Stay informed on the real estate terms you should know when buying or selling commercial real estate.
Canadian Real Estate Association (CREA), has put together a helpful list.
What You Should be Prepared For on Closing Day and How To Avoid Problems
Closing day in real estate is when the title of the property is officially transferred over from the seller to the buyer.
While there is a lot that goes on behind the scenes at the law firm handling the transaction, this blog post will help to answer what exactly is happening and how to best prepare for the big day!
Are You Buying & Selling Real Estate With the Same Closing Day? Know the Risks
Most often believe this to be the best approach with regard to making other arrangements around their closing such as scheduling movers, contractors, etc. However, there are a few other things that individuals in such a situation should consider before arranging to buy and sell real estate on the same business day.
Will These New Rules Increase Hamilton's Affordable Housing Supply?
Top 5 Ways To Avoid Title Fraud
New Anti-Flipping Rules
As of January 1, 2023, new legislation came into effect that may impact you. If you have purchased a property you are now looking to sell within the last 12 months, you may be impacted by this new legislation. To ensure you are aware of what your obligations are, we are recommending that you seek advice on your upcoming transaction from a professional accredited accountant.
Temporary Ban on Foreign Buyers as of January 1, 2023
What is a Secondary Will and When Would I Need One?
A Secondary Will can be a financial planning tool, some homeowners and business owners, mostly in Ontario and British Columbia, use to help reduce the amount of Estate Administration Tax (EAT) that needs to be paid after ones passing to ensure more of their assets end up with their survived family and friends.
What happens when you die without a Will in Ontario?
Thinking about being a Landlord?
Amendments to Canadian Patent Rules
The Difference Between a Deposit and Down Payment
Chattels vs Fixtures
One of the most common questions that clients have with regard to a real estate Agreement of Purchase and Sale pertain to what household items can be categorized as either a chattel or a fixture. Read this article to understand how to define these two items within the Agreement of Purchase and Sale.
Land Transfer Tax Refund for First-Time Homebuyers
With a shift in the market, it’s important for first time home buyers to know all the details of purchasing a home, especially Land Transfer Tax (LTT). The Land Transfer Tax is charged by the provincial government’s Ministry of Finance whenever a person buys or acquires an interest in a piece of land in Ontario, except in a few special circumstances. The tax applies to every method of conveying land ownership, whether the land is purchased, gifted, or obtained through other means.
All About Cohabitation Agreements
A cohabitation agreement is an agreement signed by two unmarried individuals who are living together or intend to live together in the future. When a couple decides to live together, a cohabitation agreement can clearly set out the rights and obligations of each party, either in the event of a breakdown of the relationship or upon the passing of one of the partners.
Powers of Attorney Overview - Continued
Powers of Attorney Overview
An overwhelming majority of Ontario adults currently go about their daily lives without the security of having a properly drafted will and a power of attorney in place. It is important to address these matters regardless of one’s age in order to avoid the pitfalls of probate, and to provide yourself and your loved ones with peace of mind through proper estate planning.
Valid, Voidable and Void Contracts
What makes a contract voidable?
Voidable contracts have elements within the contract that are enforceable, therefore on their face, they appear to be valid. However, they also contain elements that make is possible for one or both parties to void the contract entirely. The contract is considered to be valid if the injured party opts not to take action and not render the contract void.
Reasons a contract may be voidable:
Failure of one or both parties to disclose a material fact,
Fraud,
Duress,
One party is legally incapacitated,
The contract contains unconscionable terms.
To enforce the voidable contract, one of the parties must exercise their right to render the contract void. But both parties have the right to enforce the contract. A void contract is different from a voidable contract because from the moment a void contract is created it cannot be fulfilled while a voidable contract can be performed and enforced as soon as the contractual defects are corrected.
What makes a contract void?
A void contract is a formal agreement that is illegitimate and cannot be enforced by law because it cannot be performed.
Reasons a contract may be void:
One party is contracted to do something impossible,
One party is contracted to do something illegal or against public policy,
The contract restricts an individual’s rights.
What makes a contract valid?
A valid contract creates a legal agreement between two parties. A valid contract contains an offer, acceptance and consideration as well as meeting of the minds and mental capacity, therefore parties are legally responsible for the performance of the contract. If one party breaches the contract, the other party may go to the courts in order to receive remedies. All elements of a valid contract are legal, enforceable and binding.
Elements of a valid contract:
Offer
Acceptance
Consideration
Meeting of the minds
Disclaimer
The content on this web site is provided for general information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this web site are advised to seek specific legal advice by contacting members of Carson Law, Carson IP, or their own legal counsel regarding any specific legal issues. Carson Law does not warrant or guarantee the quality, accuracy or completeness of any information on this web site. The articles published on this web site are current as of their original date of publication, but should not be relied upon as accurate, timely or fit for any particular purpose.
Do You Have A Plan in Place in The Event of Your Passing?
It is important to have a plan in place in the event of your death. By not preparing an estate plan, the task of settling your affairs becomes more complicated for surviving family members.
To help, we have put together this handy checklist to ensure you are thinking of the right items in preparation for completing your will.
Receptionist Wanted
In an effort to continually strive to improve upon the efficiency in how we handle our clients’ legal matters, Carson Law Office Professional Corporation, located in Burlington, Ontario, is actively searching for a full-time motivated, tech-savvy, team-oriented Receptionist to join our growing team!