ARCHIVED BLOG POSTS
2019
3
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Market Drops, Buyer Defaults, Seller Gets Summary Judgment We know that 2017 was not a good year for residential real estate. The general view that the real estate market is always going up is not necessarily true. In 2017, the market backfired and there were a host of defaulted deals. This is an...
07/31/2019
TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.04% Fixed 2 Year 3.74% 2.89% Fixed 3 Year 3.89% 2.79% Fixed 4 Year 3.94% 2.94% Fixed 5 Year 5.19% 2.74% Fixed 7 Year 5.80% 2.99% Fixed 10 Year 6.10% 3.04% Variable Rate 2.90% Prime Rate 3.95% Benchmark Rate 5.19% Cost p...
07/30/2019
0
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Legal Non-Conforming Uses in OntarioThis is an issue under the zoning by-laws. It is important to note that all zoning by-laws are forward looking. They speak to the future and not the past. They regulate future uses of a property not existing ones. They are prospective not retrospective in natur...
07/30/2019
Retrofit Clauses for AgreementsOne very significant problem was the real estate industry would encourage the sale of a building with a secondary unit in an area zoned simply for single family units.There would be a good deal of puffery associated with the marketing: great place for the in...
07/29/2019
Term Posted Rate Preferred Rate Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.04% Fixed 2 Year 3.74% 2.89% Fixed 3 Year 3.89% 2.79% Fixed 4 Year 3.94% 2.94% Fixed 5 Year 5.19% 2.74% Fixed 7 Year 5.80% 2.99% Fixed 10 Year 6.10% 3.04% Variable 2.90% Prime 3.95% Benchmark 5.19%
07/29/2019
0
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Forfeiture of Deposit: Is 12.5% too large?The size of a deposit and whether it should be relieved from forfeiture was the subject of a recent decision in the Ontario Superior Court of Justice in Greco v. Padovani (4 July 2019).Brief FactsPurchase Price: $3,200,00...
07/26/2019
2
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Code or Common Law Precedence (Ontario)Question:REBBA 2002 requires a written agreement but then Agency Law states that it is not necessary to have a written agreement. Which would take precedence? Answer:The Act does not actually refer to “agency”, only “representation”.The issues you raise are ...
07/25/2019
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Title Transfer in Estate (Ontario)Question:If a husband has passed away and he left a will to his wife stating that all his assets will pass to her and then their children when she dies, who holds title? Does the wife hold title or does she simply have the right to use and the kids hold title? An...
07/24/2019
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Amendments and Changes to an Offer (Ontario)Question:With a conditional offer in which the conditions are about to come off, what is the correct form (with Notice of Fulfillment) to change the date and add the spouse of the client to the offer?Answer:The Notice of Fulfillment was drafted to enabl...
07/24/2019
0
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Defendant Cries Out “Family Matters” Too Many TimesAll too often, people will seek some kind of indulgence and not really offer a proper explanation. Once or twice, this might work, but after a while the request based on “family matters” presumably taking precedence just won’t work.Consider the c...
07/24/2019
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