The size of a deposit and whether it should be relieved from forfeiture was the subject of a recent decision in the Ontario Superior Court of Justice in Greco v. …
Use of “As Is” in a Real Estate Contract
(Ontario) Question: Why would an agent insist that one insert a clause that says “Buyer acknowledges the home is being bought in as-is condition”. We know the condition…risks etc… have …
Commission Reductions in Ontario
Question: I just got a call from a buyer agent who is presenting an offer and would like to reduce commission substantially. We are aware we will be in multiple …
Updating the Deal: Acceptance Following the Irrevocable
Using the Correct Documents Sometimes, even when the two sides are working together very successfully, they just run out of time. Well-intentioned, but the acceptance just wasn’t finished off in …
Unresolved Title Defects Prior to Closing
(Ontario) Question: The closing is scheduled for tomorrow and the Buyer’s lawyer has found out that there are two expired notices on title that should be cleared before closing. Seller’s …
Too Much Information Presents Ethical Dilemma
(Ontario) Question: I attend a listing appointment and the Seller says: “I have had water in my basement but you cannot tell anyone.” I explain that we need to disclose, …
Timing of Acknowledgement Signature
Ontario Question: Why do agents have their buyers sign the ACKNOWLEDGEMENT with the original submission and before there is an agreement the Seller has even reviewed the offer? Statement reads …
Time Lines for Dates on the Agreement of Purchase and Sale
(Ontario) Question: What are the legal time lines for the following: Offer date to irrevocable date, to title search date to completion date What should be the minimum or …
Structure the Good Faith Deposit Cautiously
Let’s assume that you are a Buyer submitting an Offer on a million dollar property. The expectation is that you will come up with a good faith deposit in the …
Current Status of the SPIS in Ontario
Use Form 820 The SPIS has now fallen into disuse. You would rarely come across it today. It had been a mandatory requirement by a number of Boards but not …