When looking to purchase real estate in Ontario, buyers should always perform their due diligence regarding the property. While this makes sense in terms of performing a physical home inspection with a licensed home inspector before finalizing the agreement, what about investigating non-physical issues with the property such as whether or not a murder ever took place in the home? In this blog post, we will explore the legal issues surrounding disclosure during real estate transactions in Ontario and whether or not sellers must legally disclose unnatural deaths that have taken place in the home.
Condominium developers may be required by the City to purchase a Parcel of Tied Land ("POTL"), as authorized in the Condominium Act, 1998 (the "Act"), to be tied to their common elements. Conversely, condominium owners currently enjoying an informal arrangement of shared costs for common elements may want to formalize it by exploring a Common Elements Condominium Corporation ("CECC"). What is a POTL and a CECC, how are they linked, and what are the advantages of having them if you are a condominium developer or condominium owner?
When a purchaser buys a newly constructed condominium unit, the builder will often allow them to move in prior to being able to transfer legal title to the property. This occurs in almost all new build condominiums since the legal process required to declare a condominium building requires a survey of the finished product. This is also known as "interim occupancy", when an occupancy permit is available.
Occasionally homeowners are unable to maintain the mortgage on a property. When this happens, I am often called upon by lenders to help. I am being retained by the lender to recover the funds that were borrowed, plus interest and costs. There is nothing nefarious about it. Most lenders give the homeowner ample opportunity through non-legal processes to get back into good standing. However, for a variety of reasons, the homeowner is unable to put the mortgage back into good standing. I will then issue a Notice of Sale to warn the owner that if the default is not cured, the property will be sold. When the warning period expires, I will then list the property for sale to others in order to recover the debt. You may be looking at purchasing a house from a lender who is selling the house using the authority granted to them under the power of sale provisions of the Mortgages Act.
Failing to ask the right questions can set new home buyers up for disappointment. Every home has it strengths, weaknesses and quirks, so it is a good idea for buyers in Ontario to clarify what issues may exist before finalizing a real estate purchase. Here are a few questions worth asking when walking through a home.
As Baby Boomers get closer to retirement, many assume that a mass of people across the country will be looking to downsize. However, a recent survey of this demographic suggests that not all are looking at selling their homes just yet. Despite the fact that many Boomers in Ontario and throughout Canada may not be ready to downsize in the near future, the group is still set to make an impact on the real estate market, and 17 percent expect to buy or sell property in the next five years. This equals 1.4 million people across the country.
One of the most common reasons for legal trouble in a real estate deal is disclosure. Disclosure-related lawsuits tend to emerge when a purchaser discovers something negative about a home after moving in which should have been revealed under Ontario real estate law. The defendants in these suits may be inspectors, real estate agents or the former owner(s) of a property.
Many believe that real estate is a secure way for wealthier individuals to invest their money. In recent years, Canadians have seen high returns on property investments close to urban areas, particularly Toronto and Vancouver. However, there are a few things would-be investors should know before dipping their toes into Ontario real estate.
It is not uncommon to hear many conflicting opinions about the health of the real estate market in a given region. However, the Ottawa Real Estate Board recently released numbers that may settle these debates, noting that the real estate market in the region is healthy. Condo unit sales were the main source of the area's viability in the first half of 2018, with a 16.8 percent increase compared to 2017.
You already own your house, but you have a need to move. Perhaps your family is growing and you need more space. Perhaps you have retired, and you need less space. Perhaps you were relocated for work. Now what do you do? Most people will hire a real estate agent to find another house. There are many people who believe, as do many agents who confirm to them, that buying and selling houses on the same day is an efficient way to complete a transaction. The lawyers at Merovitz Potechin LLP, disagree.