Good Real Estate Lawyer in Ontario?

Question

Hi guys! Wondering if anyone has a good real estate lawyer? I've talked to a couple local guys that didn't have much experience in JVs. I'm wondering if someone can recommend a good real estate lawyer to draft up a JV partnership. I'm going in with a partner, and I'm hoping that they can be on title and take the full mortgage liability rather than us both being on title. I've heard I could take a second mortgage on the property as security for myself?

Matt Geerts · Answer

@Spencer Brown I've done one JV and I let the other person be the only one on title. They were a little scared of the process and I knew that my JV contract protected me. I don't think that registering a mortgage is necessary, but I think you can register the JV agreement on title so if they try to sell the property out from under you the lawyers will see it.

Will you have any  money in the deal? I did not, I found the deal and did the work in exchange for 50% of profit. For that reason if they decided to screw me I was okay with it. I'd miss out on making a bunch of money, but I'd also never call them back for the next deal. I said that straight up to them. They have a lot more to gain by being a good partner.

One piece of advice that I would strongly encourage: Make sure that the JV agreement spells out who is responsible for what decisions. You never want any decision to exist that both people can make. If you have a difference of opinion you have trouble. Expensive trouble.

Claude Boiron · Answer

Hi Spencer!

This is my go-to for these types of agreements:

John FigolRoss ∙ Rumbell Professional Corporation

8 King Street East Suite 300Toronto Ontario M5C 1B5www.rossrumbell.com

Matt Geerts · Answer

Sounds like a solid deal, Spencer. If you're finding the deal and doing the full operations, work on doing it with none of your own cash in the deal and a 50/50 split. The only thing stopping you is some salesmanship. Demonstrate to them the value that you're providing.

Half the people wonder why you should get half for having no money in.

Half the people wonder why they should get half for not doing any work.

Spencer Brown · Answer

Thanks a lot @Matt Geerts @Claude Boiron @Jacob Perez  guys. Update: I do have money in the deal from myself and other investors and they wanted protection, so I decided to go on title. I'm managing partner responsible for all decisions. But my plan is to sell or refinance after 6 months to put my partner on title only as I need my mortgage room for another project.  After the initial construction period and the value is created I should be able to get everyone's money out so their risk is negated.

Good Real Estate Lawyer in Ontario?

Most Popular Reply