Real Estate News

Joint ownership of a cottage can pose a host of unexpected problems

> > Real Estate News > Joint ownership of a cottage can pose a host of unexpected problems

Joint cottage ownership can make taxes complicated

Joint ownership might sound like the easiest way to pass your cottage along to family, but it can actually create a lot of problems. Without proper written agreements, this can result in a loss of control of the property for either or both parties involved. It can also result in unequal treatment of heirs if the joint ownership is with just one child. Also, don't forget that, "Placing an asset into joint names will expose that asset to the claim of creditors of the new joint owner."

Joint ownership of a cottage can pose a host of unexpected problems

At our cottage north of Toronto, we have a neighbour – Ruth. We can all learn from her story. Ruth has five adult children: Paul, Judy, Ron, Kathie and Peter. A few years ago, she put the cottage into joint ownership with her oldest son, Paul. The reason? To avoid probate fees and facilitate a quick and easy transfer upon her death. While Ruth is at the cottage all summer, the kids aren’t using the cottage much. Judy, Ron and Kathie live outside of Ontario and rarely visit. Peter isn’t interested in the cottage and Paul’s work doesn’t allow him...

If a real estate salesperson offers to buy your home, it’s an offer you can refuse

I spoke to a real estate salesperson who offered to buy my house if he can’t sell it after a...
10/02/2018
Read

Realtors allowed to post sold prices — finally

The Toronto Real Estate Board (TREB) has turned on the sold data tap, officially allowing brokers to post the selling...
09/27/2018
Read

Should you probate a will that includes real estate?

Our father just passed away and my sister and I are co-executors and the only beneficiaries to his will. Do...
09/26/2018
Read