Real Estate

Property flips come with tax consequences

Canadian property flippers should prepare to pay tax on all their profits, says Toronto real estate lawyer Daniel Bernstein. Read more

Buyer protection, dispute resolution central to new condo laws

Following explosive growth in Ontario’s condominium industry over the last two decades, legislative changes are on the way that will hopefully help protect consumers in a number of areas, Toronto condominium lawyer Armand Conant tells The Condominium Report with Joe Vero on AM 640. Read more

New condo purchases can bring closing day surprises

Hiring a lawyer can help buyers of newly constructed condos avoid surprises when closing day arrives, says Toronto real estate lawyer Daniel Bernstein. Read more

More lenders rejecting POAs in real estate deals

A rise in fraud is behind the stiffer rules some lenders are imposing on buyers using a power of attorney for real estate transactions, says Toronto real estate lawyer Sarita Samaroo-Tsaktsiris. Read more

Consider conveyance issues after death of property owner

From a real property law standpoint, many important aspects of conveyancing need to be addressed following the death of a registered owner, Toronto real estate lawyer Lisa Laredo writes in Lawyers Weekly . Read more

Lender can rely on title register when mortgage not fraudulent

A recent Divisional Court decision that found a mortgage was not a fraudulent instrument allowed the lender to rely upon the state of the title register which showed no prior mortgages — resulting in the court overturning a prior decision over which the original/previous lender had the ‘first mortgage’ on a property, Toronto real estate lawyer Lisa Laredo tells Law Times . Read more

Private mortgage means added reporting obligation for lawyers

A new mortgage ‘stress test’ introduced last fall may ultimately lead some first-time homebuyers and those with an increased household debt load to turn to private, unregulated lenders — which triggers an increased reporting requirement for lawyers involved in these transactions, Toronto real estate lawyer Anar Dewshi writes in Lawyers Weekly . Read more

Bill 165, Licensed Home Inspectors Act, 2016

By Daniel Bernstein . Ontario first started discussing plans to license home inspectors back in 2013, when it assembled a panel of experts to draft a report. The panel made a number of recommendations, including that inspectors be required to pass a written exam and a field test in order to become licensed. The panel also recommended having a single, clearly defined standard for all home inspections. The results of these recommendations has resulted in Bill 165 which has not yet passed into law but once passed will be called the Licensed Home Inspectors Act. Read more

Legal review critical in real-estate assignments

Those thinking about purchasing from a third party that's flipping their new construction condo or home prior to taking possession should have a lawyer review their assignment agreements and the original purchase agreements to ensure they’re within their legal rights to do so, says Toronto real estate lawyer Sarita Samaroo-Tsaktsiris. Read more

Check with condo board before decking halls

Toronto real estate lawyer Lisa Laredo advises condo owners to check with their boards on the guidelines for holiday adornments before stringing up lights and holiday decorations. Read more

Respect key to success of co-counsel arrangement

In certain matters, clients may benefit from a co-counsel setting where lawyers tackle different aspects of the case — but the success of these arrangements depends on mutual respect and compromise, Toronto lawyers Armand Conant , Bill Northcote and Joel Berkovitz tell Lawyers Weekly . Read more

Double-ended housing deals highlight need for reform

A recent CBC investigation that showed some real estate agents “double-ending” deals in an effort to boost their commissions points to the need for tighter regulation of the industry, says Toronto real estate lawyer Anar Dewshi. Read more

Industry hoping for phasing in of new condo laws

Although their efforts may not be visible to the public, the government is hard at work at drafting the regulations for Bill 106 — which encompasses the Protecting Condominium Owners Act, 2015 and the Condominium Management Services Act, 2015 . It is hoped that the regulations will be in place by mid to late 2017, Toronto condominium lawyer Armand Conant says in CondoBusiness . Read more

Breaching contracts comes with hefty price

A recent decision from Ontario’s Superior Court shows that when buyers breach the terms of a purchase agreement in commercial real estate deals they run the risk of forfeiting their deposit, says Toronto real estate lawyer Daniel Bernstein. Read more

Toronto faces challenges to license landlords and control AirBnBs

Any bylaws introduced to licence landlords and control the proliferation of AirBnB units in Toronto will almost certainly face legal hurdles and court challenges, says Toronto real estate lawyer Peter Neilson. Read more