ARCHIVED BLOG POSTS
2008
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Documents for the Purchaser By Brian Madigan LL.B.If you have just sold your house, what should you be leaving for the purchaser?Title DocumentsI am assuming that you have already delivered copies of these documents to your lawyer. However, in cleaning up, it's possible that you might have extr...
06/29/2008
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Fintrac ~ Identification of Individuals By Brian Madigan LL.B.As a real estate agent you are under new legal obligations to collect and maintain certain records with regard to real estate transactions.These obligations arise under the Proceeds of Crime (Money Laundering) and Terrorist Financing ...
06/29/2008
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Origins and Definition of Common Law By Brian Madigan LL.B.Frequently, people will ask "what is common law". And, just as frequently someone will provide a simple definition, but somewhat different than the one you heard before. So, let's have a look at the term "common law" in its various conte...
06/27/2008
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Air Rights By Brian Madigan LL.B.There are "air rights" and then again there are "air rights", and of course they are two completely different things.So, let's deal with the two concepts:1) common law air rights, and2) zoning air rights.Common Law Air RightsActually, these are probably the type...
06/26/2008
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15 Reasons to Buy Title Insurance By Brian Madigan LL.B.I thought that I would give you 15 good reasons to buy title insurance. Actually, there are more than fifteen, but if these fifteen are not enough, then you're just not going to be convinced.Until 1997, the common practice in Ontario was to...
06/26/2008
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Consumer Reporting Act By Brian Madigan LL.B.The Consumer Reporting Act is designed to afford a certain level of protection to consumers. So, the Act defines consumers and does not apply to businesses.There are requirements with respect to disclosure to consumers relating to credit information a...
06/25/2008
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Debt Service Ratios By Brian Madigan LL.B.Before you can buy property, you will need to qualify for a mortgage. There are, of course, exceptions: you could win the money in a lottery, receive it from an inheritance or have it loaned to you by a friend (when I say friend, I really mean parents, ...
06/24/2008
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The 5 Financial Reasons for Owning a Home By Brian Madigan LL.B.So, you think that you would like to buy some real estate! In particular, you would like to buy a house.Let's summarize the principal financial advantages:1) use of rental income2) use of leverage3) forced savings4) appreciation in...
06/24/2008
Agents: New Rules For Compliance with FINTRAC By Brian Madigan LL.B.Effective 23 June 2008, real estate agents must be aware that there is an obligation to comply with the provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This Act is federal legislation and it ...
06/23/2008
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False and Misleading Statements ~ Agents By Brian Madigan LL.B.We are all aware that sales agents like to pump their products, merchandise and services. That has been going on for years and the public who be naïve to think that there is never any “puffery” involved. However, there are times when ...
06/23/2008
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