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“Cottage Life”
David H. Korman
May 21, 2021
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There is something very special about having a cottage to escape to. The beauty, tranquility, and connection with nature are all important factors. But for many, at the root of the special cottage lifestyle — is the ability to enjoy all that while sharing quality times with family and friends!
Those living and working in the GTA are so fortunate to have such a magnificent and varied cottage country within very reasonable driving distances. As such, there is always a relatively strong market for cottage properties with close proximity to the GTA.
As a direct result of people re-evaluating their lifestyles due to the pandemic, the cottage market has been extremely hot over the past year with no end in sight for the foreseeable future! Cottages used to be mostly secondary properties. Now more people are choosing to live at their cottages and work from there as well.
Fortunately, our firm has been closing cottage transactions for decades — so we are well prepared for the differences in closing a cottage purchase vs an urban property. Considerations include, but are not limited to, the following:
The above items to note can create potential land mines for title transferring purposes. So, it is no wonder that many real estate lawyers refuse to act on cottage transactions! At Kormans LLP, we welcome the challenge and look forward to the opportunity of assisting our clients achieve their cottage lifestyle dreams!
David is a member of the Law Society of Ontario since his call to the bar in 1985. David has over 35 years of extensive experience as a lawyer in residential and commercial real estate transactions, commercial leasing, corporate and commercial transactions, and private and institutional lending. His client base includes individuals, business entrepreneurs, developers, financial institutions, brokerages, and real estate investment trusts.
David takes an amiable and dedicated approach to practicing law. His focus is on providing his clients with the highest levels of legal service. Clients love working with David, as he always works hard in their best interests with a smile on his face. David’s sports background and leadership skills are highly influential on the growth and success of Kormans LLP as he truly believes in fostering the Kormans LLP environment as both a family and a team!
When David isn’t closing real estate and corporate transactions, David is an avid runner, hiker and sports enthusiast. However, what David enjoys most is spending quality time with his wife, kids, grandkids and friends at home, at the cottage, and on travels.
David is a frequent blogger, as well as a lecturer and panel member at seminars, webinars and workshops for real estate agents, mortgage brokers and home buyers. Please make sure to catch “David & David on Real Estate” – David’s featured Podcast which can be heard on RadioPublic, Spotify, Breaker, Anchor and Google Podcasts, and can be viewed on the Kormans LLP YouTube channel!
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Discover how Limited Liability Partnerships (LLPs) in Ontario protect professionals like lawyers, accountants, and architects while allowing collaboration, resource-sharing, and individual liability protection.
In this blog post, we will cover in further detail some of the other key items that are important to consider when accepting HST indemnity from the Buyer for the HST self-remittance.
There is an all-too-common misconception by some Buyers and even by some Buyers’ professional, licenced realtors that the time period for the delivery of a Deposit pursuant to a resale Agreement of Purchase and Sale (APS) effectively provides the Buyer with a cooling-off period. The mistaken belief is that the Buyer has until the time and date specified in the APS for the delivery of the Deposit to have Buyer’s remorse for whatever reason and therefore elect to terminate the APS by not delivering the Deposit.
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