Legal Issues

Legal Issues

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The Real Estate Council of Ontario (RECO) sent a controversial newsletter about the use of escalation clauses to agents across the province. Discussions on the Internet lit up with criticisms of the RECO position. 

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If the buyer cannot close, they will likely forfeit their deposit and be subject to a lawsuit from the seller, for the difference in the sale price if the seller now sells the property for a lower price than the buyer agreed to pay.

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The saga of the contorted definition of “real estate” continues. Section nine of REBBA continues to be a trap for the unwary in which one individual is barred from receiving compensation while another enjoys a windfall.

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The tenants filed the same complaints with their new property manager but had no better luck. According to the tenants, the landlord’s response was that they could do nothing to resolve the issue.

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Ontario recently announced the 15 per cent Non-Resident Speculation Tax and there are already more questions than answers. In this short video, lawyer Mark Weisleder tells you what you need to know about the new tax.

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Determining the residency status of the seller should be completed well before the closing date and should go beyond a simple conversation.

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Now here’s where it gets problematic: the property doesn’t sell after six months. Upset with the result, your client decides to sell the property on his own. The property sells in the seventh month. Are you entitled to your commission?

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A major issue arising in bidding wars is when a buyer regrets their purchase decision almost immediately afterwards. Here are five lessons to learn about the consequences of a buyer's remorse in these situations.

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Here are some items I look at and questions I ask when reviewing a status certificate in advance to give the buyers comfort before making their purchase decision.

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At a time when condos are getting older and need their money for repairs, and with utility costs rising, condo boards simply should not make discretionary spending choices – even if they think they are entitled to.