In an earlier article I discussed the duty of good faith in the formation and performance of resale residential agreements of purchase and sale with particular focus on a buyer relying on his conditions to terminate an agreement. Typical conditions include the buyer arranging financing and/or insurance, and performing a home inspection, all of which…
Navigating Rental Items in Real Estate Transactions: Ensuring Clarity and Accuracy
When it comes to listing agreements and Agreements of Purchase and Sale, dealing with rental items, such as hot water tanks, water softeners, furnaces, or air conditioners, can be a complex task. To avoid potential issues, it’s essential to confirm the true nature of these items and ensure they are accurately disclosed in the contracts….
Did You Know Real Estate Agents Can Collect A Commission Even If The Seller Refuses to Accept The Offer?
This is great news for agents who have worked hard to procure an offer complying with the listing agreement only to have the seller refuse to accept the offer. In a recent case the Superior Court of Justice has confirmed the judgment of the Small Claims Court that as the full price offer in question…
HST Rebate For New Homes
HST REBATE – New Home/Condominium purchased from Builders (not resales and not commercial properties) It is always important to review and understand your Agreement of Purchase and Sale. Unless it otherwise provides, if you entered into an Agreement of Purchase and Sale after June 18, 2009, and which in fact closes on or after July 1, 2010,…
How A “Non-Residents Sale” Transaction Is Taxed In Ontario
If a seller of real property is a non-resident of Canada, section 116 of the Income Tax Act obligates the buyer to hold back and to pay to the CRA (within 30 days after the end of the month in which the closing occurs) 25% of the sale price unless the seller has applied for, obtained…
Everything Toronto Residents Need To Know About Residential Front Yard Parking
Front Yard Parking permits are not transferable. Each new owner of the property must apply to the city for his/her own permit, which, if granted will include the payment of certain fees. It is the responsibility of the new owner to ensure that the existing front yard parking pad is legally installed. By calling 416-392-2489,…
What is WETT: Wood Energy Technology Transfer?
Wood Energy Technology Transfer Inc. (WETT Inc.) is a non-profit training and education association which functions as the national registrar of the WETT program to promote the safe and effective use of wood burning systems in Canada. The Wood Energy Technical Training program is designed to: “provide training to those who offer wood energy products…
Pets: Are they allowed in rental apartment buildings and condominium buildings?
Although pets cannot be prohibited in rental apartment buildings in Ontario, they can be regulated and prohibited in condominiums where the condominium declaration so provides, BUT service animals must be allowed for owners/residents with a disability. The Ontario Human Rights Code trumps the condo Declaration. The condo corporation can ask for medical confirmation of the…
Navigating Tree Laws in Ontario: An Essential Guide
Navigating the complexities of tree laws in Ontario and specifically Toronto, particularly with property boundaries involvement, can be intricate and daunting. This comprehensive guide aims to clarify critical aspects property owners often grapple with, including dealing with overhanging branches, planting trees on property boundaries, managing a neighbor’s trees that encroach onto your property, and understanding…
Mortgage Down Payment Help From Parents: Is It a Gift, Loan, or Trust?
My mom gave me $50K to help with my down payment: is it a gift or is it a loan or did a trust just get thrown at me? Many parents are financially assisting their adult children to purchase real estate. Sometimes it’s a few thousand dollars; sometimes significantly more. Is this financial assistance a…