ORES Real Estate Index for January 2012 Ontario Real Estate Source By Brian Madigan LL.B. Here is the “ORES REAL ESTATE INDEX” which tracks the average resale prices of single family homes and condominiums in the Greater Toronto Area (GTA). It also tracks certain benchmark comparisons such as the price of oil and gold, as well [...]
Tag Archives: Ontario law
Who Gets the Money When the Property is Sold?
Priorities Upon Sale (Mortgage, Lien, Execution) Ontario Real Estate Source By Brian Madigan LL.B. What happens when there is a mortgage, construction lien and execution against the property? How does the money get distributed? Let’s consider the simple straightforward case. Here, the property is worth $300,000, and the buyer secures a first mortgage of $250,000. [...]
Seller Cannot Conceal the Truth
Vendor has Obligation to Disclose “Prohibition Order” Vendor has Obligation to Disclose “Prohibition Order” Ontario Real Estate Source By Brian Madigan LL.B. The Supreme Court of British Columbia dealt with the matter of the vendor’s duty to disclose Pavenham Development Corp. v. Sladen(1997). The Facts •· The vendor owned a property that he rented out. [...]
Vendor and Agent Both Liable in Tort Law!
Apportionment and Allocation of Blame in Real Estate Transactions Ontario Real Estate Source By Brian Madigan LL.B. The vendor had an agreement of purchase and sale, and the agent had a buyer representation agreement with the purchaser. The purchaser sued both the agent and the vendor. But, the lawsuit was framed in [...]
Restaurants and the Secured Loan Position
Business Financing: the Restaurant Business Financing: the Restaurant Ontario Real Estate Source By Brian Madigan LL.B. Let’s assume that you have been persuaded to finance a restaurant for a friend or relative. You went to a lawyer who recommended that you obtain the maximum security possible (because anything can go wrong) and this is what [...]
Agent Needs to Write Clear and Understandable Agreement
SPIS ~ Bond and Richardson By Brian Madigan LL.B. This is a case in the province of New Brunswick involving the use of the Property Condition Statement and the liability of the agent who assisted the vendor in the completion of the document. The case is interesting from a procedural perspective. Mr. Bond purchased [...]
Previous Damage Must Be Disclosed even if Repaired
Seller Property Information Statement ~ Kaufmann and Gibson SPIS ~ Kaufmann and Gibson Ontario Real Estate Source By Brian Madigan LL.B. This is a case involving the improper completion of the Seller Property Information Statement by the vendors. The Kaufmanns resided in London Ontario and acquired their residence in 1981. They original house [...]
Negligent Statement about Septic System Leads to Liability
Seller Property Information Statement ~ Boychuk and Butler SPIS ~ Boychuk and Butler Ontario Real Estate Source By Brian Madigan LL.B. This is another case involving the improper completion of a Property Condition Disclosure Statement and the remedies that are available afterwards. This PCDS document is much like the Seller Property Information Statement used [...]
Buyer’s Opportunity to Examine Condo Documents Relieves Seller From Liability
Seller Property Information Statement ~ Sask and Brooke SPIS ~ Sask and Brooke Ontario Real Estate Source By Brian Madigan LL.B. This was a case heard in the Supreme Court of British Columbia and it involved the Property Condition Disclosure Statement, which is similar to Ontario’s Seller Property Information Statement. Briefly, the plaintiff as [...]
Disclosure ~ Royt and Goldenberg
Seller Property Information Statement ~ Royt vs. Goldenberg This is a case which involves the discussion of the Seller Property Information Statement (SPIS) and its effect on the outcome of a proposed real estate transaction. A review of the case will be limited to the SPIS issue. Briefly, Mr, and Mrs Royt submitted an Offer [...]
Apportionment of Liability in Real Estate Transactions
The Negligence Act and the Real Estate Transaction Ontario Real Estate Source By Brian Madigan LL.B. While many would wonder what the Negligence Act has to do with a real estate transaction, let’s have a look at a recent case. A purchaser wanted to acquire a piece of commercial property. Obviously, for zoning purposes, in [...]
Escalation Clauses not suitable in Ontario
Escalation Clauses in Ontario Real Estate Transactions Ontario Real Estate Source By Brian Madigan LL.B. This is an interesting clause. It’s the one that says that Buyer A will pay $1,000 more than the Seller’s highest offer. So, you can appreciate that it would be a good clause to have in a multiple offer [...]
Minimum Documents Necessary to Sell an Ontario Business
Selling a Business in Ontario (Minimum Documentation) Ontario Real Estate Source By Brian Madigan LL.B. Many business owners like to keep information as confidential as possible. And, this particularly applies to their finances and their books. So, what is the minimum that they can get away with? Let’s have a look at s. 21(4) of [...]
When a Contract Becomes Binding
When is an agreement binding? Ontario Real Estate Source By Brian Madigan LL.B. Effectively, there are two choices: 1) as soon as the offer is formally accepted, as in “signed, sealed and delivered”, and 2) when all the conditions are satisfied, waived or fulfilled. Naturally, it makes a difference in terms of interpretation. Some people say [...]
Landlord’s Right to Show Premises to New Tenants (Ontario)
Landlord’s Notice for Showings to New Tenants Landlord’s Notice for Showings to Prospective Residential Tenants in Ontario Ontario Real Estate Source By Brian Madigan LL.B. If you want to know about the specific rules that apply, it’s always best to look at the source. In this case, it’s the Residential Tenancies Act. The Act distinguishes [...]
Significant Changes in Use by Landlord
What if the Landlord Changes the Use? What if the Landlord Changes the Use? Ontario Real Estate Source By Brian Madigan LL.B. Let’s assume that the Landlord leases a convenience store to a tenant. Three months later the Landlord leases space nearby space in the same plaza to a strip club. Traffic to the plaza drops [...]
Providing the Solicitor with a Copy of the Agreement
Providing the Solicitor with a Copy of the Agreement Ontario Real Estate Source By Brian Madigan LL.B. The procedures that are to be followed are not entirely clear, however, this is an area where it’s easy to make a mistake. First, there are three (3) requisition dates in the standard form agreement of purchase and [...]
Consumer Protection in Ontario Extends to Some Real Estate Transactions
Consumer Protection and Unfair Business Practices Ontario Real Estate Source By Brian Madigan LL.B.The Business Practices Act was a very good piece of legislation, but not too many people knew about it, so last year the Ontario Government replaced it with the Consumer Protection Act. When it comes to real estate there are [...]
Sale of Business ~ Chattels Included
Ontario Real Estate Source Don’t sell the Minivan by mistake! By Brian Madigan LL.B. Ordinarily, one would think that chattels are not included in an agreement of purchase and sale concerning real estate. And, most of the time they would be right. However, this is not the case when we are talking about the [...]
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