HST: an additional cost for Buyers
Purchasing a residential or commercial property will in nearly all instances result in the payment of land transfer tax. However it may come with additional costs for Buyers in the form of paying additional taxes. In today’s blog post, we will discuss instances where the Buyer is responsible for paying Harmonized Sales Tax (“HST”) on […]
Electric Vehicles: Are Condos Ready for 2035?
Climate change is a reality that affects us all. To contribute to its efforts to reduce carbon emissions and promote a green economy, the Government of Canada has set up a mandate that all new vehicles are to be zero-emission by 2035. While it is easy for homeowners to set up an Electric Vehicle (EV) […]
The Doctrine of ‘Spent Breach’ and what it means for Landlords
Lease agreements are contracts that guide the commercial tenancy relationship between landlords and tenants. One important clause in the commercial leases is known as an “option to renew” clause, which essentially allows the tenant to renew the lease for an additional term, as long as he or she is not in default of terms under […]
Rescinding on your newly constructed home
There are a number of reasons why Buyers may choose to construct their own homes rather than opt for a home resale. Buyers can customize the home to their taste, use the latest finishing materials and have the reasonable expectation that they will receive what they have chosen on closing day. However, situations may arise […]
When a Landlord can be responsible for a tenant’s negligence
Even though under a lease agreement, the tenant takes possession of the property, the landlord still has some obligations to fulfill under the agreement. On some occasions, performance of these obligations can be so crucial to the lease agreement, that failure to execute them could make a landlord responsible for a tenant’s negligence. In today’s […]
Special Assessments
Buying a condominium (“condo”) comes with many benefits to Buyers, such as flexibility, affordability, and access to outstanding amenities. These amenities are usually maintained through maintenance fees paid by the condo unit owners. However, problems arise when unexpected repairs need to be made and the condo corporation does not have enough money to cover these […]
Who does what? The Hazards of Ambiguity in Commercial Tenancies
A commercial tenancy can be defined as an agreement made between a landlord and a commercial tenant to rent a space for business. As with all important commercial contracts, it is important for these agreement to be clear and unambiguous with respect to the obligations of both the landlord and the tenant. In today’s blog […]
What happens on Closing Your Home Purchase?
The home purchase process can be a long one involving lots of paperwork. Closing, however, is the final stage in this process and is the day the Buyer takes legal ownership of his or her new house. On or prior to the closing day, the Buyer signs the mortgage loan agreement, and the title in […]
Commitment letters and why you should be cautious
A commitment letter can be defined as a legal document between a lender and borrower that indicates the important aspects of a loan, such as the interest rate, loan term, etc. When commitment letters are used for development deals, both the lender and developer have to exercise extra caution as there may be a probability […]
The Condo Checklist: Status Certificate
A “Status certificate” is a common term Buyers often come across when purchasing a condominium unit. This document is very important and a failure to review it before finalizing a purchase can bring about undesirable consequences. In our blog post today, we will discuss the components of a Status certificate and why it is essential […]