Tales from the Trenches

Podcast featuring stories of real estate landmines—and how to avoid them. Coming to you from the desk of veteran Canadian lawyer Barry McGuire.

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Episodes

Handshakes and Promises Not Enough to Vary Written Contracts

Podcast Episode 15: “Parol Evidence Rule.” In this episode we revisit a sad truth: people lie. You are not allowed to use verbal evidence to vary a written contract, so get all promises in writing when buying and selling real estate. Don’t remove conditions especially a, ‘subject to financing’ condition, until you are satisfied you have the appropriate financing. https://barrymcguire.ca/wp-content/uploads/2014/05/parol-evidence-rule.mp3 Download the audio file HERE. Download the PDF file HERE. (...

May 22, 2014•5 min

Scam Alert: Charity Claiming Tax Deduction Bigger than Donation

Podcast Episode 14: “Tax Charity Scam.” This podcast tells the sad Tale of a real estate investor who tried too hard too avoid tax by contributing to a charity. Tax schemes that promise deductions much larger than the charitable donation are almost always found to be shams and disallowed by the CRA. You will almost certainly lose your deduction and the charitable donation itself along with spending huge amounts of money on legal and accounting fees. https://barrymcguire.ca/wp-content/uploads/201...

May 15, 2014•8 min

How to Get a Mortgage for Both Purchase and Renovation

Podcast Episode 13: “Happy Tale.” Usually, the Tales from the Trenches podcast is about how people mess up when buying and selling real estate, showing what we can learn from their mistakes. But this Tale turned out just fine! It looks at things to consider when moving from a buy and hold strategy to a fix and flip strategy. Consider private financing if your bank doesn’t like your plan to fix and flip. Your ability to perform will produce private lending opportunities impossible to get in the p...

May 08, 2014•12 min

Three Condominium Conundrums (Part 3 of 3)

Podcast Episode 12: “Condominium Conundrums 3/3 – Rental Pool Mysteries.” In this podcast, you’ll hear about issues to watch out for when purchasing a condominium unit with an existing tenant and a rental pool. There is a formal process to join the rental pool and lots of paperwork! https://barrymcguire.ca/wp-content/uploads/2014/04/condominium-conundrums-3-rental-pool-mysteries.mp3 Download the audio file HERE. Download the PDF file HERE. (control click or right click + save as) Rental Pool Mys...

Apr 30, 2014•6 min

Three Condominium Conundrums (Part 2 of 3)

Podcast Episode 11: “Condominium Conundrums 2/3 – Caveat on my Condominium Title.” In this episode, Barry tells a tale of failure to pay a special assessment, which allows the Condominium Corporation to file a caveat against your title. If you don’t pay, the next step is what amounts to a foreclosure. Plus, you will pay both party’s legal fees… https://barrymcguire.ca/wp-content/uploads/2014/04/condominium-conundrums-2-caveat-on-my-condominium-title.mp3 Download the audio file HERE. Download the...

Apr 23, 2014•5 min

Three Condominium Conundrums (Part 1 of 3)

Podcast Episode 10: “Condominium Conundrums 1/3 – Rules…, What Rules?” This episode is a primer on the law surrounding condos in Alberta. It covers your responsibility to be in compliance with condominium bylaws, provide information to the Condo Corporation about your tenant, and your responsibility for tenant damages. Did you know it’s the Corporation’s right to evict your tenant for breach of the condominium act and/or condominium bylaws? https://barrymcguire.ca/wp-content/uploads/2014/04/cond...

Apr 16, 2014•8 min

Mortgages and Related Security… How Are You Liable? (Part 9 of 9)

Podcast Episode 9: “Mortgage Basics 9/9 – True and False 3.” Here’s the final episode in this podcast mini-series on mortgages, chock full of common questions. Can lenders put caveats on the title of my rental property? What are the legal fees for a foreclosure? The test portion of this blog post also has handy appendix covering the court process of a foreclosure in Alberta. https://barrymcguire.ca/wp-content/uploads/2014/02/mortgage-basics-9-true-and-false-3.mp3 Download the audio file HERE. Do...

Apr 03, 2014•6 min

Mortgages and Related Security… How Are You Liable? (Part 8 of 9)

Podcast Episode 8: “Mortgage Basics 8/9 – True and False 2.” The episode continues with the FAQ about mortgages. If lenders can’t pursue deficiencies when an Alberta walks away from their mortgage, are there other repercussions? How does assuming a mortgage from a corporation change liability for an individual? Listen (or read) on to find out! https://barrymcguire.ca/wp-content/uploads/2014/02/mortgage-basics-8-true-and-false-2.mp3 Download the audio file HERE. Download the PDF file HERE. (contr...

Mar 27, 2014•6 min

Mortgages and Related Security… How Are You Liable? (Part 7 of 9)

Podcast Episode 7: “Mortgage Basics 7/9 – True and False 1.” Having covered the different types of mortgages in the last few episodes, this podcast turns to frequently asked questions. Is it really true that Albertans can’t be held personally liable for conventional mortgages? What if I my mortgage is in a holding company? There are so many permutation and combinations https://barrymcguire.ca/wp-content/uploads/2014/02/mortgage-basics-7-true-and-false-1.mp3 Download the audio file HERE. Download...

Mar 20, 2014•6 min

Mortgages and Related Security… How Are You Liable? (Part 6 of 9)

Podcast Episode 6: “Mortgage Basics 6/9 – Corporate Mortgages and Personal Guarantees.” Continuing with our mortgage podcast mini series, let’s look at assuming mortgages from a corporation and the issue of personal guarantees. There are certainly lots of details when it comes to mortgage law, which is why you need a lawyer to get a mortgage. https://barrymcguire.ca/wp-content/uploads/2014/02/mortgage-basics-6-corporate-mortgages-and-personal-guarantees.mp3 Download the audio file HERE. Download...

Mar 13, 2014•5 min

Mortgages and Related Security… How Are You Liable? (Part 5 of 9)

Podcast Episode 5: “Mortgage Basics 5/9 – The Chain of Responsibility.” A continuation of how mortgages work in Alberta including discussions of conventional mortgages, high ratio (CMHC) mortgages, personal guarantees, enforceability, assumptions and foreclosures. Also includes 10 very useful true and false questions and an explanation of the court process around a foreclosure. https://barrymcguire.ca/wp-content/uploads/2014/02/mortgage-basics-5-the-chain-of-responsibility.mp3 Download the audio...

Mar 06, 2014•3 min

Mortgages and Related Security… How Are You Liable? (Part 4 of 9)

Podcast Episode 4: “Mortgage Basics 4/9 – The Alberta Difference.” The next part of this mortgages mini series looks at how things are different in Alberta. There is a unique wrinkle regarding borrower’s liability in the event of a foreclosure… https://barrymcguire.ca/wp-content/uploads/2014/02/mortgage-basics-4-the-alberta-difference.mp3 Download the audio file HERE. Download the PDF file HERE. (control click or right click + save as) C. Alberta Mortgage Law Some principles of mortgage law spec...

Feb 27, 2014•4 min

Mortgages and Related Security… How Are You Liable? (Part 3 of 9)

Podcast Episode 3: “Mortgage Basics 3/9 – Personal Guarantees.” The third part of this podcast mini series focuses on personal guarantees to secure a mortgage. This short episode discusses situations where a lender might require a third party to add their name to a mortgage contract as extra insurance. https://barrymcguire.ca/wp-content/uploads/2014/02/mortgage-basics-3-personal-guarantees.mp3 Download the audio file HERE. Download the PDF file HERE. (control click or right click + save as) B. B...

Feb 20, 2014•3 min

Mortgages and Related Security… How Are You Liable? (Part 2 of 9)

Podcast Episode 2: “Mortgage Basics 2/9 – Types of Mortgages.” This episode of Tales from the Trenches continues the mini series on mortgages with a discussion of conventional mortgages and high ratio (CMHC) mortgages. The legal aspect of how mortgages are secured depends on the loan to value ratio. https://barrymcguire.ca/wp-content/uploads/2014/02/mortgage-basics-2-types-of-mortgages.mp3 Download the audio file HERE. Download the PDF file HERE. (control click or right click + save as) B. Basic...

Feb 13, 2014•4 min

Mortgages and Related Security… How Are You Liable? (Part 1 of 9)

Podcast Episode 1: “Mortgage Basics 1/9 – History Is No Mystery.” Mortgages are a fact of life for most people buying and selling real estate. For the first episode of the Tales from the Trenches podcast, we’re going to talk about some of the background and history of these all important legal contracts. If you’re getting a mortgage, lenders require you to have a lawyer’s assistance . In this mini series of podcasts, veteran Alberta real estate attorney Barry McGuire gives you the straight goods...

Feb 06, 2014•8 min

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