Buying, Selling and Financing with Tenants
If you are purchasing a home with existing tenants, you need to review all tenancy documents. Any offer you make should be conditional for at least 5 business days so that you (or your lawyer) can...
View ArticleAdding or Removing a Buyer or Borrower
When two or more buyers sign an Agreement of Purchase and Sale for a home purchase, it is not uncommon for one of the buyers to be omitted from title on closing, even though his or her name appears in...
View ArticleIndependent Legal Advice
In a standard residential home purchase transaction involving an institutional mortgage, one lawyer usually acts for both the lender and borrower/purchaser and one lawyer is sufficient in most...
View ArticleBuying a Residential Rental Property
The purchase of a property for investment purposes differs in some important ways from the purchase of a principal residence. In most, if not all, cases, an investment purchase involves additional...
View ArticleStatus Certificates: Check the Date!
In this newsletter, we at Derchansky Legal deal with the title insurance requirements surrounding the purchase or mortgaging of a condominium unit, specifically, the important rule dealing with Status...
View ArticleBuying to Rebuild: Be Careful of our Heritage
An owner of a property in Toronto was served earlier this year with a summons to appear in court. The charge? Violating the Ontario Heritage Act by not obtaining the proper permit to demolish a...
View ArticleBuyer Beware: Warning Provisions
Many factors play a role in the decision to purchase a property (whether for personal use or as an investment) – too many to list in a single article. After you have finally selected the appropriate...
View ArticleOccupancy Fees
Purchasing pre-construction properties has been a popular and profitable investment for many buyers in the past several years. Now, with anywhere between 20,000 and 43,000 new condominium units...
View ArticlePre-Construction Condos: Protecting Against the Risk of Default
The purchase of a pre-construction condominium unit can be a risky, but rewarding, venture. In most cases, agreements are signed years before a shovel even touches the ground. This locks a purchaser...
View ArticlePre-Construction Development Charges
Purchasers of pre-construction properties are often charged extra amounts on closing, known as “adjustments” so that in addition to paying a builder the purchase price (minus any deposits already...
View ArticleRestrictions on Title
We recently came across a strange restriction on title to a property being purchased by our clients. Registered in 1978 without an expiry date, the restriction required any construction on the property...
View ArticleChattels and Fixtures in Your Agreement
The vast majority of Agreements of Purchase and Sale we have seen contain warranties regarding the condition of chattels and fixtures in a property. These warranties can deal with a large number of...
View Article
