People are puzzled when we describe Arora Zbar LLP as a startup. To us, a startup means, among other things, a commitment to finding and fixing pain points using innovative solutions beyond those traditionally available to lawyers.
For instance, we noticed that clients, real estate agents, and mortgage brokers lacked easy access to the closing costs associated with a home purchase. So we designed and built PriceMyConveyance, a residential real estate closing cost calculator which provides clients and real estate professionals a better understanding of the total cost of a new home.
PriceMyConveyance was built with the help of coding whiz and long time friend of the firm, Travis Gritter.
Like most apps, PriceMyConveyance was born in a moment of “there must be a better way”. Eli’s eureka moment struck after a few months of realtors and mortgage brokers always asking him the same question before referring a client: “how much should I quote them for closing costs?”, to which Eli typically responded with: “it depends.” However, it usually depends on the same handful of factors. That’s when PriceMyConveyance was born. By programming the handful of factors into a calculator, real estate professionals can quickly provide accurate estimates of our fees and other associated closing costs for their client’s residential home purchase.
You can check out the calculator by clicking on any of the links above or by visiting pricemyconveyance.com. Arora Zbar LLP is committed to finding pain points like these and fixing them, which is why it’s a startup.
Charges Against Property
Property is often purchased with a particular purpose in mind and when this vision cannot be realized due to charges against the property, purchasers may end up disappointed. Charges are legal instruments registered against title to the property that indicate some sort of third-party interest in the property. At first glance of a title search, these charges offer little information as to their nature. When purchasing property, always seek the help of a prudent lawyer to review the title and the charge documents themselves. This could potentially save you thousands of dollars and a major headache. Check out the following examples of different charges that may be held against your property.
An easement is a specific interest in one property in favour of another property. These typically grant the right to do some positive act on another owner’s property. Examples include traveling through the property and running utilities through the property. Easements arise by express grant or by implication, such as when the only access to a landlocked property is through a neighbouring property. When purchasing property, it is crucial that any existing easements are identified as the existence of an easement can create significant difficulties for future use and development of the property. Easements must be read carefully to identify which specific rights are granted. Removal of an easement requires cooperation and consent from the owner of the property that holds the benefit of the easement.
A restrictive covenant typically imposes a restriction on the use an owner may make of his or her property. Examples include preventing construction that blocks light from a neighbour’s window or preventing a specific type of business activity. Potential purchasers of property should be made aware of all restrictive covenants that may limit their intended use of the property as removing or modifying restrictive covenants can be a time-consuming and expensive process with no guarantee of success. Disputes relating to restrictive covenants normally relate to whether the covenant “runs with the land”, meaning that the restriction survives the transfer of the property and is binding on the purchaser of the property.
Statutory Rights of Way
A statutory right of way allows the creation of an interest similar to an easement for the benefit of a specific group, generally government and its agencies. Government bodies typically acquire statutory rights of way for utilities or for public access. The key difference between an easement and a statutory right of way is that a statutory right of way need not benefit another parcel of land. A statutory right of way runs with the land and therefore burdens the subsequent owners of the property. Consequently, once a person ceases to be the owner of the property subject to the statutory right of way, they are no longer liable for breaches of the statutory right of way that may occur later on.
A building scheme is a charge registered against a property that forms part of a community, often to ensure a continuity of the design of a neighbourhood or to provide guidance for future construction of the property. Building schemes allow owners or developers of property who wish to sell or lease at least two parcels of property to create restrictions consistent with a general plan of development on the property. Because building schemes are registered against the title to all of the affected properties and run with the land, all purchasers must comply with the restrictions. Building schemes can be enforced by the owner or developer of the property who can withhold approval of any development unless the proposed plans comply with the restrictions set out in the building scheme.
Whether you’re planning on purchasing a property or have already purchased one, you’ll want help identifying the nature of the charges on title and how your property is affected. Arora Zbar LLP can help. Don’t hesitate to get in touch.Read More