Question: What is a Mandatary? Answer: The Mandatary is an individual appointed to verify either an individual, a corporation or other entity for FINTRAC purposes. Assuming for example that a …
Capital Gains Tax on a Vacant Lot
(Ontario) Question: Does my client have to pay capital gains when he sells the VACANT LOT that he bought two years ago? Answer: Your technical question is whether he has …
Deposits and Consideration
Question: You are trying to explain to a new salesperson in your office the purpose of a deposit when negotiating the terms of the Agreement of Purchase and Sale. Which …
Eliminate Customer Service (REBBA, 2002)
There is no point to customer service at all. Most people don’t understand it and with increased concerns for consumer protection, it should simply be eliminated. It serves no useful …
What Kind of Days Should I be Using?
calendar, business, banking “Calendar days” is the preferred choice. If you just say “days”, that’s enough. Everyone knows what that means. Business days under REBBA only apply to regulatory matters …
Executor and Executrix in Ontario
Question: What is the current status of the terms “executor” and “executrix”? Answer: There have been changes in practice over the years. The term executrix has been dropped since women’s …
Registrant’s “Related” Disclosure in Ontario
Question: Property owned by a son and his mother The son also happens to be the Son-in-law of the registrant. Is that related party and calls for disclosure in Ontario? …
Kitec Plumbing Disclosure
(Ontario) Question: Kitec plumbing… again! I’ve seen two units that didn’t disclose on the listing. Should they? Answer: Kitec is sometimes a problem, and sometimes not. Rarely is it “latent” …
Buyer’s Agent’s Sign
Question: Our office is on the listing side and sold a property for a home being built. They buyer’s agent, after closing but during construction, has posted his For Sale …
“Earned Payment Non-refundable Deposit” Clause
Ontario We looked at the issue of the proper need to adjust the wording in respect to a non-refundable deposit. If someone purchases a product over the internet for $5,000.00 …