Over the years we have heard from many excited potential Buyers and their Realtors of the amazing opportunity they are seeking by buying a property under Power of Sale for less than fair market value.

Congratulations, you finally received a notification from the Builder that the preconstruction condominium that you booked a couple of years ago is now complete and your Occupancy Closing is approaching.

While purchasing a pre-construction property may be a great way to enter the real estate market, many Purchasers share the fear of risking the quality of build and/or the possible defects that may arise once construction has been completed. % %

When a purchase and sale transaction fails due to a breach of contract by the buyer, there is often uncertainty surrounding entitlement to any deposits made on the purchase.

If you currently have a Will and Power of Attorneys in place, you are on the right track and have already taken a huge step towards planning for your future and that of your estate.

Generally, there are two types of Modular Homes, Laneway Units and Garden Units, that are becoming more and more available in certain municipalities in Ontario.

With the real estate market showing unpredictable trends, it has become unclear for a Buyer and a Seller what to expect. “What, where, when” are daunting questions for a potential Buyer or Seller.

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If you have not already, be sure to check out Part 1 of this blog to learn where these fees can be found in your Agreement, and what they are.

You have seen the signs – you are driving past a vacant lot or empty field in the country and a bright, shiny sign exclaims to you “Condominium Coming Soon – Units Starting from $500,000!” %

Depending on a transactor’s purchase and sale closing schedule, Bridge Financing can be a tremendous interim financing tool and/or added “insurance” that can increase the likelihood of a successful closing date.

Close the deal I am the destroyer. I am the Chosen Lawyer.

The federal Liberal government created the Underused Housing Tax (UHT) on underused (i.e. vacant) residential properties owned by non-resident non-Canadians. THE UHT came into effect January 1, 2022.

There are many instances in which an individual who has an interest, or a claim to an interest in land may wish to preserve their interest by temporarily preventing or blocking any dealings or conveyances involving the land.

The residential real estate market has always gone through various cycles that are affected by numerous factors.

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Meet Sara Erskine (wehlitigation.com), Commercial Litigator and Founding Partner at Weintraub Erskine Huang LLP.

The Prohibition on the Purchase of Residential Property by Non-Canadians Act comes into force on January 1, 2023.

In one of our recent blogs we had outlined some issues to consider prior to selling your property if the property is occupied by a tenant.

Maybe you are thinking about putting in an offer on a unit and your agent tells you the unit is subject to a Section 98 Agreement. Maybe the lawyer reviewing your Status Certificate just told you that the unit owner/Seller is violation of their Section 98 Agreement.

One form of preparation increasing in popularity was the drafting of Wills, outlining Testator’s intentions for their future estate(s).

Mortgage default occurs when a borrower breaches or violates a term of their mortgage agreement.

One thing we can always count on in the world of residential real estate transactions is that the market always changes.

Have you ever been in the situation where a buyer or seller refuses to close a real estate transaction?

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Imagine you’re a homeowner of an investment property currently occupied by a tenant (the “Tenant”).

If you are involved in a real estate transaction, the subject of property insurance will invariably come up in your discussions with your lawyer.

Have you ever played dominos? Then you know a line up of only 100 dominos is more likely to fall successfully than a lineup of, say, 200 dominos.

A vital question that buyers of new-build residential properties will be faced with is “whether the property will be used as their primary place of residence?”.

Are you a realtor working with a buyer client? Or are you the buyer looking to complete your home purchase?

With the aim of ameliorating the current housing affordability crisis, the Government of Canada’s 2022 federal budget includes numerous proposed measures to cool down the housing market.

Real estate investing sounds so exciting! Are you ready to learn the law behind these ventures? Hosted by The Chosen Lawyer

Real estate investing sounds so exciting! Are you ready to learn the law behind these ventures? Hosted by The Chosen Lawyer

With the New Year came several changes to the Succession Law Reform Act that could directly impact you as you are making your estate plan.

In a previous blog post, we considered a few factors to keep in mind when purchasing a multi-dwelling unit.

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Last week, Kormans LLP brought you the breaking news that the Government of Ontario was updating the Non-Resident Speculation Tax (“NRST”). This week, as promised, we are back with more information!

As of March 30, 2022, the Government of Ontario is introducing three key changes to the existing NRST structure. This will make it more costly for Foreign Entities to purchase property in Ontario.

Are you a first-time home buyer? Then this seminar is for you!

Starting a business can be a daunting process and more so when we realize all the different ways that a business can be structured.The common ways that a business can be started include a Sole Proprietorship or an Incorporation.

The world of franchising can be difficult to navigate for prospective franchisees. If you are seeking to purchase a franchise business, it is imperative that you involve your lawyer and your financial advisor as early in the transaction as possible.

At Kormans LLP, we love sharing legal information with our clients, partners and the general public. When you have a legal question, you can always contact one of the Kormans’ lawyers. We are here to help you!

Buying a home is one of the most important decisions any of us make. Most people only do this a handful of times in their entire lifetime. It is more than just an investment in real estate. It is a life changing event as the Buyer transitions a house or condo into the Buyer’s home.

As a real estate lawyer, I can’t tell you how many times I have gotten the same call. Either a buyer or seller with remorse. “Please help me” - they say. “I bought or sold too quickly. I felt trapped and had to sign on the dotted line. Now please - I have a firm offer. Help me get out of it”. Sound familiar? All of us, at some point or another, have likely made some sort of decision - minor or major - under extreme pressure and later regretted our decision.

Kormans LLP is pleased to announce that you can now follow us on TikTok! %

Let us paint you a picture: it is only a handful of days before closing, the Buyer has just completed their last visit to the property you are selling, and soon after, you receive a text message from your agent listing out everything the Buyer found wrong with the property, asking to you respond.

We made it to a brand-new year! Welcome to 2022 😊. With a fresh year comes new hope! But then the pressure hits. You feel the need to make your goals for the upcoming year. How do you plan new year’s resolutions and most importantly, make them stick?Have no fear! 4 easy steps are all you need. Ready? Set…. Go!!!!

We are very excited to announce the launch of the Chosen Life Podcast! Everyone wants to live the chosen life! Get ready as your tour guide, the Chosen Lawyer tackles the subjects that you most care about!

Let’s have a quick overview of the LTT refund offered by the Ontario government and Municipality of Toronto for first-time homebuyers to assist them on their first real estate purchase of an eligible home.Who pays LTT?

Are you looking to purchase a new home? Are you a first-time homebuyer? If your answer is “yes” – you have come to the right place! This blog will offer you some quick essential tips to guide you with your first residential real estate purchase in Ontario.

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Are you are looking to purchase a business? Commonly referred to as a merger or acquisition (M&A), the process can be complicated. There are two ways that you can complete this type of transaction.

The scenario: you are sitting with your realtor. You are about to sign your name to purchase your home! It could be your 1st home, 2nd home, or even your 10th place of residence. You have made the majority of your decisions with your home – you have picked the property, the price you want to offer, and other considerations including any conditions. One final one: The Closing Date! When should your purchase close? %

One of the most important considerations when setting up a new business is the method by which the business will be carried on.

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!

You have recently purchased or sold a home. Congratulations! It’s a huge step in your life and probably the biggest financial transaction(s) that you will undertake (until the next one, of course). The ink is still wet on your agreement. The champagne is likely still flowing. Now reality is beginning to hit: you actually have to close the transaction. You need a real estate lawyer!!!

Purchases of multi-unit dwellings such as a duplex; triplex; fourplex and so on usually seem like an attractive acquisition especially if the intention is to buy the property as an investment. Each unit can often be rented to a separate tenant and the income from said tenancies is very appealing.

For an individual or business that is leasing commercial premises (the “Premises”) as a Tenant from a Landlord, there are some critical things to consider when extending the term of your original lease (the “Lease”) for the Premises.

We often receive calls from potential Buyers or Sellers asking for advice or assistance on completing their real estate transactions without using the services of a real estate agent.

Happy spring season everyone! As the snow continues to melt, the Ontario real estate market is on fire. People are looking at all sorts of properties—new and resale, condominiums, houses and rural properties, going from downtown Toronto and well into the north.

Whether you are a novice or experienced private lender, we understand your need for expedient and competent legal representation on your transactions.

In most cases these days, when a property is sold following the death of the registered owner on title, an Estate Trustee for the individual would be required to apply to the Court for a Certificate of Appointment of Estate Trustee With a Will before the property may be conveyed to another individual.

Congratulations on taking the bull by the horns and earning this new responsibility!

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The matrimonial home is defined in section 18(1) of the Family Law Act (FLA) as “Every property in which a person has an interest and that is or, if the spouses have separated, was at the time of separation ordinarily occupied by the person and his or her spouse as their family residence is their matrimonial home”.

Covid-19 has been a great disruptor in the world and one area that this has shown itself most clearly is in the many businesses that are struggling to survive. Many businesses operate as a “Tenant”, leasing the space from which it conducts its business (their “Premises”), and it is obligated each month to pay rent based on what is set out in the Lease for the Premises.

Our law firm has such a strong bond and relationship with real estate agents and their brokerages and as such we have been front and centre in supporting both sides of the industry with navigating through the exciting new opportunity for real estate agents to incorporate a Personal Real Estate Corporation (PREC) as of October 1, 2020 pursuant to the provisions of the Trust in Real Estate Services Act, 2020 (TRESA).

Whether it is a first-time purchase or the 20th purchase of a home, a person will usually have the same question for their real estate lawyer. When am I getting my keys?

Purchasing a home is supposed to be one of the most exciting days of your life! As such, the last thing a Purchaser wants to deal with on the day of their purchase is a Vendor who has not provided vacant possession of the property despite the ownership having been transferred to the name of the Purchaser.

Private mortgages are defined by the Law Society of Ontario as mortgages in which the lender “is not a Schedule I or II bank, registered loan or trust company, a licensed insurer or a subsidiary of any of them; pension fund or any other entity that lends money in the ordinary course of business”.

As a law firm that specializes in completing real estate transactions we are often asked to advise on the rights of parties if the transaction is not completed. In particular, what will happen to the Deposit, and what remedies can a defaulting party be sued for?

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So, how’s the market? The question that I literally have been asked every day of my professional life. Having practiced real estate law for almost 20 years now, I have seen during my time many ups and downs.

One question that is asked by pretty much every Purchaser in relation to their purchase transaction is what time they will get keys to the Property on the day their transaction is scheduled to close.

Many business owners are eager to start a new venture and part of that process often involves leasing a space from which to conduct their business (the “Premises”). Sometimes an offer to lease for the Premises will be negotiated for the general terms of a future lease for the Premises...

Standard residential Agreement of Purchase and Sale (Agreement) forms used in Ontario contain the following clause known as the “Entire Agreement” clause: “This Agreement including any Schedule attached hereto, shall constitute the entire Agreement between Buyer and Seller. There is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein.”

We live in uncertain times. There is no doubt. As our new way of living evolves, we learn to evolve ourselves. Our lifestyles as we once knew them have changed and we are upon quite possibly the “new way of living”. What that means, we do not yet know. We will continue to learn over time.

A title insurance policy protects the homeowner from damages arising out of certain title defects that were not discovered before the closing of the purchase transaction. One of the types of losses that are usually covered by an owner’s title insurance policy is the unmarketability of title.

In Ontario, the disclosure obligations of a seller do not extend to all existing defects in a property. For the purposes of disclosure requirements, there is a distinction made between “patent defects”, and “latent defects”.

Our previous two Wills and Estates blogs highlighted the use of technology, videoconference technology in particular, that has taken off since the onset of COVID-19 in March, 2020.

As part of conducting a title search on a property, a lawyer often comes across various registered instruments on the Parcel. Depending on the type of property, it is vital to pull the details on as many instruments as possible as different types of instruments could give legal rights to parties other than the registered owner on title.

As the COVID-19 pandemic continues, many commercial Landlords and Tenants have been negotiating and entering into rent deferral agreements and/or rent abatement agreements.

Due to the COVID-19 pandemic, the financial situation of many Buyers has changed significantly. As a result, some Buyers may not be able to pay the purchase price to the Sellers upon closing. Other Buyers may be able to close but do not want to.

When it comes to an event of mortgage default, Lenders may be surprised to find that Section 8 of the Interest Act prevents them from charging higher rates of interest on default of a mortgage.

COVID-19 has introduced a new landscape to our lives. How we live has perhaps, changed forever. How does this affect lawyers and our legal work?

The spread of COVID-19 affects the abilities of both the tenant and landlord to fulfill their respective obligations under commercial leases. In particular, if a tenant must close its business at the leased premises because of preventive measures ordered by the government, it may not have enough money to pay its rent to the landlord.

The on-going COVID-19 pandemic has affected the day-to-day activities of businesses around the globe like nothing before. These are unprecedented times and the impact of this unforeseen pandemic on the legal sector is no different.

With COVID-19 it is becoming increasingly necessary to make use of video conferencing and other technology to facilitate meetings and the completing of legal transactions.

Recently the Court of Appeal for Ontario clarified the law on anticipatory breach of an Agreement of Purchase and Sale (APS) of real property.

In this blog post, we will cover a few aspects of selling a pre-construction property via an Assignment and why it is crucial to have a lawyer who is well versed in Assignments represent you with regards to same.

An Estate Trustee (formerly known as an Executor) of an Estate has a great deal of responsibility for administering the Estate that appointed him/her. Administering an Estate is done with care and in accordance with the deceased’s wishes and the law.

Holdbacks are tools used by real estate lawyers for their Buyer clients, whereby a portion of the closing proceeds is withheld from the Seller pending the completion of a condition or an undertaking in the Agreement of Purchase and Sale that could not be completed prior to the Closing Date.

We often get asked by Buyers and Real Estate Agents whether it is preferable to have a Survey or Title Insurance for a residential real estate transaction.

If you are a director or shareholder of a corporation, do you know if your corporation has a minute book or if the minute book of your corporation is up to date?

In this blog post, we will cover a few aspects of purchasing a pre-construction property via an Assignment and why is it vital to have a lawyer who is well versed in Assignments represent you with regards to same.

We often get asked as part of our real estate practice whether we can close real estate transactions outside of Ontario. Clients are often buying homes, vacation and investment properties all over the world! The properties can be located in another Canadian province (e.g. Quebec and British Columbia), the United States, Spain, Russia or any location that you can think of. So as an Ontario based real estate law firm, can we act for a buyer and/or seller of a property outside of Ontario?

We often get asked by Buyers and Real Estate Agents whether it is preferable to have a Survey or Title Insurance for a residential real estate transaction. The answer is that it preferable to have both. It is essential to have Title Insurance for residential real estate transactions but there is a misconception that it is never necessary to have a Survey.

Every homebuyer almost always asks about title insurance, even if it’s not their first time purchasing a property. This is likely because they haven’t dealt with title insurance until their lawyer explains it to them. In this blog post, we will explain the purpose of title insurance. We will then discuss the two types of policies that are offered by title insurance companies and their premiums.

Driving along Bathurst Street, you have likely spotted some new signage. Seemingly overnight, your Real Estate & Corporate Lawyers have a Toronto office??? YES! It’s True 😊

We often get asked by clients whether they can close the purchase of a home on the same day as they close the sale of their home. The short answer is yes, we do that all the time for our clients. The more complete answer is that there are risks with same day closings.

Recently, the Federal government introduced the First-Time Home Buyer Incentive (“Incentive”). The Incentive aims to help qualified first-time homebuyers reduce their monthly mortgage costs.The Incentive consists of the Government of Canada providing a potential funding of 5% of the home’s purchase price for a first-time buyer’s purchase of a re-sale home or 5% or 10% of the home’s purchase price for a first-time buyer’s purchase of a new construction home.  The Incentive is a shared equity mortgage, and this means that the government shares in the upside and downside of the property value.

We’ve explained the HST rebate for new houses and condos in our blog post here. There have been recent decisions from the Federal Court of Appeal that have denied the purchaser’s claim for the HST rebate. To keep you informed and alert, we’ve shared these cases below.

When starting a new business, individuals are often focused on the concept of the business, target demographics and the product or services that will be provided by the business. The legal framework that will govern such business is however often overlooked and not dealt with.

In one of our blog posts in April 2019, we had gone over vital issues to consider when making a Will. http://www.kormans.ca/key-factors-to-consider-when-making-a-will/In this entry, we shall cover the Power of Attorney for Personal Care and the Power of Attorney for Property. Two legal documents that are just as essential, if not more so than a will.

Making plans for what happens to your assets after your death can be overwhelming and it is something that a lot of people try to avoid as long as possible. However, it is actually in your best interest to make a Will outlining the wishes for your Estate sooner rather than later.

Clients are sometimes worried that they won’t be available to meet their lawyer and sign documents for their real estate transaction closings. The good news is that if you communicate your circumstances to your lawyer ahead of time, your lawyer can prepare a Power of Attorney to deal with your property. Your circumstances may trigger the need for a Power of Attorney for Property if, for example, you or your spouse regularly travel or if you’re elderly and need help with your everyday financial and property affairs.

Clients are sometimes worried that they won’t be available to meet their lawyer and sign documents for their real estate transaction closings. The good news is that if you communicate your circumstances to your lawyer ahead of time, your lawyer can prepare a Power of Attorney to deal with your property. Your circumstances may trigger the need for a Power of Attorney for Property if, for example, you or your spouse regularly travel or if you’re elderly and need help with your everyday financial and property affairs.