Did these buyers breach their pre-construction Agreement of Purchase and Sale?
At what point in time should a developer terminate a pre-construction Agreement of Purchase and Sale (APS) when a buyer breaches the agreement? Well,...
Working with divorcing clients
With divorce rates expected to soar in the coming months, it is important to arm yourself with the knowledge you need to assist clients in working through the sale of their home under stressful circumstances.
CRA’s tax audit of U.S. real estate transactions
On June 25, Canada Revenue Agency (CRA) announced that it would carry out a tax review of six years of U.S. real estate transactions in order to find any tax non-compliance from Canadian taxpayers.
Be cautious when representing corporate buyers
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.
Opinion: OREA’s COVID-19 clauses are defective
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.
Beware the coming changes to trusts
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?
When a brokerage goes insolvent, do agents get their commissions?
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.
Does COVID-19 impact condo lien deadlines in Ontario?
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.
Should a deposit be part of the damages award?
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?
Land owner transparency registry coming soon to B.C.
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.