Can I walk away if I don’t pay the real estate deposit?
Over the past few months we are seeing more scenarios where a buyer, having their offer to purchase real estate accepted, will not pay the deposit and then try to walk away from the deal. Whether due to buyer’s remorse, or because a buyer submits offers on multiple properties and then moves …
Continue reading the post titled Can I walk away if I don’t pay the real estate deposit?Ontario bans some commercial evictions
The Ontario government recently passed the Protecting Small Business Act, 2020, amending the Commercial Tenancies Act to temporarily halt or reverse evictions of commercial tenants and to protect those tenants from having their assets seized or being locked out during COVID-19. The restricti…
Continue reading the post titled Ontario bans some commercial evictionsLenders beware: post-discharge obligations for a borrower’s HST/GST debt
Lenders, like any businesses, prefer certainty. In many ways the real property lending industry is built around trying to be as certain as possible before a loan is advanced. Does a borrower own their property? How much is that property worth? How much does a borrower make in a year? Can the…
Continue reading the post titled Lenders beware: post-discharge obligations for a borrower’s HST/GST debtBusiness Essentials – Episode 3: Real estate law and the importance of keeping good relationships
In Siskinds’ Business Essentials, a limited-run podcast series, Chris Sinal of Siskinds’ labour & employment group sits down with some of the firm’s business lawyers to discuss current issues and challenges facing our clients as they adapt to the new business environment resulting from …
Continue reading the post titled Business Essentials – Episode 3: Real estate law and the importance of keeping good relationshipsCOVID-19: condominium electronic meetings and time extensions
In her blog of April 16, 2020, my colleague Vivian Iron discussed emergency orders that provide flexibility for corporations’ meeting requirements. The original orders only provided flexibility in connection with the meeting requirements for corporations governed by the Corporations Act (Ont…
Continue reading the post titled COVID-19: condominium electronic meetings and time extensionsThe Canadian Bar Association webcast: critical condominium law issues
Access to property condominium liens and status certificates. On April 16, business law lawyer Matthew Wilson will examine a number of critical issues with respect to the governance and operation of condominium corporations in Ontario being affected by the recent measures taken by the other …
Continue reading the post titled The Canadian Bar Association webcast: critical condominium law issuesBuyer Beware: What happens to your real estate deposit when conditions aren’t fulfilled
In most circumstances, a buyer will submit a deposit on acceptance of their offer to purchase residential property. These deposits are typically held in trust by the seller’s brokerage and can range anywhere from $100 to $50,000 or more depending on the location and nature of the property. F…
Continue reading the post titled Buyer Beware: What happens to your real estate deposit when conditions aren’t fulfilledNew Corporations and Real Estate Deposits
From time to time a purchaser will want to purchase real estate before the corporation that will own the real estate is incorporated. The agreement of purchase and sale might be entered into by an individual “in trust for a corporation to be incorporated without any personal liability”. Does…
Continue reading the post titled New Corporations and Real Estate DepositsRemedies of a Commercial Landlord in Ontario
If a tenant defaults on their obligations under a commercial lease, a landlord may wish to pursue a remedy. There are two types of tenant defaults – monetary or non-monetary. The type of default will determine the landlord’s available remedies. A monetary default occurs when the tenant…
Continue reading the post titled Remedies of a Commercial Landlord in OntarioMortgagee Remedies in Ontario
When a mortgagor (borrower) defaults on mortgage payments, the mortgagee (lender) has several remedies at its disposal. The most frequently used remedies are a power of sale, an action for judicial sale, and an action for foreclosure. The following is a comparison of the three remedies, high…
Continue reading the post titled Mortgagee Remedies in Ontario