Independent Legal Advice

Show Notes:

Carmen and Jordan speak with Hussein Hamdani and Paul Demarco from Simpson Wigle Law, about the legal aspects of real estate transactions. Hussein and Paul specialize in corporate, commercial, and real estate law, and in today’s episode they share a little of their background, define private and syndicated mortgages, and describe the independent legal advice they provide and why it can result in delays. They also discuss the benefits of investing in a mortgage, the process that is followed, and the options available should a borrower fail to pay. As Carmen says, these two professionals ‘do a great job’, and you will undoubtedly agree as you listen to them today.

Episode Highlights:

• Hussein and Paul’s backgrounds
• What private and syndicated mortgages are
• The independent legal advice that they provide and why it can result in a delay
• The benefits of investing in a mortgage
• The process that is followed
• The options available if a borrower fails to pay

Quotes:

“Our job is to make sure we do our due diligence on that borrower…any dirt under the fingernails, we’ve got to be able to discover it.”

“We want to make sure that the mortgage that they’re investing in, that that property’s title is clean.”

“Before we will let our investors advance any money, we need to be satisfied that their mortgage is going on to a good property.”

“Real estate, thankfully, in Canada for the most part, has been going up in value.”

“It’s really nice from a cash flow standpoint.”

“It is a beautiful vehicle.”

“It’s not like a stock – if it plummets and it’s history. This way we have recourse.”

Links:

30 Minutes to Wealth homepage: https://www.30minutestowealth.com/

Pro Funds Mortgages homepage: https://www.profunds.ca/