Posted on: Wednesday, June 19th, 2013
Sometimes situations are encountered in real estate transactions where clients are unavailable to sign the required legal documentation. A recent question was posed by an agent in relation to whether or not a real estate agent would be authorized to sign an offer on behalf of a purchaser if they [...]
Posted on: Wednesday, June 12th, 2013
What is a Writ? A writ of execution is a court order or other statutory authority that permits a creditor to instruct a sheriff to seize and sell assets/property of a debtor to satisfy an unpaid judgment. The act of filing a writ of execution (Writ) is the first step [...]
Posted on: Tuesday, June 11th, 2013
In the May 28, 2012 decision of The Corporation of the City of Kawartha Lakes v. Director, Ministry of the Environment, the Divisional Court affirmed the Environmental Review Tribunal (“ERT”) November, 2009 decision. You can access an article we wrote on this decision which was published in the March 2013 [...]
Posted on: Wednesday, May 22nd, 2013
Are Electronic Signatures Legal on Land Transfer Agreements in Ontario? In Ontario, real estate transactions, specifically agreements of purchase and sale, are deliberately exempted from the protections of the Electronic Commerce Act 2000, S.O. 2000, c. 17 (ECA). This is currently under review by way of Private Members Bill 28 [...]
Posted on: Wednesday, May 15th, 2013
Sample Clauses for: 1. Vermiculite Insulation (Asbestos) 2. Surveys 3. Warranties and Representations 4. Lawyers Approval 5. Hot Water Tank Rentals 6. Status Certificates 7. Septic Systems 8. Water Potability 1. Vermiculite Insulation – Asbestos With the consent of the vendor, samples can and should be taken if vermiculite insulation [...]
Posted on: Tuesday, May 14th, 2013
Spousal consent is required when you are listing a matrimonial home. Sounds easy enough, however, you need to know what is considered a matrimonial home to ensure you have the consent of both spouses for every step of this transaction. The definition for the matrimonial home comes from the Family [...]
Posted on: Tuesday, April 30th, 2013
First ingredient is water. You cannot make your own Kool-Aid if you do not have potable water. The other thing you cannot do without potable water is purchase a home if you require a mortgage. For agents who are assisting clients with property that are in a rural area there [...]
Posted on: Wednesday, April 24th, 2013
The Ontario Onsite Wastewater Association noted in their publication Septic Smart that investigators in Ontario estimate that 30 per cent of the one million household septic systems installed are failing to adequately protect the environment. When a change must be made to a septic system, such as repairs, replacements or [...]
Posted on: Friday, April 5th, 2013
You may be wondering why social media is becoming important and whether or not it is worth the time and effort to create and maintain these various profiles. In today’s increasingly online society, it is becoming more and more important to start marketing yourself with social media websites such as [...]
Posted on: Wednesday, April 3rd, 2013
What is a Backup Offer? A backup offer is the term used to refer to an offer that is submitted to a seller after the seller has already accepted an offer. The first offer that is submitted to and accepted by the seller becomes the primary contract in a real [...]
Posted on: Wednesday, April 3rd, 2013
Over the past three years a Canadian company known as Home Verified has created a comprehensive home history report that provides important information for the various parties involved in a real estate transaction. The service has only become available over the past few weeks. This report is available for homes [...]
Posted on: Wednesday, April 3rd, 2013
Standard in most Agreements of Purchase and Sale is the following provision: The Seller represents and warrants that the chattels and fixtures as included in this Agreement of Purchase and Sale will be in good working order and free from all liens and encumbrances on completion. The Parties agree that [...]
Posted on: Thursday, March 28th, 2013
Sometimes situations are encountered where clients are away at the time of closing a real estate transaction, and therefore, unable to sign the legal documentation. In these situations, one way to ensure that the transaction closes on time is by using a Power of Attorney (POA). However, a few years [...]
Posted on: Tuesday, March 26th, 2013
As a real estate agent you are subject to abide by certain legislation and regulations with respect to confirming your client/customers identity and personal identification information. Since June 23, 2008, real estate agents have been required to collect personal identification information from buyers and sellers, and to complete a report [...]
Posted on: Thursday, March 21st, 2013
An Agreement of Purchase and Sale is the foundation for every real estate transaction and is one of the most important legal documents many individuals will ever sign. Once an Agreement of Purchase and Sale is signed and all conditions have been fulfilled or waived, it becomes a binding contract [...]
Posted on: Thursday, March 21st, 2013
I was informed by one of my clients that they were not concerned with waiving the condition inserted in an offer to purchase that they sell their property first, because their lender informed them they were only risking their deposit. They deposited $1,000.00 with this in mind. It is important [...]
Posted on: Tuesday, February 19th, 2013
I am often contacted by agents to report that the purchasers have already used all their rights to attend at the property set out in the agreement and now they are asking to come in again. The first inclination is to say NO. This issue has been firmly settled by [...]
Posted on: Tuesday, February 19th, 2013
The Home Ownership Program is offered by the County of Simcoe and is aimed at assisting the “low-to-moderate income renter” to purchase a new home by way of providing a 10 percent down payment in the form of a “forgivable loan”. Although the loan is forgivable, there are certain conditions [...]
Posted on: Tuesday, February 19th, 2013
Typically every residential real estate sale agreement contains a clause concerning urea formaldehyde foam insulation (UFFI). This clause warrants that the vendor has never caused the house to be insulated with UFFI and to the best of the vendor’s knowledge the house does not contain UFFI. First I will set [...]
Posted on: Wednesday, February 6th, 2013
I am often asked what my opinion is on whether Seller Property Information Statements (SPIS) should be used in a real estate transaction. This question has become more common in the past few years after recent court decisions where real estate agents were held to have not discharged their obligation [...]
Posted on: Tuesday, January 29th, 2013
I have been asked on more than one occasion by real estate agents if they can withdraw an offer after it has been submitted and prior to the irrevocable date and time. I think the misunderstanding around this comes from the fact that in regular contract negotiations after an offer [...]
Posted on: Tuesday, January 8th, 2013
A new trend which is becoming more common in residential purchase agreements is for purchasers not to automatically agree to assume the hot water tank rental. It is the owner who has entered into the rental agreement and in many cases the terms are not attractive. As a purchaser you [...]
Posted on: Monday, December 17th, 2012
The Lawyer’s Weekly has published our article in the December 21, 2012 issue on disclosure obligations of real estate agents, specifically in relation to murder and burial plots. You can access the Lawyer’s Weekly article entitled “Three bed, two bath…one undisclosed crime: Scarcity of law and regulation over stigmatized properties” [...]
Posted on: Thursday, December 13th, 2012
Check out the Advocate Daily Post in relation to our November 2012 Newsletter by clicking here. This newsletter focuses on some commonly asked questions related to the agreement of purchase and sale. The first article deals with agreements that are conditional upon lawyer approval, which provides both parties with the [...]
Posted on: Monday, November 26th, 2012
The contents of this article were obtained directly from an article posted on Advocate Daily’s Website which can be accessed by clicking here. The definition of “material fact” in the Real Estate and Business Brokers Act’s Code of Ethics regulation should be amended to add clarity, says Barrie real estate [...]
Posted on: Tuesday, November 6th, 2012
This article was originally posted on Advocate Daily’s Website which can be accessed by clicking here. The priority for landlords in disputes with their tenants is to protect their property, Barrie real estate lawyer Shari Elliott tells Law Times. You can read the Law Times Article by clicking here. “What [...]
Posted on: Monday, October 22nd, 2012
As a real estate agent in Ontario it is important to understand the various statutes and regulations that are applicable to the way in which you advertise your services. The Real Estate Committee of Ontario (RECO) has published various documents on advertising guidelines which contain important information on the minimum [...]
Posted on: Monday, October 15th, 2012
1. Surveys Some examples of clauses that are commonly used which can create problems include: “Vendor will provide a survey”. This is assuming the vendor has the original survey to provide. If not, the purchaser can insist on one being obtained costs approx. $600.00 to $900.00 for a simple residential [...]
Posted on: Wednesday, October 3rd, 2012
This blog is intended to increase awareness about the Home Ownership Program that is provided by the Social Housing Department of the County of Simcoe. This week I have encountered my first purchase in which the purchasers are already taking advantage of this program. It aims to assist those individuals [...]
Posted on: Tuesday, October 2nd, 2012
It is important to insert a clause into your agreement of purchase and sale for a property that contains a tenant. This is true even when it appears the tenant is leaving before the closing date. As can be seen in the recent decision D’Amico v. Hitti, 2012 ONSC 4467 [...]
Posted on: Monday, September 24th, 2012
There are two common ways to take title to property when two or more people are involved in the transaction. They include Joint Tenancy and Tenancy in Common. 1. Joint tenancy involves ownership by two or more persons of the same property, all of whom hold title to the property [...]
Posted on: Wednesday, September 19th, 2012
In situations where one of the owners involved with a joint tenancy or tenancy in common relationship would like to sell their share of the property, and the other owners do not, there are different options available to the individual to terminate their interest in the property. When title is [...]
Posted on: Tuesday, September 11th, 2012
In a file that I recently encountered I made a suggestion for an amendment to the agreement of purchase and sale due to the fact that there was a tenant at the property in question. If you are making an offer on a property that has a tenant, even if [...]
Posted on: Tuesday, September 4th, 2012
What is the Home Buyers’ Tax Credit (HBTC)? The HBTC was introduced in Canada’s Economic Action Plan in 2009 to help first-time home buyers pay the costs that are associated with buying a home. These costs include things such as legal fees, disbursements, and land transfer taxes. The HBTC is [...]
Posted on: Thursday, August 30th, 2012
The Home Buyers’ Plan is a plan that allows a home buyer to withdraw funds from most registered retirement savings plans (RRSPs) in order to buy or build a qualifying home either for you, or a relative that has a disability. Some RRSPs that do not allow any withdrawals to [...]
Posted on: Monday, August 27th, 2012
When an individual is purchasing their first home, they are eligible for a Land Transfer Tax Credit (LTTC) which is a refund of the cost of land transfer tax in the province in which the property is being purchased. The rebate is available regardless of the purchase price but only [...]
Posted on: Tuesday, August 7th, 2012
A recent story about a property owner in Woodbridge, Sydney Walters, highlights the importance of a home inspection. But even more than the need for a home inspection, the need to have a qualified competent home inspector is key. Read the Toronto Star story by clicking here. This story talks [...]
Posted on: Friday, August 3rd, 2012
Check out a recent story posted on Advocate Daily and published in Law Times Magazine which discusses the main legal issue in a case involving the use of seller information forms, which is the principle of caveat emptor. You can read this full article by clicking here. If you have [...]
Posted on: Friday, July 20th, 2012
In real estate transactions the deal is closed and the transaction is completed once the money and documentation have been exchanged and the Transfer registered. However, certain warranties and representations can ‘survive’ the closing of the deal, if it is outlined in the contract as such. For example, a common [...]
Posted on: Wednesday, July 18th, 2012
In order to understand the use of the terms “representations” and “warranties” we need to begin with a definition of each. A representation is “a statement of fact made to induce another to enter into a contract”. One party provides information to the other at the time the contract is [...]
Posted on: Friday, July 6th, 2012
If your purchaser wants to move in, the landlord can provide notice to the tenant if the purchaser legitimately intends to use the property as his or her own residence; or for the use of their spouse, same-sex partner, child, parent, or in-law. The applicable legislation that outlines the processes [...]
Posted on: Wednesday, June 27th, 2012
Vendors often think they have a survey, but what they produce is only a photocopy of part of the registered plan of subdivision showing no buildings. Prior to drafting the agreement of purchase and sale it is important to determine whether or not the vendor does in fact have a [...]
Posted on: Tuesday, June 26th, 2012
The Federal Government has once again acted through regulatory changes to force Canadians to lower their debt levels. On July 9th, 2012 the mortgage lending rules will be tightened once again in order to gain control of the rising household debt levels in Canada, which marks the third time in [...]
Posted on: Wednesday, June 20th, 2012
What should a purchaser do if vermiculite insulation is suspected to be present in the home? First you should ensure that your purchaser has a properly qualified home inspector who is aware of the concerns with vermiculite insulation. If a home inspection results in a determination that vermiculite insulation is [...]
Posted on: Thursday, May 31st, 2012
The CRA offers a rulings and interpretation service in relation to taxes and duties on goods and services. This free service is called the Excise and GST/HST Rulings and Interpretation Service. This service issues technical publications, as well as both rulings and interpretations on taxes and duties. An interpretation is [...]
Posted on: Friday, May 25th, 2012
The answer is probably not; but maybe. The situations when the sale will be tax exempt include: if the vendor is an individual and the land was kept by that person for personal use, if the parcel is being created by subdividing another parcel and the vendor is an individual [...]
Posted on: Wednesday, May 23rd, 2012
This is an interesting question because if one were to Google this question you would find many conflicting answers. I actually spent a couple of hours with 4 different representatives of the Canada Revenue Agency to determine the answer. The short answer is NO. The first reason that the sale [...]
Posted on: Wednesday, April 25th, 2012
What are Your Disclosure Obligations? The disclosure obligations of Real Estate Agents in Ontario are unclear for what are commonly referred to as stigmatized properties. But disclosure is clearly required for one category of stigmatized properties, that being homes that were used in a grow operation. The RECO website has [...]
Posted on: Thursday, April 19th, 2012
I am often asked by real estate agents what do I have an obligation to disclose… murder, suicide, death…? If the property has been the location of a murder, suicide, sexual assault or death these events are considered stigmas. Depending on the facts of each case and your individual purchaser [...]
Posted on: Thursday, April 5th, 2012
It is just a fact of life that fuel oil tanks inherently leak. That is why there are standards imposed which govern not only the manufacture and installation of fuel oil tanks but the maintenance and removal. A reasonable person would assume if a fuel oil tank is new or [...]
Posted on: Thursday, March 8th, 2012
It is important to turn your mind to whether a used residential property is subject to HST if that property is larger than a half hectare. Revenue Canada’s definition of a principal residence includes a limit on the land size to a half hectare. This is the amount of land [...]
Posted on: Wednesday, February 15th, 2012
I am often asked what my opinion is on whether Seller Property Information Statements (SPIS) should be used in a real estate transaction. This question has become more common in the past year, after recent court decisions where real estate agents were held to have not discharged their obligation to [...]
Posted on: Wednesday, February 1st, 2012
What is title insurance? When was it developed and why? What is covered? What should every purchaser, seller and real estate agent know about the disclosure obligations? I am often asked what title insurance is and why a purchaser should obtain it. Title insurance protects your ownership interest, or “title” [...]
Posted on: Wednesday, February 1st, 2012
There is no excuse today for real estate agents not to be aware that the environmental status of properties needs to be addressed in the purchase agreement. By becoming aware of the issues, real estate agents can avoid the discovery of unexpected environmental issues. Environmental liability is applied to a [...]