Agreement of Purchase and Sale
What Does “Duty of Honesty” Mean In An Agreement of Purchase and Sale?
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….
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,…
Can you Evict your Tenant When Selling your Property?
I am often asked by sellers of their principal residences and investment properties if they can evict their tenants and provide vacant possession of the property to the buyer. Section 49 of the Residential Tenancies Act permits a landlord/seller, in certain circumstances, who has entered into an Agreement of Purchase and Sale to, on behalf…
Common Pitfalls of Flipping New Condominium Home Agreement Assignments
In my earlier blog, I discussed the importance of determining whether you need your builder’s consent to assign/flip your agreement of purchase and sale. Usually you do. Once you have resolved that issue, you will enter into an agreement of purchase and sale with your purchaser regarding the flip. In that flip agreement, your purchaser…
Consider This When Flipping Your New Condo in Toronto
When I am asked by a client if they can flip their new condominium/new home agreement of purchase and sale, I always respond that the first place to start is the agreement of purchase and sale itself. Unless the agreement of purchase and sale prohibits flips, then the purchaser is free to flip their agreement…
The importance of a lawyer’s review of an Agreement of Purchase & Sale
An Agreement of Purchase and Sale, once signed, and once all of the conditions (for example, financing and home inspection) have been waived or fulfilled is a binding contract between the buyer and seller which cannot be changed unless both parties agree to do so. Usually, if one party wants a change to the Agreement,…