 --> 00:49:19,435
insurance as early as possible.

1597
00:49:19,435 --> 00:49:21,509
It's a beautiful tip, but it's

1598
00:49:21,509 --> 00:49:22,171
tricky in practice.

1599
00:49:22,171 --> 00:49:23,751
Conditions have to be off.

1600
00:49:23,751 --> 00:49:25,110
You have to know who your lender
is, and the lender has to have

1601
00:49:24,977 --> 00:49:25,306
sent over instructions to the
solicitor.

1602
00:49:25,126 --> 00:49:25,480
Because in binding your insurance
policy, we have to specifically

1603
00:49:25,406 --> 00:49:27,781
note who the lender is, the
address they want listed, all of

1604
00:49:27,681 --> 00:49:29,178
that has to be in there.

1605
00:49:29,178 --> 00:49:31,277
So it's not like you can put the

1606
00:49:31,277 --> 00:49:33,622
offer in and then go to the
insurance place next door.

1607
00:49:33,622 --> 00:49:35,380
There are steps that have to
happen.

1608
00:49:35,780 --> 00:49:39,280
The important thing for a buyer to
know is you take over risk of the

1609
00:49:39,280 --> 00:49:42,080
property 12.01am on the completion
date, not the possession date.

1610
00:49:42,420 --> 00:49:44,805
So that is when your date.

1611
00:49:44,805 --> 00:49:47,418
So is when your insurance has to

1612
00:49:47,418 --> 00:49:47,771
kick in.

1613
00:49:47,771 --> 00:49:48,630
Again, insurance companies are not

1614
00:49:48,730 --> 00:49:49,438
going to change anything.

1615
00:49:49,438 --> 00:49:50,600
Once there's a fire, it's over.

1616
00:49:50,600 --> 00:49:53,423
So it was actually easier for us
on this one particular deal our

1617
00:49:53,523 --> 00:49:56,038
client who was the buyer had bound
the policy for the possession date

1618
00:49:56,038 --> 00:49:59,864
the next day we extended by a day
because that was going to be a lot

1619
00:49:59,864 --> 00:50:01,750
cheaper easier than invoking force
majeure but again if a buyer

1620
00:50:01,750 --> 00:50:04,564
understands the logistics of it
1201 am on the completion date

1621
00:50:04,564 --> 00:50:07,317
that is when your insurance has to
kick in i feel like that's news

1622
00:50:07,317 --> 00:50:10,091
for everyone completely oh there
you go oh yeah there's a fun

1623
00:50:10,091 --> 00:50:13,213
little it was easier for us on
this one particular deal our

1624
00:50:13,213 --> 00:50:16,313
client who was the buyer had bound
the policy for the possession date

1625
00:50:16,303 --> 00:50:18,721
the next day we extended by a day
because that was going to be a lot

1626
00:50:18,721 --> 00:50:21,238
cheaper easier than invoking force
easier if a buyer understands the

1627
00:50:21,238 --> 00:50:24,778
logistics of it 1201 am on the
completion date that is when your

1628
00:50:24,778 --> 00:50:27,654
insurance has to kick in i like
that's news for oh there you go oh

1629
00:50:27,554 --> 00:50:29,021
yeah there's a fun little tidbit.

1630
00:50:29,021 --> 00:50:29,231
Yeah.

1631
00:50:29,231 --> 00:50:31,169
In the contract of purchase and
sale, that specifically is noted

1632
00:50:31,169 --> 00:50:33,783
in there in there saying that is
when the risk transfers saying

1633
00:50:33,683 --> 00:50:34,626
that is when the risk transfers
over.

1634
00:50:34,626 --> 00:50:36,983
So if a property is standing at 12
o'clock and burnt down by 1202,

1635
00:50:36,983 --> 00:50:38,555
the buyer's insurance is the one
covering it.

1636
00:50:38,555 --> 00:50:41,384
So you have a closing and then I
have had listing agents that won't

1637
00:50:41,384 --> 00:50:43,426
give me the keys until the
specified possession time, even

1638
00:50:43,426 --> 00:50:46,046
though the house is vacant,
nothing there, there's one to

1639
00:50:46,046 --> 00:50:46,727
follow the contract.

1640
00:50:46,727 --> 00:50:48,089
Like, does that make sense at all

1641
00:50:48,089 --> 00:50:50,314
to you?
Or is it just?

1642
00:50:50,314 --> 00:50:53,083
Yeah, it's whatever's in that
possession box, whatever section

1643
00:50:53,083 --> 00:50:54,837
it is in the standard form
contract, they can put whatever

1644
00:50:54,837 --> 00:50:56,257
time they want in there.

1645
00:50:56,355 --> 00:50:57,146
And that's technically when you

1646
00:50:57,146 --> 00:50:58,334
get possession, but you take over
risk.

1647
00:50:57,146 --> 00:50:58,928
12.01am on the completion date,
you'll be fast asleep.

1648
00:50:58,928 --> 00:50:59,128
Congratulations.

1649
00:50:59,126 --> 00:51:00,448
the risk of the property is yours

1650
00:51:00,440 --> 00:51:02,840
so yeah that's when you want
insurance to kick in the other and

1651
00:51:02,840 --> 00:51:04,949
probably most important piece if i
can give one takeaway for

1652
00:51:04,949 --> 00:51:06,534
mitigating risk with buyers
sellers should not be canceling

1653
00:51:06,534 --> 00:51:09,592
their home insurance policy period
don't call them and say this is

1654
00:51:09,592 --> 00:51:12,258
the closing date because on the
insurance company's end they will

1655
00:51:12,258 --> 00:51:15,640
type that date in and that's when
it ends from experience it's easy

1656
00:51:15,740 --> 00:51:19,340
to call and just get them to back
pay you even a couple months later

1657
00:51:19,420 --> 00:51:22,648
period it's easy to call and just
get them to back pay you even a

1658
00:51:22,643 --> 00:51:25,287
later yes yes my preference is
don't cancel it don't even pick up

1659
00:51:25,287 --> 00:51:29,311
the phone until the money is in
your account yeah yes yes until

1660
00:51:29,211 --> 00:51:31,199
the money is in your account yeah
because if the buyer invokes the

1661
00:51:31,199 --> 00:51:34,296
force majeure you can be if the
buyer invokes the force majeure

1662
00:51:34,296 --> 00:51:37,388
you can be left in limbo because
they will not reinstate your

1663
00:51:37,288 --> 00:51:41,193
policy yeah they will do a new one
and they won't yeah they will do a

1664
00:51:41,293 --> 00:51:45,236
new one and they won't do it if
there's a fire within x kilometers

1665
00:51:45,236 --> 00:51:48,267
whatever their policy is yeah so
don't touch it don't do anything

1666
00:51:48,267 --> 00:51:50,950
with your insurance so touch it
don't do anything with your

1667
00:51:51,050 --> 00:51:53,600
insurance that is the last thing
you want to do for the couple

1668
00:51:53,600 --> 00:51:55,696
extra days that you'll be spending
on paying your premiums you'll be

1669
00:51:55,696 --> 00:51:58,811
able to sleep at night knowing
there are no issues i sold a

1670
00:51:58,711 --> 00:52:01,960
rental property once and i just
totally forgot about the insurance

1671
00:52:01,960 --> 00:52:06,075
and i realized like six months
later and i called them i said oh

1672
00:52:05,975 --> 00:52:08,310
i actually sold this property back
in whatever march i just sent them

1673
00:52:08,310 --> 00:52:11,620
the contract and they just sent me
a check the next day well that

1674
00:52:12,080 --> 00:52:13,915
sounds lovely that's a lovely
that's a beautiful for whatever

1675
00:52:13,915 --> 00:52:16,635
insurance company you used that's
just great I just mean like it

1676
00:52:16,635 --> 00:52:21,104
makes total sense to just get out
of the property first yes cash in

1677
00:52:21,104 --> 00:52:24,840
the bank account yeah cash in the
bank account yeah you want it in

1678
00:52:25,460 --> 00:52:27,735
there before you cancel that
because again if there are any

1679
00:52:27,735 --> 00:52:30,779
delays and it doesn't even
necessarily have to be a fire

1680
00:52:30,779 --> 00:52:32,791
maybe there's the smallest issue
like someone couldn't sign on time

1681
00:52:32,791 --> 00:52:35,340
or documents got lost in transit
or whatever it might be doesn't

1682
00:52:35,340 --> 00:52:38,140
happen often by any stretch but
it's not totally unheard of like

1683
00:52:38,140 --> 00:52:40,784
it happens and so to make sure
that you are covered i think got

1684
00:52:40,768 --> 00:52:44,568
to is just so so so important yeah
i agree that's that's great advice

1685
00:52:44,568 --> 00:52:47,920
yeah so forest fires i'm hoping
with all the rain we've had that

1686
00:52:48,040 --> 00:52:50,754
we're going to i'm hoping with all
the rain we've had that we're

1687
00:52:50,754 --> 00:52:53,056
going to have a nice smooth
season, but we're in a pretty hot

1688
00:52:53,056 --> 00:52:53,276
stretch.

1689
00:52:53,276 --> 00:52:54,268
So we'll see.

1690
00:52:54,268 --> 00:52:58,546
But I think those are kind of the
steps buyers and sellers can take

1691
00:52:58,546 --> 00:52:59,597
to best protect themselves.

1692
00:52:59,497 --> 00:53:01,273
And again, legal advice as early

1693
00:53:01,273 --> 00:53:01,609
as possible.

1694
00:53:01,609 --> 00:53:02,500
Make sure your lawyer is reviewing

1695
00:53:02,500 --> 00:53:02,866
the contract.

1696
00:53:02,866 --> 00:53:03,966
If they're not, they're not the

1697
00:53:03,966 --> 00:53:05,747
lawyer So not the lawyer that you
should be hiring.

1698
00:53:05,847 --> 00:53:06,109
Yeah.

1699
00:53:06,009 --> 00:53:06,271
Yeah.

1700
00:53:06,271 --> 00:53:06,428
Agreed.

1701
00:53:06,428 --> 00:53:06,690
Agreed.

1702
00:53:06,690 --> 00:53:06,899
Okay.

1703
00:53:06,899 --> 00:53:09,176
We'll fire our last question that

1704
00:53:09,176 --> 00:53:11,088
you super quick and wrap this up
if that's okay with hiring.

1705
00:53:11,088 --> 00:53:11,706
Yeah, yeah.

1706
00:53:11,706 --> 00:53:12,100
Agreed.

1707
00:53:12,100 --> 00:53:16,258
we'll Okay, fire our last question
that is super quick and wrap this

1708
00:53:16,258 --> 00:53:16,572
up if that's okay with you.

1709
00:53:16,572 --> 00:53:17,514
Yeah, yeah.

1710
00:53:17,514 --> 00:53:17,985
Yeah, yeah.

1711
00:53:17,985 --> 00:53:19,981
If you could buy one property in

1712
00:53:19,981 --> 00:53:22,285
the Okanagan in the next 12
months, what would it be?

1713
00:53:22,285 --> 00:53:22,570
Big way.

1714
00:53:22,570 --> 00:53:23,366
Love it.

1715
00:53:23,366 --> 00:53:23,991
It's magical up there.

1716
00:53:23,991 --> 00:53:24,958
It's the dream.

1717
00:53:24,958 --> 00:53:27,403
I have young kids and I just want
to be up there.

1718
00:53:27,403 --> 00:53:29,022
I need to be up there.

1719
00:53:29,022 --> 00:53:29,847
And it's booming.

1720
00:53:29,847 --> 00:53:30,879
Yeah, I love it.

1721
00:53:30,879 --> 00:53:31,086
Awesome.

1722
00:53:31,086 --> 00:53:34,477
If you could give your 20-year-old
self any piece of advice, what

1723
00:53:34,477 --> 00:53:37,002
would it be?
This will be an interesting one.

1724
00:53:37,002 --> 00:53:37,650
No I don't Nothing.

1725
00:53:37,650 --> 00:53:38,880
want to hear advice.

1726
00:53:38,880 --> 00:53:40,151
it be?
This will be an interesting

1727
00:53:40,151 --> 00:53:40,249
Nothing.

1728
00:53:40,249 --> 00:53:40,449
one.

1729
00:53:40,444 --> 00:53:40,592
No advice.

1730
00:53:40,591 --> 00:53:42,009
I don't want to hear it.

1731
00:53:42,009 --> 00:53:43,132
I think life is slow.

1732
00:53:43,132 --> 00:53:43,892
I love it.

1733
00:53:43,892 --> 00:53:22,399
think life is slow.

1734
00:53:22,399 --> 00:53:23,536
I love it.

1735
00:53:23,536 --> 00:53:23,764
That's awesome.

1736
00:53:23,764 --> 00:53:25,811
Truly, I am so happy with my life.

1737
00:53:25,811 --> 00:53:28,142
I love professionally, personally,
everything about my life is so

1738
00:53:28,142 --> 00:53:28,369
wonderful.

1739
00:53:28,369 --> 00:53:29,710
And again, not every day.

1740
00:53:29,710 --> 00:53:31,086
Get this girl a book deal.

1741
00:53:31,086 --> 00:53:33,150
I love Get this girl a book deal.

1742
00:53:33,150 --> 00:53:35,124
Right?
I'll spend my time.

1743
00:53:35,124 --> 00:53:36,225
I'll do whatever.

1744
00:53:36,225 --> 00:53:38,621
I'll spend my I had a lot of fun

1745
00:53:38,621 --> 00:53:39,173
in my 20s.

1746
00:53:39,173 --> 00:53:40,449
Those days are dead and gone.

1747
00:53:40,444 --> 00:53:43,015
People probably wouldn't believe
the stories if I started do

1748
00:53:43,015 --> 00:53:43,132
whatever.

1749
00:53:43,132 --> 00:53:45,295
I had a lot of fun in my Those

1750
00:53:45,295 --> 00:53:45,471
20s.

1751
00:53:45,471 --> 00:53:47,225
days are dead and People gone.

1752
00:53:47,225 --> 00:53:49,329
probably wouldn't believe the
stories if I started telling them.

1753
00:53:49,329 --> 00:53:50,908
Those That chapter is so closed,
but I'm glad it's out of my

1754
00:53:51,008 --> 00:53:51,392
system.

1755
00:53:51,292 --> 00:53:53,211
And now I'm into this phase of

1756
00:53:53,211 --> 00:53:53,364
life.

1757
00:53:53,364 --> 00:53:55,360
And I think it's pretty special.

1758
00:53:55,360 --> 00:53:57,742
So yeah, no So yeah, no advice.

1759
00:53:57,842 --> 00:53:59,103
This will be an interesting tidbit

1760
00:53:59,103 --> 00:53:59,919
coming from a lawyer.

1761
00:53:59,919 --> 00:54:00,986
I hate reading.

1762
00:54:00,986 --> 00:54:01,821
I hate it.

1763
00:54:01,821 --> 00:54:02,143
hate it.

1764
00:54:02,143 --> 00:54:04,136
Reading contracts, the drier, the
better.

1765
00:54:04,236 --> 00:54:06,950
I don't want to read novels about,
I don't know, anything.

1766
00:54:06,950 --> 00:54:08,200
Nothing is ideally my world.

1767
00:54:08,200 --> 00:54:09,513
So I love reading my contracts i

1768
00:54:09,513 --> 00:54:12,146
love reading titles i love reading
legal stuff beyond that i don't

1769
00:54:12,146 --> 00:54:15,497
want to hear advice my husband
will be the first one to tell you

1770
00:54:15,497 --> 00:54:17,400
unless i ask for advice i'm
probably not going to listen

1771
00:54:17,400 --> 00:54:20,684
anyway and you're wasting your
breath that's a great answer i

1772
00:54:20,684 --> 00:54:25,200
love that one that a great answer
i love that one i love it too

1773
00:54:25,200 --> 00:54:27,359
that's the best answer we've ever
had what's your favorite charity

1774
00:54:27,359 --> 00:54:28,254
or how to get back?
Yeah.

1775
00:54:28,254 --> 00:54:30,070
So I would say Canadian Mental
Health Association.

1776
00:54:30,070 --> 00:54:33,230
They do amazing work and mental
health is so important.

1777
00:54:33,230 --> 00:54:36,537
I think it's becoming more and
more talked about, but still

1778
00:54:36,537 --> 00:54:37,863
nowhere near where it needs to be.

1779
00:54:37,863 --> 00:54:40,470
One of the way that as a firm we

1780
00:54:40,470 --> 00:54:42,617
give back is when we do
notarizations or a little kind of

1781
00:54:42,617 --> 00:54:44,215
oddball, you know, signing here or
there.

1782
00:54:44,215 --> 00:54:43,393
I don't think because I have a
stamp or a seal where I get to,

1783
00:54:43,393 --> 00:54:47,060
know do a fancy mark on a paper I
should be any more special than

1784
00:54:47,060 --> 00:54:50,283
anyone else we don't charge for it
we just say put in the good karma

1785
00:54:50,283 --> 00:54:47,439
finder every month we pick a
different charity to donate you

1786
00:54:50,283 --> 00:54:52,880
know 10 bucks 20 bucks whatever
the person wants to pay I think

1787
00:54:52,880 --> 00:54:53,509
it's kind of those little things
in life and it always comes back

1788
00:54:53,509 --> 00:54:57,159
full circle you get clients that
way and if nothing else I put in

1789
00:54:57,159 --> 00:54:58,275
my good karma bank and when i need
a good day it circles back yeah

1790
00:54:58,275 --> 00:55:00,799
yeah yeah i love it all right
danny so how can i or taylor or

1791
00:55:00,799 --> 00:55:04,736
our listener help you what can we
do for you oh gosh you know what

1792
00:55:04,736 --> 00:55:06,647
honestly if i can help in any way
like i like to think that i'm

1793
00:55:06,647 --> 00:55:09,680
approachable i love what i do like
i said i will chat anyone's ear

1794
00:55:09,680 --> 00:55:12,574
off about anything that i know
gosh you know what honestly if i

1795
00:55:12,574 --> 00:55:15,672
can help in any way like i like to
think that i'm approachable i love

1796
00:55:15,672 --> 00:55:18,625
what i do like i said i will chat
anyone's ear off about anything

1797
00:55:18,625 --> 00:55:21,580
that i know about and i'll ask a
lot of questions if I don't know.

1798
00:55:21,580 --> 00:55:24,985
So to be able to reach out and
just even if you don't think I'm

1799
00:55:24,985 --> 00:55:26,511
the right person, again, having
the connections with different

1800
00:55:26,511 --> 00:55:28,154
lawyers, so family law lawyers,
litigation lawyers, accountants, I

1801
00:55:28,154 --> 00:55:31,099
have connections with just about
anyone and I will happily stand

1802
00:55:31,099 --> 00:55:33,163
behind the people I refer to,
because they're very special.

1803
00:55:33,163 --> 00:55:35,037
I know they do good work.

1804
00:55:35,037 --> 00:55:35,603
So yeah, I would say just live a

1805
00:55:35,603 --> 00:55:37,947
good life, take risks, do all the
good things.

1806
00:55:37,947 --> 00:55:40,883
I mean, if I can help in any way,
personally, professionally, I'm

1807
00:55:40,883 --> 00:55:42,938
here, but beyond that, I think
life is good.

1808
00:55:42,938 --> 00:55:43,195
I love it.

1809
00:55:43,195 --> 00:55:43,400
Great.

1810
00:55:43,400 --> 00:55:44,267
Thanks, Dani.

1811
00:55:44,267 --> 00:55:46,798
It's been awesome talking to you.

1812
00:55:46,798 --> 00:55:47,087
Yeah.

1813
00:55:47,087 --> 00:55:48,533
Thanks so much, you guys.

1814
00:55:48,533 --> 00:55:50,706
Have a good rest of your day.

1815
00:55:50,706 --> 00:55:51,364
You too.

1816
00:55:51,364 --> 00:55:52,169
Thank you.