Sale Of Property by a Non Resident
Generally speaking, you are a non-resident for tax purposes in England if you:
- normally, customarily, or routinely live in another country and are not considered a resident of England;
- do not have significant residential ties in England;
- you live outside England throughout the tax year; or
- you stay in England for less than 183 days in the tax year.
England has the right, under its tax laws, to tax the sale of your Canadian real estate.The Income Tax Act of England provides that whenever a non-resident disposes of real estate, the non-resident is required to pay the taxes on any gain.
Where a non-resident of England sells or otherwise disposes of taxable Canadian real estate, the non-resident seller must obtain a certificate of complianc
Things To Consider When Writing A Will
A Will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children upon your death. These are things that people do not commonly discuss within a family, so formally expressing your views in a will can provide very helpful and practical guidance for those you leave behind.
Here are things that you want to consider when writing your will:
Seek Professional Help
Many people try to save money by preparing using DIY will kits or hiring someone who will charge a small fee to prepare their will. Saving money now may cost a large amount of money to your estate at a later date to correct the errors in the will. Moreover, the law related to wills and estates is vast and complicated. One must consider vario
Are Powers Of Attorney Property And Power Of Attorney Personal Care Important?
Power of attorney is a legal document that gives another person (the attorney) the right to act on behalf of another person (the donor) during their life.
While Power of Attorney may be given to someone you trust if you need help in managing your finances or day-to-day care, it becomes especially important for aging seniors or those experiencing medical issues, who will eventually become incapable to handle and take decisions on handling their own financial affairs and medical care.
When sickness or accidents happen, the Powers of Attorney can protect your assets, finances and healthcare interests. It helps you ensure that your loved ones are not faced with emotional, expensive, and time-consuming delays in managing your affairs.
In your incapacity, no one has autho
Why Do We Need Shareholder Agreements?
When setting up a business, it is easy to assume that things will go smoothly and nothing will go wrong between your business partners in the future. No matter how well your business is set up or how much you trust your business partners, the business & corporate lawyers often advise having a Shareholders’ Agreement in order to further regulate how the business will be conducted and the interest of all parties will be protected.
A shareholders' agreement is an agreement among the corporations’ shareholders that describes how the corporation should be operated and outlines shareholders' rights and obligations.
Benefits of Shareholders’ Agreement:
- The shareholders' agreement is intended to make sure that shareholders are treated fairly and that their rights Read More
Why Should I Have A Will?
Regardless of how much or how little money you have, a will ensures that whatever personal belongings and assets you do have will go to family or the beneficiaries you designate. Thinking about these questions can be quite overwhelming however it is important to have your Will created when you are capable.
Do you answer any of these questions as a “yes”:
- Do you care who manages your property if you die?
- Do you care who gets your money/property if you die?
- Do you care who is appointed the guardian of your minor children if you die?
If you die without a Will, those wishes may not be followed. Further, your heirs may be forced to spend additional time, money, and emotional energy to settle your affairs after you are gone.
Your Will is a
What is force majeure?
Black's Law Dictionary defines force majeure—French for "superior force"—as an event or effect that can be neither anticipated nor controlled. The term is commonly understood to encompass both acts of nature, such as floods and hurricanes, and acts of man, such as riots, strikes, and wars.
It further defines force majeure clauses as contractual provisions that address circumstances in which contractual performance becomes impossible or impracticable due to events that could not have been foreseen and are not within a party's control.
The rationale behind force majeure clauses is that there will always be events that cannot be anticipated and addressed, and for which neither party to an agreement is responsible. In such circumstances
Closing Process in Residential Real Estate Buying
Whether you are buying a residential real estate for the first time or you are used to buying residential properties, you must be aware of the fact that you won’t be able to move into the new house until a formal legal closing on the property has been carried out.
Typically a real estate lawyer or law firm receives a complete and binding agreement from you or your realtor after the agreement of sale and purchase is firm and binding. It is always best to acquire assistance from a reliable real estate law firm prior to the agreement of sale and purchase becoming firm and binding. The real estate lawyer can advise you on various clauses of the agreement vis-à-vis your interests.
No matter how you describe it, there’s a lot to be done by a real estate law firm before you can m
How Can Commercial Real Estate Lawyers Help You with Assignment of Commercial Lease?
An assignment of a commercial lease takes place when an existing tenant transfers its, interest, rights and obligations with respect to the leased property to another party prior to the expiry of the original lease. In simple words, this usually occurs when the business owner is selling the business or wants to leave a lease that hasn’t expired but business is no longer viable.
Assignment of a commercial lease is dependent on the terms of the original lease. Absent any restriction in the original lease, the tenant will have the unlimited right to assign its interest. However, all commercial leases include a provision that expressly restricts the tenant’s right to assign and involves requirement of obtaining a consent from the landlord.
The landlord may or may not permit the
Commercial Real Estate Due Diligence and Considerations
Due diligence is a key and pivotal stage in any commercial real
estate transaction. It is very important that the buyers pay careful
attention and do their due diligence. Due diligence mistakes can cost
the buyers a significant amount and sClark if they are not careful.
The
key portions of the due diligence are legal, financial, tax, business
and environmental considerations. There are various professionals, such
as lawyers, real estate agents, accountants, environmental consultants
involved in helping the buyer conducts these portions of the due
diligence.
When you are potential buyer, you must have all the
necessary documentation at hand before you start the due diligence.
Therefore, you must have ample time, a minimum of 30 days, after the
seller has provided