Legal Issues

Legal Issues

3

Real estate agents should be cautious when representing corporate buyers owned by multiple investors. If a sale does not close, the real estate agent might not be paid his or her commission.

24

In many years of practising real estate law, I can honestly state that this OREA clause is the worst real estate clause I have ever seen.

0

As you may have been advised by your accountant and/or your tax lawyer, the CRA has introduced new disclosure and reporting rules effective for the 2021 taxation year. Will these new requirements open a Pandora’s Box?

14

In Firepower Debt GP v. TheRedPin, the Ontario Court of Appeal grappled with the question of what happens to a real estate agent’s uncollected commissions when their real estate brokerage becomes insolvent.

0

Essentially, the corporation has a deadline or “limitation period” within which that registration must take place, or else it loses its lien-related rights against the unit owner. The big question is whether government measures relating to COVID-19 have “stopped the clock” on that deadline for the time being.

8

When a buyer fails to close a real estate transaction and the seller is awarded damages, should the seller credit the deposit to the damages award or should the seller be allowed to keep it in addition to the award?

1

In the coming months, a new land owner transparency registry, a fundamental requirement under the Land Owner Transparency Act, is expected to come into effect in B.C.

8

During this unprecedented time, the rules, relief available and government statements are ever changing. And they’re changing because of the various impacts COVID-19 is having on how and if we can work and how we live.

3

Despite the slowdown in the market, there may still be circumstances where essential “in-person” showings and appointments must be held.

5

During this difficult time of isolation due to COVID-19, everyone must do what they can to make sure buyers and sellers can still successfully enter into and complete their real estate contracts.