PTBOCanada Featured Post: A Profile On Bill Fox From Fox Law Firm

Bill Fox

If you know anything about the barrister scene in Peterborough, one of the few constants that stand out in town is the name Bill Fox. The Fox Law firm has been a part of our community for more than 40 years now and has gone through many changes, but always with Bill at the forefront.

Born in Toronto before moving to Cornwall, Ont., where he grew up, Bill is the oldest in a family of four children. Fluent in French, Bill grew up an avid golfer, playing at one time for the Quebec provincial team. His father owned a hotel in the French district of Cornwall which further cemented his French connection.

Upon graduating from high school where he was described in the yearbook as “Perry Mason with a golf club," Bill went on to the prestigious St. Michael's College at the University of Toronto where, in his first year, he met Anne, his wife to be! With Anne by his side, working at Bell, and later as a high school teacher, Bill then attended Osgoode Hall law school where they married after his first year there. When Bill graduated with his law degree, he immediately moved to Peterborough, where he has remained ever since.

Working for various firms as an associate including with Howell and Fleming, partnering with John McCarney, and later Jim Potts, Bill set out on his own in 1984 as a sole practitioner and Fox Law has been a part of our community ever since. Working with Bill since 1978 is his secretary Colleen Worboy, and joining them in 1988 was Patty Parks. They still work together as a team to this day!

2014 has been a major year for Bill at Fox Law. With his ever growing portfolio and responsibilities around town, he has taken on Ross Pryde and Nicole Truman—watch for a profile on her next in this series—as associate lawyers. Both Ross and Nicole have business administration undergraduate degrees and both worked in business before going to law school. In May of this year, the firm assumed the law practice of retiring lawyer, John Crook, and in October they are moving their office from its current fourth floor residence in the J. J. Turner building (140 King Street) in downtown Peterborough to the expanded premises just one floor down on the third floor, in the same building!

THE MAIN AREAS OF LAW PRACTICED BY THE MEMBERS OF FOX LAW ARE...

- Business law (corporate and commercial)         
- Real estate
- Powers of attorney                                                              
- Wills
- Estate Administration

Bill prides himself on being very active in the community outside of his law practice. Other than his lifelong golf hobby, and love of hockey and bridge, he has been the past director of the Peterborough Rotary Club, the YMCA, Peterborough Golf and Country Club, as well as the past president of the Peterborough Law Association.         

Note: This is the 2nd of a 3-part series on Fox Law in Peterborough. Read our first post here.

For more information on Bill Fox and Fox Law, they can be reached at:

Website: Fox-law.ca
Email: bill@fox-law.ca
Phone: 705.743.2300
Fax: 705.743.9932
 

**If your business/organization is interested in a PTBOCanada Featured Post Advertorial, email our Sales Director Aaron Elliott at aaron@ptbocanada.com for info!

PTBOCanada Featured Post: Sales Representative Patrick McAuley On Investing In A Rental Properly

The term “investment property” has always been enticing. The thought of someone else paying down a mortgage for you and then selling for a nifty profit is almost too good to pass up.

As a Real Estate Agent with Bowes and Cocks, Patrick McAuley knows all too well that for every peak there is a valley, and suggests that potential buyers consider everything before making a final decision.

Let’s change things up and look at the disadvantages of a rental property first!

Disadvantages Of A Rental Property:

1. It might be tough to finance the purchase. If the rental property is your 2nd property, then you will need to pony up a down payment of AT LEAST 20% of the purchase price. Most people will need to take a mortgage out on a property, and the initial expenses could be quite high and unexpected.

2. As the owner, you take on the responsibilities and challenges of being a landlord. Unless you can afford to pay a property management company to take on this job for you, you could encounter a few headaches. Rental units will always need repairs to be made, along with clean ups between tenants. Dealing with tenants can also be tricky—especially when it comes to receiving rent payments.

3. It could be difficult and costly to sell the property later. It can take time to sell a property, no matter how nice it is, and the unseen costs of keeping up a 2nd property with tenants potentially leaving while the house is listed can add up quickly!

Advantages Of A Rental Property (Don’t worry, There Are Quite A Few!):

1. You gain an additional monthly income. Assuming the home is rented to its potential, the money coming in for rent is generally more than the cost to run the house. Other forms of investment can be less predictable in pay outs.

2. You pay less overall tax. You can deduct certain expenses from your income—reducing the taxes you owe. The list includes:

•Mortgage interest
•Property taxes
•Insurance
•Maintenance/upgrades
•Property management
•Utility bills (if they are included in the rental agreement)

Give Patrick McAuley a call, he can help

3. You may be able to deduct losses for tax purposes. If expenses exceed your rental income, you may be able to deduct that loss from any other sources of income you have. This could reduce your total tax bill.

So... Do Your Homework

With all of this info to consider, Patrick suggests doing your homework before making any hasty decisions. Accountants, lawyers, mortgage brokers, or other financial experts can help shed some light on a subject most people aren’t entirely educated in!

If you are considering entering the rental property market, Patrick invites you to contact him and ask as many questions as you need. He understands the importance that this decision can play in people’s lives and would be happy to steer you in the right direction!

This is the fourth in a Featured Post series with Patrick McAuley, Sales Representative – Bowes and Cocks LTD Brokerage. Read his first three columns here, here and here.

For more on Patrick McAuley, go to:
Phone:
Office -> 705.742.4234
Toll Free -> 1.888.742.4234
Website: BowesandCocks.com
Email: pmcauley@bowesandcocks.com
Twitter: @sellwithpat
Fax: (705) 743-9374

**This is not intended to solicit clients already under contract**

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**If your business/organization is interested in a PTBOCanada Featured Post Advertorial, email our Sales Director Aaron Elliott at aaron@ptbocanada.com for info!

PTBOCanada Featured Post: Introducing Fox Law's Ross Pryde

Ross Pryde

To say that 2014 has been a busy year for Fox Law in Peterborough would be an understatement. The firm was established more than 40 years ago by Bill Fox, who still practices as much as ever. Recently, it absorbed the practice of a newly retired local lawyer and it has brought in two new lawyers: Nicole Truman and Ross Pryde.

Ross Pryde, who is moving to Peterborough in August, was born and raised in Aylmer, Ont. He grew up the son of a GM dealership owner, learning the ins and outs of a small business and the importance of customer service. He received his Honours Business Administration degree from the prestigious Richard Ivey School of Business. After his undergrad studies, he moved to Toronto and worked in various capacities for a few of the city’s professional sports franchises, including the Toronto Maple Leafs.

When the 2004 NHL lockout was on the horizon, he saw the writing on the wall and headed for law school in Ottawa. After law school, he served his articling term and practiced as a lawyer in Port Perry.

The move to Peterborough from the community of Columbus, Ont., where he is currently commuting from, will be a great chance for Ross to settle down. Come August, he will be a home owner in our great city, and in September will be marrying his fiancée Jane. The choice to come to Peterborough to practice was made easier by the size of our community, diverse people, and an overall feeling of it being just right.

Ross specializes in quite a few different areas of law, including:

• Business Law – focusing on incorporations, succession planning, and family trust
• Estate Planning – advising clients regarding Wills and Powers of Attorney
• Estate Administration – working with Trustees in dealing with estates
• Real Estate – the buying and selling of residential and commercial properties along with planning applications.

For more than 40 years, Bill Fox has specialized in Business Law, which has made the transition for Ross an easier one coming from the same background. Bill acts for more than 500 companies in and around Peterborough, and is known for his integrity and humility, as well as being a people person. Ross’s goal is to transition smoothly into the firm and take on the same characteristics to grow his practice and provide the best possible legal help to his clients.

Note: This is the first of a 3-part series on Fox Law in Peterborough.

For more information on Ross Pryde and Fox Law, they can be reached at:

Website: Fox-law.ca
Email: ross@fox-law.ca
LinkedIn: RdPryde
Phone: 705.743.2300
Fax: 705.743.9932
 

**If your business/organization is interested in a PTBOCanada Featured Post Advertorial, email our Sales Director Aaron Elliott at aaron@ptbocanada.com for info!

PTBOCanada Featured Post: The Canadian Lease Abstractor

For Mili Mezei, real estate and all of its facets are a passion. The career professional has worked in so many different areas of it that one would forgive her if she forgot a few of them!

Born and raised in Toronto, Mili grew up in a typical European home with newly emigrated parents to Canada. She attended York University where she graduated with a major in French Linguistics. A few years down the road, she became a paralegal and started working on the legal side of things at a Law Firm specializing in residential real estate.

As a paralegal, Mili had also become a Commissioner of Oaths, which was very beneficial to her down the road. A mother of two, Mili has worked with tenants, landlords, lenders, land development, franchising, facility management and property management. During this time, Mili began working on her real license. She obtained her real estate license, specializing in commercial properties (while also working with residential properties).

In 2012 she moved to Peterborough, and all of her experiences came to a head in 2013, where with the help of Peterborough Economic Development's Business Advisory Centre Mili started her lease abstracting business The Canadian Lease Abstractor as an added service to her already successful commercial sales and leasing career. With her legal and real estate background combined with big city experience, she was excited to bring this unique service to Peterborough and the Kawartha Lakes.

Mili Mezei

What Mili provides with The Canadian Lease Abstractor business is really quite unique and in a lot of ways a great resource to make life easier for people bound by commercial leases. By abstracting leases, she is essentially summarizing the document to assist the reader in locating frequently referenced items without needing to continually read through the entire document and decipher the meanings.

With so much difficult to understand technical language in these documents, Mili works toward creating a simpler layman’s terms report for quick accessibility. Additionally, all of the financial terms, critical dates and obligations of the lease are documented in the abstract, which makes it useful particularly for property investors or lenders. Providing a lease abstract rather than a full lease text also saves time and money for those who are performing due diligence on the property for a potential sale or acquisition and takes all of the guess work out.

Mili loves her new community and as a realtor with Flat Rate Realty, she knows that the area is attracting new businesses. Her skills in lease abstracting and experience in commercial real estate have shown her the importance of what her service brings, and she wants people to know that there is help out there for them.

The people who Mili has helped out with her abstracting are a wide ranging group. They include:
-       Investors/Buyers
-       Porperty Managers
-       Maintenance Workers
-       Lease Administrators
-       Leasing Agents
-       Realtors/Brokers
-       Tenants
-       Landlords
-       Lenders
-       Facility Management Companies
-       Trustees in Bankruptcy

If one of Mili’s clients wants a lease abstracted and from the information provided decides not to pursue the property, she can locate other properties and work with them on that.

If you’re involved in any way with Commercial real estate and have ever wondered what you have gotten yourself into, The Canadian Lease Abstractor could be of great assistance! Don’t second guess yourself!

For more info on Canadian Lease Abstractor, go to:
Website:   Thecanadianleaseabstractor.com
Facebook: The Canadian Lease Abstrator
Twitter: @LeaseAbstractor
Email: cndleaseabstractor@gmail.com
Phone: 705.313.3803

***If your business/organization is interested in a PTBOCanada Featured Post Advertorial, email sales@ptbocanada.com for info!