ARCHIVED BLOG POSTS
2016
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Adding a Seller to an AgreementThis is much more unusual than adding a Buyer. But, it does happen on occasion. The Seller / Owner of the property didn’t sign the Agreement. This subsequently arises with some surprise about the mistake or error that was made. Is it fixable?Hopefully, the Seller mi...
08/31/2016
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Liability For Consequential LossesWe are still looking at Drolet v ReMax Riverview Realty Ltd (2016). In this case, the plaintiff purchased a property which he believed to be a “buildable lot”. In fact, that turned out not to be the case.The Buyer then sued the real estate agent that acted for hi...
08/31/2016
Seller Property Information Statement (SPIS) Use in 2016 (Ontario)Question: Is it still appropriate to use a SPIS in Ontario?Answer:While the SPIS seems to have fallen into disuse, it should be noted that it (the 2016 version) is very much improved over the much criticized forms from 2010 (and ea...
08/30/2016
Deal Closed Roof Completed in 2004 or 2009 (Ontario)Question:I bought a house last year. The Flyer and the MLS both stated that the roof was “done” in 2009. I was up in the attic and found an Invoice that said 2004.There was nothing about this in the Agreement of Purchase and Sale.Do I have any r...
08/30/2016
TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 2.89% 2.29% Fixed 2 Year 2.84% 2.14% Fixed 3 Year 3.39% 2.20% Fixed 4 Year 3.89% 2.44% Fixed 5 Year 4.64% 2.39% Fixed 7 Year 5.30% 3.44% Fixed 10 Year 6.10% 3.84% Variable Rate 2.20% Prime Rate 2.70% Benchmark Rate 4.64% Cost per ...
08/30/2016
Terms Posted Rates Preferred Rates 6 MONTHS 3.14% 3.10% 1 YEAR 2.99% 2.29% 2 YEARS 2.84% 2.14% 3 YEARS 3.39% 2.24% 4 YEARS 3.89% 2.39% 5 YEARS 4.64% 2.49% 7 YEARS 5.30% 2.99% 10 YEARS 6.10% 3.59% Rates are subject to change without notice. OAC E&OE Prime Rate 2.70% 5 yr variable 2.30%
08/29/2016
Am I Obligated to Respond within the Irrevocable Time? (Ontario)Question:I am the Listing agent and have received an indication from a Buyer’s agent that my Seller will not accept.Am I Obligated to Respond within the Irrevocable Time?Answer:If you are inquiring about the legal provision in the Ag...
08/29/2016
Interference With BRA Contract?Question:A potential Buyer is very upset with their agent. They have signed a Buyer Representation Agreement.How can I deal with this potential Buyer and stay out of trouble? Answer:This is potentially a very difficult situation. The best course of action is to have...
08/29/2016
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Right of Inspection Prior to ClosingThe Ontario case that is quoted frequently is the 1979 case of Harkness v. Cooney.After it was pronounced most lawyers accepted the fact that there was a common law right of inspection before closing, even though one had not been specified in the APS.That was t...
08/29/2016
Commercial bond yields CMB GoC Floating rateinsured cost of funds 5 Year - 1.11%*Canada housing 12/15/21 [-] 5 Year - 0.68%CAN 0.75 09/01/21 [-] 0.95% [-] 10 Year - 1.60%Canada housing 09/15/26 [-0.01]...
08/26/2016
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Brian Madigan
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