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A Last Will and Testament (a “Will”)

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December 1, 2023

Perhaps one of the most common legal documents, Wills are the one legal document that is proactively discussed as a necessary piece to proper life planning. When it comes to land, this document is very important.

Wills

A Last Will and Testament (a “Will”) is a document that governs the distribution of a person’s wealth after they die.

It has no effect while a person is alive and can be changed anytime (provided a person has legal capacity to do so). It is more complicated than this, but at its base, a Will essentially names someone who will oversee a deceased persons assets and instructs them how to distribute these assets when they die. After death, a deceased person’s Will is likely filed with the court along with an inventory of all their assets. The court grants authority on the Will and “Probate” is grated to the person who is named in the will to be in charge (the “Trustee” or “Executor”). The Executor then distributes the assets according to the deceased’s instructions written in the Will.

It may strike you that this topic has little to do with real estate, but it does. Land is often the most valuable thing people own. A percentage of land transactions are brought about by death or in contemplation of death. Land in joint title transfers automatically to the survivors on title, this land does not go into the inventory of the estate and the Will has nothing to do with it, however if the land is in the name of the deceased person alone, the will must be probated before the land can transfer. As of late, changes to the probate process has made the probate process far longer than it was before, so sales are being held up for longer on estate sales.

People do not always understand these details and the connection of land and death. You will come across people who want to transfer land to pre-empt the consequences on death; be careful of this, there are differences depending on what they want to do. We speak to every client about the importance planning these things out and having a Will, as a real estate agent or broker they will look to you for advice as well.

GORD STEEVES

B.A., LL.B. Barrister, Solicitor and Notary Public
200 600 St. Anne’s Road
WINNIPEG, MB., R2M 2S2

For more information, please contact……
Michael Leclerc
Royal LePage Top Producers
Winnipeg MB
Phone (204) 792-6453

July 2023 Market Report: Selling with Probate/Administration/ Dealing with a deceased persons Assets and Real Property!

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There have been some changes to the court of Kings Bench rules with respect to Probate and Administration. Probate and Administration are the court processes that deal with a person’s assets, including land, after they have deceased. A Last Will and testament (“will”) of course is a document that disposes of all your earthly assets and property when you die.

Probate is the process of dealing with someone’s assets and property if they died with a Will, Administration is the process of dealing with the assets and property of a deceased person if they died without a will.

A person who owns property and dies with a will (estate) and a person who dies without a will (intestate) are treated differently when it comes to selling property. If a deceased person has a Will, then their Will should name a person in charge of their affairs (an executor or trustee). This makes dealing with property easier because the person who is named as the executor or trustee can sign a listing contract and an offer to purchase if it is presented, even before they have received probate back from the court. The property cannot be transferred in the property registry until the forms are completed and probate is applied for and received from the court, so the process and possession date must be timed, but at least the process can be well underway. If there is no Will then of course there is no named executor or trustee, so if the deceased person owns land, then someone must apply to the courts to be the Administrator or trustee of the estate and land (there is law that gives priority to certain people in the deceased persons life).

The crucial difference is that the person applying for administration does not have the ability to sign the listing agreement or an offer to purchase if it’s presented until they have completed the process of being named the Administrator by the court. As part of these new court changes the court forms are almost completely different than they were not even a year ago and the process of probate and administration is currently taking longer than it did prior, so it is making sales or property being probated more challenging and it is quite delaying the sale of property under application for administration. Even more reason that everyone should have a Will.

This information is courtesy of……

GORD STEEVES
B.A., LL.B.Barrister, Solicitor and Notary Public
200 600 St. Anne’s Road
WINNIPEG, MB., R2M 2S2

For more information, please contact……
Michael Leclerc
Royal LePage Top Producers
Winnipeg MB
Phone (204) 792-6453

 

Market Update June 2023: First half MLS® sales pace close to those from 2019 and 2020!

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                                                       Detached                Attached           Condominiums

                                                                                    
Active Listings: 2174 468 279
Sales: 1,133 251 110
Average Price: $418,158 $258,170 $346,843
Average sq ft: 1,399 1,023 1,324 
WINNIPEG, July 12, 2023 – MLS® sales in June rose slightly from last month while falling short of last June and the 5-year average. Active listings rose from last month and last June while coming to within 1 percentage point below the 5-year average.

 June MLS® sales grew to 8% below the 5-year average while beating out 2019, the last year before the pandemic began, by 6%.

 Total MLS® sales for the first half of 2023 were below the record years of 2021 and 2022 but were only 5% and 4% below the first halves of 2019 and 2020, respectively. Meanwhile, condominium sales for June were the highest on record, beating out the previous record set in June of 2021 by 8%."

 The number of MLS® listings for the first half of 2023 came in at 11,904 which is 2% above the first half of 2022 and 6% below the 5-year average.
                       
                                Residential-Detached
                       June 2023      vs. 2022      vs. 5-Year Avg.
Active Listings       4,134        20.54% (3,77)     -1% (4,200)
Total Sales           1614         -10% (1,792)      -8% (1,751)


 Of the 1,133 residential detached MLS® sales across our market region, 774 were in Winnipeg while the remaining 359 occurred 
in the rural areas outside Winnipeg. Of the 2,174 residential detached active MLS® listings, 984 were in Winnipeg while 1,190 were in the rural areas outside Winnipeg.

 The average price for a residential detached home fell 2% over June of last year but is up 9% over the 5-year average. Meanwhile, the average price for the first half of 2023 is down 8% over the first half of 2022 but is up 7% over the 5-year average.

 Residential detached MLS® sales saw 58% sold under list price compared to the 37% that sold under list in June 2022.

 Residential detached homes made up 70% of all MLS® sales in June. Southwest Winnipeg had the most sales within the city, representing 21% of all Winnipeg residential detached home sales. The rural area outside Winnipeg represented 32% of all MLS® residential detached home sales.
                                 Residential-Attached                       
                     June 2023     vs. 2022      vs. 5-Year Avg.
Active Listings      279           21%(231)        22%(229) 
Total Sales          110           -19%(136)       -11%(89) 
Average Price        $346,843      2%($339,230)    15%($300,555) 

 Of the 110 total MLS® residential attached home sales in June, 81 were in Winnipeg and the remaining 29 occurred in the rural areas outside Winnipeg. Of the 279 active listings for residential attached homes, 165 were in 
Winnipeg and 114 were in the rural areas outside Winnipeg.    
                            
                                  Condominiums
                     June 2023     vs. 2022      vs. 5-Year Avg. 
Active Listings      468           -2%(478)        -29%(659) 
Total Sales          251           10%(229)        16%(216) 
Average Price        $258,170      -7%($278,266)   0%($258,236)


 Of the 251 total MLS® condominium sales across the Winnipeg Regional Real Estate Board's market region in June, 210 were in Winnipeg and the remaining 41 occurred in the rural area outside Winnipeg. Of the 468 active listings for condominiums, 348 were in Winnipeg and 120 were in the rural areas outside Winnipeg.

 The average price for a condominium in June was 7% below June of 2022 and even with the 5-year average. The average price in the first half of 2023 was 3% below the first half of 2022 and 3% higher than the 5-year average.

 MLS® condominium sales saw 69% sold under list price compared to the 46% that sold under list in June 2022.

 Southwest Winnipeg led the way in MLS® condominium sales, with the most sales coming in the Osborne Village/Crescentwood neighbourhood.

 MLS® condominium sales continued their strong performance with a first half result that ranks 3rd best in history!On a monthly basis, MLS® condominium sales in June resulted in 10% more sales than the same month last year. Although the average condominium price has come down from last June, it remains consistent with the 5-year average.

Track the Winnipeg Real Estate Market!! Free Automated Email Service allows you to track the MLS market in real time. Follow the values in any neighborhood in Winnipeg. Find out what your neighbor’s house down the street sold for. Follow Winnipeg MLS listings in real time. Visit Winnipeg Market Tracker!

 

This information is courtesy of
Michael Leclerc Royal LePage
Top Producers Winnipeg MB
Phone (204) 792-6453

 

June 2023 Market Report: Condominium Disclosures & Deadlines and the “cooling off period” explained!

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Condominium documents are probably a lot for purchasers and for sellers. Volume wise, there is a large amount of information to deal with in a short time. Even the time to review it can be interesting.

 

CONDOMINIUM DISCLOSURES AND DEADLINES

In reviewing the relevant legislation recently for disclosure of documents on condominium closings. It is interesting in referencing the definition of “7 days” and how it applies to the “cooling off” period. There is likely some room for debate, but it is likely that there are two types of “cooling off” periods (potentially). The first is where the offer states when the period ends. This likely creates a “prescribed day” under the act, which means the 7 days is up at midnight on the last day. If there is no “prescribed day” then it may just run on an exact 7 day and time schedule from the moment the documents are disclosed. Please note, the 7 days is most likely when the documents are given (all of them) regardless of what the offer says. I would say a prescribed day being used is rare but if so, make sure the prescribed day in the offer corresponds with the turning over of the last of the documents. As you might know, even if the documents are exchanged and the cooling off period is done, if, before closing, there is a “material change” to the documents, under the act the purchaser gets a new 7 days to back out of the purchase. A material change is something big that happens to the building or is decided by the board of the condominium, the most obvious example of course is a project and/or special assessment. In defining what is a “material change”, The test in the act is changes that “…are so important to a decision to purchase the unit that it would be reasonable for a buyer to cancel….”.

Gord

*always remember that every situation is different and that over time, laws can change and evolve, any doubts, call someone. This article is a “replay” from an article written some time ago, we add to our readers as we go, they may not have seen it before and might appreciate the information.

This information is courtesy of……

GORD STEEVES
B.A., LL.B.Barrister, Solicitor and Notary Public
200 600 St. Anne’s Road
WINNIPEG, MB., R2M 2S2

For more information, please contact……
Michael Leclerc
Royal LePage Top Producers
Winnipeg MB
Phone (204) 792-6453

Listings, sales and average sale prices DOWN in MLS® Area 1M: Linden Woods ,Winnipeg

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Looking for a modern/contemporary home with a finished basement?

For more information click on photo or call Michael Leclerc @ (204)792-6453

 

The average selling price of homes in MLS® Area Area 1M:Linden Woods, went DOWN approximately 4%, with the average being $736,106 in June 2022 compared to $706,125 in June 2023. On average, a residence took 12 days to sell in June 2022 as compared to 17 days in June 2023.

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 There were 11 active listings in MLS® Area 1M:Linden Woods at the end of June 2023 compared to 12 at the end of June 2022 and 21 homes sold in June 2022 compared to 12 in June 2023.

The sales-to-listing ratio was down to 109% in June 2023 compared to 175% in June 2022.

The highest price paid in June 2023 for a home in MLS® Area 1M:Linden Woods was $1.20,000 for a home on Shorecrest Drive.

The lowest sale price belonged to a house on Hennessey Drive for $440,000

Total active listings June 2023: 11
Total active listings June 2022: 12

Total homes sold June 2023: 12
Total homes sold June 2022: 21

Sales to listing ratio June 2023: 109%
Sales to listing ratio June 2022: 175%

 It pays to know the average price of homes for sale in your neighbourhood, as well as that of homes that have sold, including both over-list and under-list sales. We track all Winnipeg neighbourhoods daily, which allows us to more accurately set list prices on the homes we sell, while also making intelligent offers.

 If you would like a Free Market assessment of your home in MLS® Area 1M:Linden Woods…. Please Contact Us @ (204) 792-6453 as we track the market closely and you can too with Winnipeg Market Tracker.

Average days to sell a home June 2023: 17
Average days to sell a home June 2022: 12

Average sale price June 2023: $706,125
Average sale price June 2022: $736,106

Lowest sale price June 2023: $440,000
Highest sale price June 2023: $1,200,000

This information is courtesy of…
Michael Leclerc Royal LePage
Top Producers Winnipeg MB
Phone (204) 792-6453