Question: The Buyer’s agent indicated in a telephone conversation that the Buyer isn’t able to secure his financing by the end of the conditional period. What happens, if nothing is …
Residency of an Ontario Corporation
The residency of an Ontario corporation can become quite complicated. Usually, it will be determined on the basis of the common law rules related to residency. That is usually the …
When Does a Seller have to Mitigate in a Defaulted Real Estate Transaction?
This is an interesting question and hundreds of thousands of dollars can turn on the answer. Recently, the Ontario Superior Court of Justice had to consider that question. The Buyers, …
Related Party Disclosure Form
Ontario Question: Is there a specific disclosure form I have to use when doing an agreement if I’m related to my client? I know I have to include a disclosure …
Registration of the Unsigned Offer
Ontario Question: You get a notification from your office that an agent has “registered an offer” on your listing. You don’t see anything in email for an hour. You follow up …
Possible Solutions to Lawsuits against Agents
(Ontario) Lots of people are being sued and very few know what they did wrong. Many errors and mistakes could easily have been avoided. Both RECO and OREA produce lots …
Payment after Power of Sale Listing
Ontario Question: After power of sale proceedings are initiated and when the house is listed can the Owner who “went under” bring his account back to good standings and have …
OREA Condo FORM Reference to Building Number
Question: There is a reference to the Building Number in the standard Form OREA condominium purchase agreement. Is that the municipal address or another number? Answer: The reference to Building …
Calculating the Second Search Date
Non Title Search Period Calculation in Ontario All non-title searches include the work orders, deficiency notices etc. and they all have the same time period associated with the offer. This …
Non Refundable Deposits in Real Estate Deals Through Earned Payments
Let’s have a look at an “earned payment” and how this might work. We will first examine some of the standard provisions that apply to deposits. Deposit Clause in Agreement …