Many homebuyers who signed pre-construction Agreements of Purchase and Sale during the peak of the real estate market are now struggling to secure appraisals anywhere near the prices they committed to.

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.

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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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Starting with the costs to close the real estate transaction, a purchaser should be speaking with their realtor and mortgage broker as early in the purchase process as possible. Don’t be afraid to create a closing budget even before putting in an offer on a property. In fact, making the closing budget early on will help a purchaser better understand their financial abilities and constraints in being able to afford a particular property. Between the cost of the property, land transfer tax(es), title insurance and lawyer closing costs, a purchaser should have the financial information handy as to how much monies a lender will lend them on a particular property, and the source of the remaining funds available to the purchaser in order to complete the transaction. Translation in English: Make sure you have enough money available to comfortably close the purchase of a real estate property before deciding to buy it!

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Good news for first-time home buyers! On May 27, 2025, legislative proposals were introduced in the Parliament to amend the Excise Tax Act by creating a new GST rebate specifically for first-time home buyers.

Purchasing a condominium in Ontario demands more than selecting the right unit! One of the most important aspects of this transaction is a thorough review of the status certificate.

As part of a commercial real estate sale transaction, our office often gets retained during the early part of the transaction in order to review the Agreement of Purchase and Sale (the “APS”).

Following in the footsteps of the Act (Prohibition on the Purchase of Residential Property by Non-Canadians Act) and the accompanying Regulations, the Amendments to the Regulations took all of us by surprise when they were introduced on March 27, 2023.

Foreign buyers of residential property in Toronto now face yet another tax to consider.

Our law firm has a large presence in the vast “cottage country” in Ontario. For decades we have been actively retained for the purchase, sale and refinance of cottage properties all over the Province. As such we have a deep-rooted understanding about the uniqueness of cottage properties both from a lifestyle point of view and from a transactional point of view.

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Back in the old days, most families had what they called “their lawyer”. That’s right. We called them the family lawyer. Not because they practiced family law (although some did I’m sure), but because of the relationship each family had with their lawyer.

When someone close to you passes, in addition to the emotional trauma—there is the added responsibility of dealing with the deceased’s financial affairs

Canada’s housing affordability and access have emerged as defining social and economic issues, consistently topping national opinion polls. In the most recent federal election, housing dominated campaign debates—underscoring the financial strain on households and the urgent need for reform.

In previous blog posts, we provided an introduction into some keys points that you need to consider when entering into a commercial lease as a tenant:

As a law firm acting on new construction residential transactions we hear that plea for help from our clients all too often.

The equity of redemption is a foundational principle in mortgage law that protects the rights of borrowers i.e. the registered owners/mortgagors—by allowing them to retain ownership of the property upon repayment of their mortgage debt.

Following the footsteps of the City of Toronto, Hamilton has introduced its own vacancy tax. The City of Hamilton’s new Vacant Unit Tax is now in effect. Originally set to launch a year ago, the tax was delayed when the council unexpectedly struck down the bylaw in late 2023. It was later revived, passed in 2024, and scheduled to take effect in 2025.

Our very own Jonathan Hacohen (The Chosen Lawyer) was a featured speaker recently at the Ontario Bar Institute at a program titled “Level-Up: Elevate Your Career”. As part of the keynote address, Jonathan spoke with his lawyer audience on “Digital Detox: How to Reduce Overload!”

In previous blog posts, we provided an introduction into some keys points that you need to consider when entering into a commercial lease as a tenant:

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A Vendor Take-Back Mortgage (VTB) is an alternative financing solution where the seller accepts part or all of the purchase price consideration in the form of a mortgage from the buyer registered against title to the property being purchased. In a VTB, the seller acts as the lender, allowing the buyer to make payments directly to the seller.

In a previous blog post, we provided an introduction into some keys points that you need to consider when entering into a commercial lease as a tenant. In this blog post, we will go into a bit more detail about some of those items.

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Under Ontario’s Succession Law Reform Act (SLRA), a preferential share serves as a statutory entitlement that safeguards the financial interests of a surviving spouse...

In the volatile residential real estate market conditions in Ontario during the past year or so the forfeiture of deposits has become a crucial issue often encountered during transactions when one party (more often the Buyer) fails to fulfill its obligations under an Agreement of Purchase and Sale (APS).

For homebuyers in Ontario, mortgage rates are a key factor in shaping purchasing power, affordability, and the ability to navigate the real estate market successfully. As real estate lawyers at Kormans LLP, we understand how these rates impact both legal considerations and financial commitments. Our goal is to help you grasp the complexities of mortgage rates and their implications, enabling you to make informed and confident decisions on your homebuying journey.

A reverse mortgage, also known as a CHIP (Canadian Home Income Plan) mortgage in Canada, is a financial solution for homeowners aged 55 and older.

The holiday season is here, and 2024 is drawing to a close! While this time of year often means vacations, family gatherings, and festive cheer, it can also coincide with major life events—like moving into a new home. 

Understanding the distinction between chattels and fixtures is essential in any real estate transaction to ensure a seamless purchase and avoid post-closing complications. Chattels, being movable personal property, typically appliances, furniture, and decorations, are not automatically included in the sale unless specifically listed in the Agreement of Purchase and Sale. They differ from fixtures, which are permanently affixed to the property, such as built-in cabinetry, light fixtures, and HVAC systems, and are presumed to be part of the real estate unless explicitly excluded in the APS.

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Managing a loved one’s estate after their passing can be a daunting and emotionally challenging experience, particularly when no will has been left behind to provide clear guidance.

You may have started a business recently and are now looking for a location from which you will operate said business.

Since the introduction of the Trust in Real Estate Services Act (TRESA) and increasing discussions around self-represented parties, we’ve seen a rise in queries from real estate brokerages and agents.

One of the most common questions we receive from clients is how easements affect their land title and what rights utility companies have to inspect their property.

Ontario Landlords! Are you ready to rent out your property? Here’s what you need to know first.

A survey is an essential document in real estate transactions that provides precise information about the boundaries and features of a property.

Effective August 1, 2024, new mortgage rules will allow First Time Home Buyers to opt for up to a 30-year amortization period for high ratio mortgages.

Let us explore one of the most common forms of property ownership in Ontario real estate law: Joint Tenancy.

Let us explore one of the most common forms of property ownership in Ontario real estate law: Joint Tenancy.

Discussing key points with your mortgage broker or lender before signing can give you a significant advantage in the ever-changing residential mortgage market.

As lawyers we are part of the estate planning process that assists in securing the financial future of clients and their relatives with disabilities while ensuring their eligibility for provincial government benefits.

Homeowner Protection Act, 2024 (HPA) came into force in Ontario on June 6, 2024.

As wills/estates lawyers practicing in Ontario, we understand the evolving needs of our clients and the importance of cultural competence in meeting those needs.

When organizing your estate affairs, we recommend to all our clients to seek professional advice from a certified insurance advisor, accountant, and financial planner, in addition to a wills & estates lawyer.

Purchasing real estate property in Ontario is often considered an investment of a lifetime, given its high stakes and hefty price tag.

One of the most inquired aspects in the domain of estate planning and testamentary dispositions is about the validity of a will and its storage.

The Government of Canada recently announced its intention to explore the concept of offering Halal/Islamic Mortgages as part of its budgetary plans.

The “2024 Ontario Budget: Building a Better Ontario” announced changes to the Non-Resident Speculation Tax (NRST), which are effective March 27, 2024.

A proposed settlement agreement has been reached with respect to a class-action lawsuit that was filed in the Missouri federal court by a group of home sellers against the National Association of Realtors (NAR) and other defendants.

In a previous blog post, we looked at the details for the eligibility of the HST Rebate on a pre-construction purchase in Ontario.

Enjoy the immersive experience featuring narration by author Jonathan A. Hacohen and original music produced by Ron Lopata!

Expanding your business beyond the borders of your home province can be an exciting endeavor, presenting opportunities for growth and expansion.

Two levels of government have introduced legislation with respect to the beneficial ownership of privately-held corporations.

The real estate industry faced significant challenges last year. As we enter 2024, there's hope for a better year ahead.

It's time to quit sleepwalking through life, be the greatest version of yourself with purpose, and live the life you truly imagine.

A common task an estate trustee should consider when preparing for the distribution of an estate with a Will, is the probate process. This blog post aims to provide a refresher on the probate process.

Usually, the purchase price in a new construction residential Agreement of Purchase and Sale is inclusive of HST less the amount of the HST Rebate which the Builder has already taken off the purchase price up front.

Over the years I have been fortunate to be a speaker and/or panelist on so many in-person conferences, seminars, and on-online webinars. I am always excited for the opportunity to impart my legal knowledge and expertise to an audience that usually consists of realtors, brokers, and consumers.

In September 2023, the City Council of Toronto approved imposing a “Luxury Land Transfer Tax,” starting January 1, 2024. In addition to other revenue methods, such as removing the cap on $5/hour street parking and requesting the provincial government to implement a municipal sales tax or receive a cut from the existing HST, the City mentioned that the new Land Transfer Tax provisions will help alleviate the City’s existing financial difficulties.

It’s finally here! Jonathan A. Hacohen is thrilled to announce the launch of his first book.

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In the constantly evolving Ontario real estate market, buyers and sellers continue to come-up with creative ways to finalize their Agreements of Purchase and Sale.

We were recently asked to do a seminar for a real estate brokerage to discuss the fact that parents often provide financial assistance to their adult children when they purchase a home. The question becomes whether it is possible to protect parents’ investments on their children’s property. The real question is whether the funds from the parents were in fact an investment. In other words, was the financial assistance a gift or a loan?

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Prior to entering into a residential lease in Ontario, landlords and tenants alike should apprise themselves of their rights and obligations under the Residential Tenancies Act (RTA). The laws and regulations regarding residential leasing can be complex and nuanced, therefore landlords and tenants may wish to consult a legal advisor for assistance.

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With the ever-rising interest rates on commercial mortgages that institutional lenders are providing in the current lending market, many commercial borrowers, including those looking to borrow via a corporation have no choice but to turn to private mortgages as their means for obtaining financing.

The time is nearing when the Real Estate and Business Brokers Act, 2022 (REBBA) will transform into Trust in Real Estate Services Act, 2002 (TRESA). The Government of Ontario informed that the Phase 2 of regulatory changes introduced under the new legislation will come into force on December 1, 2023.

When it comes to purchasing a cottage property in the province of Ontario, there are numerous factors to consider. While the scenic views, proximity to water, and overall structure of the cottage can be essential, one crucial element that should never be overlooked is the accessways.

Attention Real Estate Brokerages, Mortgage Brokers, and all fellow Real Estate Professionals, we have exciting news!

Every standard printed form of Agreement of Purchase and Sale (APS) contains the following “Time is of the Essence” clause: “TIME LIMITS: Time shall in all respects be of the essence here of provided that the time for doing or completing of any matter provided for herein may be extended or abridged by an agreement in...

With the ever-rising interest rates on commercial mortgages that institutional lenders are providing in the current lending market, many commercial borrowers, including those looking to borrow via a corporation have no choice but to turn to private mortgages as their means for obtaining financing.

“What’s in a name?” – a question that Shakespeare would have never penned if Romeo & Juliet was about Ontarian real estate transactions. When it comes down to real estate and transactions, well, a lot is in the name. A registered owner’s name and date of birth

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There are many reasons why a purchaser may decide to take title of a property in the name of a corporation. However, when a corporation is involved as a registered title holder, the closing process can (possibly) be more intricate for buyers.

Join Jonathan Hacohen, Partner with Kormans LLP, in a captivating face-off with THE Sam McDadi of Sam McDadi Real Estate.

There are many issues and factors in the current residential real estate market that can prevent and/or delay closings. Breach of contract and the litigation that will follow is not a good result for any party to a transaction. In a recent Blog on “Challenging Closings” we discussed how in our law practice we focus on getting transactions closed in a timely manner using various strategies and options.

The Ontario Government has recently commenced consultations with the public and stakeholders with regards to proposed changes to the rules governing purchases of pre-construction homes. The proposed changes seem to be in response to recent news highlights where buyers of pre-construction homes reportedly were charged hundreds of thousands of dollars over and above the price in their agreements.

When  purchasing a resale property in Ontario, it is imperative to be aware of any defects that may be present on the property. Although some defects may be visually obvious, other defects may not be so apparent.

For all the years that I have been a real estate lawyer, there is one item in real estate closings that baffles me over and over again. For some strange reason—people enter into contracts to purchase or sell real estate—and then choose to travel before their closing date!

Are fees the most crucial factor for you in choosing: Your doctor, your surgeon, your dentist, your psychologist, your tax accountant, your mortgage broker, your insurance broker, or your financial advisor?

In the realm of property law, it is essential to differentiate between chattels and fixtures, as they hold distinct legal implications. Ontario, like many other jurisdictions, recognizes the importance of this distinction when determining ownership rights, contractual obligations, and the transfer of property.

Purchasing a pre-construction condominium in Ontario can be an exciting opportunity to own a newly built home tailored to one’s building preferences and financial timeline. However, as a buyer, it’s important to exercise due diligence before committing to such a substantial investment. A

As part of a business venture either with family members; friends; or business associates, individuals often become shareholders in private holding companies. Although that is a great start, in order to protect their interests and to outline the roles / responsibilities of each shareholder, the Agreement is something that can come in very handy.

If I had a dollar for every undergrad student who told me “Someday I want to become a lawyer.” I’m not sure if it’s the glitz and glamour that people see on television and the movies but trust me–the real deal can be a rude awakening.

We regularly receive numerous inquiries regarding the complexities of Agreements of Purchase of Sale. Real estate agents and clients often approach us with pressing questions such as, “How can we ensure we are safe on closing with this clause?” or “What measures should we take to prevent an issue from becoming a major problem during the closing process?”. We recognize that in competitive markets with multiple offers, there may be instances where immediate clause drafting becomes necessary, with no opportunity to consult a lawyer

Selling the matrimonial home of divorcing sellers creates certain challenges for both realtors and lawyers. Most married couples do not want to consider the possibility of divorcing at the time they buy their matrimonial home.

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When buying a Condominium property in Ontario, it is important to obtain (and have reviewed) a copy of the Status Certificate Package. Of the numerous documents that form the Status Certificate Package is the Reserve Fund Study, sometimes referred to as the Form 15.

In the event of a mortgage default due to the failure of a Borrower to make mortgage payments in a timely manner and then further failure on part of the Borrower to bring the mortgage arrears up-to-date by the end of the Notice of Sale redemption period allows the Lender in that situation to take the next steps on the power of sale procedure.

Under section 2 of the Interest Act, a person may contract for any rate of interest that is agreed upon, that is, “except as otherwise provided by this Act or any other Act of Parliament”. Section 347 of the Criminal Code of Canada prohibits loan agreements or arrangements which call for interest at a criminal rate and prohibits the receipt of payment or partial payment of interest at a criminal rate.

After going dormant for years, our prediction is that a certain condition will continue make a tremendous comeback and be back in play on many residential real estate transactions in 2023. After a relatively cool residential real estate market for the past six months due to many factors, including rising mortgage interest rates, inflation, new laws, and employment uncertainty, there is an abundance of Buyers out there looking to make home purchases they had planned before and were forced to delay.

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agreement to purchase. Although I come across these types of liens far less often than other registered documents, I do feel it is imperative to provide a brief overview of Construction Liens and how they can impact a property’s title.  

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In a previous blog post, we outlined somekey items to consider when taking part in a share purchase. In this post, we will go over vital issues to take into account when acquiring interest in a business via an asset purchase An asset purchase means that you as purchaser either individually or via your corporation are buying an existing asset from another individual or a corporation.‍

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Over the course of a real estate purchase or sale, buyers and sellers will encounter all manner of professionals who will assist with various aspects of the transaction. Real estate lawyers in particular play an important role in assisting with various legal aspects of buying or selling a property. Here are a few key ways in which real estate lawyers can help:

In an attempt to apply more downward pressure on home prices and create more supply for desperate Torontonian buyers, the City of Toronto introduced a new tax to penalize homeowners allowing their property to sit vacant.

You must have come across many news articles recently which outline how real estate title fraud is on the rise in Canada. Houses are being sold without knowledge of the homeowners, who only come to know after they find out that strangers are living in their property.

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Purchasers are often curious about title insurance when buying a property. Since in many cases, title insurance is a one-time purchase, people often ask; “what is title insurance? Do I really need it? What items are included in my coverage?”. My hope is that this blog post will answer some of these questions and provide some clarification when it comes to purchasing a title insurance policy.

When considering the incorporating of your operation and/or business, it is important to understand the steps involved in registering and maintaining a corporation in Ontario. Although corporations can be registered at the Federal and/or Provincial level, this article will focus exclusively on Ontario corporations.

R.J. Gray, Professor Emeritus of Osgoode Hall Law School, passed away in January, 2023.

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We often get inquiries from clients about whether it is more beneficial to acquire a business via an asset purchase route or a share purchase route. The correct answer? It depends on each situation.

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Whether you are a first-time home buyer or looking to sell your current residence and buying a new home, there will be many considerations that you will be considering!

The Vacant Home Tax is deemed to come into effect on January 1, 2022, and therefore, every homeowner in the City of Toronto is required to submit a declaration with regards to the status of their property in each taxation year, including year 2022.  

There are 3 important laws pertaining to real estate that came into effect on January 1, 2023 that everyone needs to be aware of and understand!

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In shifting market conditions, it is not uncommon for lenders to make it more challenging for borrowers to qualify for a mortgage. One way for borrowers to overcome such qualification hurdles is to find a creditworthy individual to sign as a guarantor on their mortgage application.

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As a real estate lawyer, one of the most frequently asked questions that I receive relates to the removal of a mortgage from the title of a property once the owner has fully paid it off. Many homeowners assume that once they complete their mortgage payments or pay out a lump sum to their lender/refinance to pay off the outstanding balance.

In a previous blog post, we outlined the details of what is covered under Tarion Warranty when purchasing a new-construction property from a Builder.

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