Featured QUESTION: Salesperson Smith prepares an offer for $435,000 on a property located in Toronto, Ontario, on behalf of Buyer Jones. The offer is drafted and signed by the client …
Furnace Rentals and the Sale of Property
We could have a problem here! Potential problems arise in respect to the mutual understanding of the parties and the manner in which the rental issue is documented. The Furnace …
Section 116 Income Tax Act Canada ~ Real Estate Sales by Non Residents
In accordance with the provisions of Division D of the Income Tax Act, non residents are taxed upon the disposition of taxable Canadian property. The definition set forth in …
Seller Property Information Statement Updated and Revised
The common rule of thumb among the legal community is “don’t sign one”. That’s basically good advice, but it may be a little out of date. The basic SPIS document …
Contract Start Time
Question: Precisely, when does a contract start to run? When does the clause time actually start? Assume an offer is going on via fax. The Seller is in a different …
Too Much Security can bring down the Value of Your Condo Townhouse!
People like to be safe. They like to see the visible signs of security: fences, barriers, cameras, and the like. A large condominium project may employ security guards at the …
Comparing the Commission Clauses in 3 Agreements
There are three basic forms of commission agreements with sellers. They are slightly different. The Listing is agency, the Customer Service agreement is non-agency and the second non agency arrangement …
Commission Sharing Agreements
Real estate agents often work in small teams, or align themselves with others for specific projects. Here’s an example of an arrangement between John and Robert. John’s brother William is …
Good Fences Make Good Neighbours
From Hadrian’s Wall to the Great Wall of China, thousands of years before Robert Frost’s prophetic words, neighbours have struggled with the age-old problem of constructing fences. Just where to …
Failure to Ensure Payment of the Deposit ~ Agent Discipline
This particular case ends up being rather complicated. On the surface, there were 3 offers, and the agent failed to ensure that the deposit got paid. That was true, and …