What Property Fraud Should Be Look Out By A Real Estate Lawyer in Mississauga

 The power, roles, and obligations of a Real Estate Lawyer in Mississauga are set out by statute (Substitute Decisions Act, 1992) as it is interpreted by the courts known as common law.

Purpose

If a person is not capable of looking after or he may have requirement of assistance with his or her own affairs, for instance, buying necessary items, day-to-day finances, paying bills, banking, or dealing with his or her assets. 

A lawyer is a person who makes substitute financial decisions on behalf of that person and manages the assets for his benefit.

However, passing control of the decision-making authority and management is not referred to as transferring ownership of the assets or liabilities. Legally ownership remains with and should also remain within the name of the incapable person or grantor.

Authority

An attorney for real estate is allowed to do anything on the behalf of the grantor if he would be capable, except he has made a will or if there are any Prenuptial Agreements in Mississauga. 

For instance, pay income taxes, pay bills, collect debts, open and close bank accounts, deal with personal belongings (store, sell, lend), deal with investments, apply for benefits (e.g., supplementary income benefits), maintain or deal with a vehicle or house, choose pension options (unless there is any prohibition in the power of attorney document). 

He can do anything or everything except making a will or anything that is attributed to making a will. 

In the management of real estate property, unless otherwise restricted, the lawyer may gather information from any person or business. It is inclusive of investments, pensions, real estate, personal property, etc. 

In addition to this, he may also collect a copy of the will of the grantor if there is any, so that the property may also get managed to the extent it is possible according to the wishes expressed in it. 

However, there are some exceptions and this rule might be departed, if there is an absolute necessity of selling the property to facilitate the lawyer to fulfill his or her duties.

Responsibilities

The substitute decision-maker plays a very crucial role in decision-making that lays an effect on the life of the grantor. Thus, the Real Estate Lawyer in Mississauga has some particular duties and obligations for ensuring honesty and persistence and that all the actions are taken for the benefit of the grantor. These are inclusive of: 

• Comfort and Well-Being

The lawyer must take into consideration the comfort and personal well-being of the grantor while making financial decisions. The transactions must be for the benefit of the grantor. 

• Management of Property

The lawyer must manage the assets in such a way that best accommodates the decisions that are required to be made and in the best interest of the grantor. 

For instance, if the grantor has expressed his desire to live at home. But, now he has a need for 24/7 care that could only be afforded if the house is sold. Here the requirement to fund the resources is much more than the desire of living at home.

• Plan

The lawyer is required to create an investment plan for the assets and finances of the persons that outlines all the details of the guidelines of the investment and set up a budget. The plan must be reviewed regularly and amended from time to time as and when situations get changed. 

There is a requirement in front of the lawyer to make some particular expenditures and some particular discretionary expenditures that he must make on the behalf of the grantor. 

There is a condition that there must be abundant funds. A real estate lawyer in Mississauga is required to make the following expenditures from the property of the grantor:

• To care and support for the grantor

• To educate and maintain the dependants of the grantor

• To meet the legal obligations of the grantor

• The lawyer or attorney may make:

•  Loans or gifts to the friends and relatives of the grantor on condition that he or she has indicated to you about that before becoming incapable or if he or she would provide these loans or gifts if he has not otherwise given any such indication.

• Charitable gifts with having prohibitions if the grantor while having capability has made similar gifts or has authorized in his power of attorney to make these gifts before becoming incapable.

• Keep Grantor and Other Updated 

The lawyer must strive to keep the grantor updated to the extent that the grantor is capable of understanding and should also have a proper consultation with the family, friends, and caregivers of the grantor who are being in regular contact with him to the extent possible.

• Keep Separate Records

The attorney must keep the transactions and financial records of the grantor entirely separate from their own. A real estate lawyer must not borrow or make use of the money of the grantor as his or her own or himself or herself unless the court has given authorization to him for doing so.