Honest Vendor Escapes Liability in SPIS case By Brian Madigan LL.B. (Ontario Real Estate Source) The case of Cotton and Monahan was tried in the Superior Court of Justice in Ontario over a 10 day trial, heard in December 2009 and January 2010. The reasons for Judgment were released 30 April 2010. The Cottons bought [...]
Tag Archives: law
The Advanatge of Real Estate for Entrepreneurs
The Advanatge of Real Estate for Business By Brian Madigan LL.B. (Ontario Real Estate Source) One of the best opportunities for investment is owning your own building. This is a great advantage for small business entrepreneurs. If you have a location for your business that will be relatively stable over time, then you should seriously [...]
What Does Joint Tenancy Mean?
What Does Joint Tenancy Mean? By Brian Madigan LL.B. (ORES) Joint tenancy is a rather old common law method of property ownership. Essentially, it includes the right of survivorship as one of its provisions. The basic arrangement would be tenancy in common, that is like partnership property and there are no special rules relating to [...]
Should You Have an Indemnity Clause?
Should You Have an Indemnity Clause? By Brian Madigan LL.B. This is the case of the “missing” indemnity clause. You might think that there is an indemnity clause because the paragraph starts out with the word “indemnification”. But, naturally, that’s not the whole story. There is a standard form agreement known as a Buyer Representation [...]
Be Wary about the Canadian Non-Resident Tax Rules
Be Careful About the Non-Resident Tax Rules By Brian Madigan LL.B. You have to be careful if you’re purchasing property from a non-resident. If you don’t, you may end up paying their income tax. As part of every real estate transaction the purchaser should obtain proper evidence in the form of an affidavit that the [...]
How Long Should You Keep an Insurance Policy?
How Long Should You Keep an Insurance Policy? By Brian Madigan LL.B. In 2007, it was discovered that it was raining marble at the single best location for real estate in Canada, the intersection of King and Bay Streets in Toronto. Canada’s tallest and certainly one of its most prestigious office buildings is First Canadian [...]
Religion, Insurance Companies and Acts of God
Religion, Insurance Companies and Acts of God By Brian Madigan LL.B. If a tree falls in the forest, no one cares, except perhaps the termites. But, if your neighbour’s tree falls on your house, then there is a little problem. First of all, is your neighbour liable? Let’s say your neighbour has a 35 foot [...]
Warning Buyers about Noisy Neighbours
Warning Buyers about Noisy Neighbours By Brian Madigan LL.B. Do you have to warn buyers about noisy neighbours? Actually, it depends upon where you live. If you live in Ontario, you can keep this to yourself. But, one little problem, your agent may have to tell. Listen, this is a mess! It is very difficult [...]
How to Avoid the Exit Tax
How to Avoid the Exit Tax By Brian Madigan LL.B. It’s bad enough to be finished with your lease, and have no equity, but what about paying thousands of dollars just to leave? This is an exit tax! In a lease, it’s often called the “restoration and removal” clause. You have to read it carefully. [...]
Realtor’s Disclosure Role
Real Estate Agent ~ Disclosure Issues By Brian Madigan LL.B. There are basic rules that apply to realtors concerning disclosure. Everyone who is permitted to trade in real estate under the Real Estate and Business Brokers Act, 2002 is subject to both the common law and the RECO Code of Ethics. Organized real estate, and [...]
Seller’s Obligation to Disclose in Ontario Real Estate Transactions
Seller’s Obligation to Disclose in Ontario Real Estate Transactions By Brian Madigan LL.B. The general rule of law in Ontario concerning the purchase of land is that of “caveat emptor”, or as translated from Latin “let the buyer beware.” At common law, this principle stood for the proposition that when the buyer had required no [...]
Everyone in Ontario has a Will
Everyone Has a Will By Brian Madigan LL.B. Everyone has a Will. The problem is that most people don’t know where it is. They have never seen it, they never signed it and they don’t know what it says. The Ontario Government has written out a generic Will for everyone. It’s set out in the [...]
Ontario Professional Liability Policy Explained
Errors & Omissions Insurance Policy Explained By Brian Madigan LL.B. The Real Estate Council of Ontario (RECO) has mandated the participation of all of its registrants in an insurance program that includes among other coverages, an “Errors & Omissions Insurance Policy”. This policy is designed to safeguard registrants from third party claims in the event [...]
Buyer Beware ~ Agent Fails to ask about SPIS
Buyer Beware ~ Agent Fails to ask about SPIS By Brian Madigan LL.B. This was a Small Claims Court decision in Toronto involving the use of the Seller Property Information Statement. Briefly, the purchaser (Weinman) acquired a real estate property (416 St. Clement’s Ave.) in Toronto from the vendor pursuant to a standard form real [...]
-
Carmen Brodeur: Very interesting! I better go buy more wrinkle cre...
-
Ria Grace: What is good of having custom home is that you can...
-
Patrick: A great online property management forum is agents...
-
Kyle Pearce: Unfortunately, in every industry, there are some w...
-
-
$10000 California First Time Home Buyer and New Home Tax Credit Extended
-
Unite Against the Sarasota MLS Board
-
Short Sale Heaven Coming April 5th 2010
-
The Lones Group – Real Estate Social Media Marketing Firm – Sues Agent For Being A Zebra
-
California Senate Bill 94 (SB94): Passes; Not even Attorneys can do it!
 |
Enter your email address below to stay informed about real estate: |
We are not the FHA, VA, USDA, HUD or any other government organization. The content on this blog is intended for information purposes only.