Buyer 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 OntarioDo I Have to Collect HST if I am Just Selling my Vacant Land?
Determining whether or not you have to pay Harmonized Sales Tax (“HST”) during a real estate transaction can be a tricky situation. There can be rebates, exceptions and a whole host of factors which come into play. The sale of a vacant lot carries with it its own problems. When D…
Continue reading the post titled Do I Have to Collect HST if I am Just Selling my Vacant Land?Lenders Beware: Not All Charge Terms Are The Same
When a lender, be they a large bank or a private individual, lends money to someone they will, in most cases, require security for that loan. One well-known type of security is the mortgage. A mortgage, otherwise known as a charge, is a lien or encumbrance on the property, giving the lender …
Continue reading the post titled Lenders Beware: Not All Charge Terms Are The SameLimitation Periods – Often Overlooked, Yet Potentially Fatal to Your Legal Rights
It is inevitable that at some point a business will experience a harmful event that causes it to suffer a financial loss. Examples include a third party breaking a contract or a warehouse fire due to faulty electrical wiring. Therefore, businesses need to be aware of the time limits that res…
Continue reading the post titled Limitation Periods – Often Overlooked, Yet Potentially Fatal to Your Legal Rights