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…
Real Estate Q&A
What’s So Important About A Condominium Status Certificate?
The purchase of a condominium differs in many regards from the purchase of a house. Condominiums are created by statute and the Declaration, Rules and By-Laws of each condominium differ. Here are some of the questions that you and your agent should be asking each other: Are pets allowed? What kinds of pets? How many?…
The APS calls for my seller to terminate the tenancy so the buyer can move in. The buyer is a corporation. Is it legal?
Here’s the bottom line: Section 49 of the Residential Tenancies Act allows a seller/landlord to terminate a tenancy within a residential complex that contains no more than three (3) residential units, or a condominium unit; if: (i) The seller/landlord has entered into an agreement of purchase and sale to sell the residential complex; and (ii)…
Acting in Good Faith: Navigating Real Estate Agreements
In real estate transactions, particularly within the context of resale residential agreements of purchase and sale, the principle of acting in good faith is a cornerstone of ethical and fair dealings. But what does acting in good faith truly mean, and how does it influence the ability to navigate real estate agreements effectively? The Principle…
Unraveling the “Survive Closing Non Merger” Clause in Real Estate Agreements
In the world of real estate, the process doesn’t end with a handshake – it’s filled with complex jargon and clauses. One such term that often pops up is the “Survive Closing Non Merger” clause. Not exactly a phrase that rolls off the tongue, right? Fear not, we’re here to break it down for you,…
The buyer won’t close. What are my legal remedies?
What can a seller do? Here’s the short answer: Extend the closing if the seller still wishes the transaction to close Accept the breach, terminate the transaction, keep the deposit without having to account to the buyer and walk away (this is prudent in an escalating market) Accept the breach, hold the deposit in abeyance,…
Death In Real Estate: Do I Need to Probate the Will Before I Sell the House?
As a real estate lawyer, I am often asked if the Will of a deceased client must be probated before his real estate may be dealt with. There are a few issues to consider before the aforementioned question can be answered (and in this blog I will only address situations where the deceased has made…
Land Transfer Tax, Rebates, and Exemptions For First Time Buyers
When it comes to answering these questions and deciphering their answers, consulting a real estate lawyer is often a good first step for potential homeowners. Generally speaking, the Ontario Land Transfer Tax Act and the Municipal Land Transfer Tax Act of Toronto provide that buyers are obligated to pay a land transfer tax upon the purchase…
The Critical Role of Home Inspections in Real Estate Transactions
Buying a home is one of the most significant investments you’ll make in your lifetime, and ensuring that investment is sound requires more than just a cursory glance at the property’s aesthetics. This is where the importance of a comprehensive home inspection comes into play, a step too crucial to overlook or to attempt to…
Can you Hold Back Funds on Closing When an Appliance is Broken?
The simple answer is: No. As in any contractual situation, the agreement of purchase and sale is the first document that should be reviewed. Unless your agreement of purchase and sale gives you the right to holdback a specified sum of money, other than in certain situations where there is material damage or a material…