The Meaning of "Forum Conveniens" - 01/30/10 07:15 PM
The Meaning of "Forum Conveniens"
By Brian Madigan LL.B.
The latin expression "forum conveniens" simply means "convenient forum". It is to be distinguished from the expression "forum non conveniens", or the inconvenient forum.
The Court gets to make this decision at the outset of every case. The first question the Judge will ask is "do I have jurisdiction?" In many situations, the case is a good one, it's just be brought in the wrong court. So, this question must be resolved first. The second question, assuming that we have a proper court, is the geographic and jurisdictional determination.
This involves both … (6 comments)

The Meaning of "Eiusdem Generis" - 01/30/10 01:29 PM
The Meaning of "Eiusdem Generis"  
By Brian Madigan LL.B.The latin expression "eiusdem generis" simply means "a like group of things", "things of like nature" or "part of the general group".The term has come into legal parlance as an expression synonomous with one of the rules of statutory interpretation.Frequently, Courts are required to interpret the meaning of a statute. The Judge, of course, didn't write the statute, nor was the Judge likely the author of anything similar in nature.The statute as enacted may have been drafted by a group of individuals 20 years earlier, all of whom, if they were asked … (0 comments)

The Meaning of "Corpus Juris" - 01/28/10 08:50 PM
The Meaning of "Corpus Juris"  
By Brian Madigan LL.B.The latin expression "corpus juris" simply means "body of law". In fact, it's the entire body of laws in a country or a jurisdiction. Commonly, the expression is used in the United States, but used somewhat less frequently in other jurisdictions.Sometimes, it might be used in the reasons for Judgment by a Judge who wants to set rather wide parameters, by stating perhaps something to the effect that having reviewed the "corpus juris", meaning of course that all of the laws were considered.Brian Madigan LL.B., Realtor is an author and commentator on … (4 comments)

Responsible Communication (7) ~ Controversial Views - 01/28/10 09:30 AM
Responsible Communication (7) ~ Controversial Views  
By Brian Madigan LL.B.The Supreme Court of Canada recently dealt with the matter of defamation. The Court decided that there should be a new defence to such an action based in libel and slander, and that is : "public interest responsible communication". After dealing with the issue of public and private, the Court has come up with eight (8) tests for responsible communication. These rules apply whether you are the editor of a national newspaper chain or an amateur blogger sending your opinions into cyberspace.The Court poses the following question:Was Publication of the Defamatory … (3 comments)

Responsible Communication (6) ~ Repetition - 01/28/10 07:57 AM
Responsible Communication (6) ~ Repetition   By Brian Madigan LL.B.The Supreme Court of Canada recently dealt with the matter of defamation. The Court decided that there should be a new defence to such an action based in libel and slander, and that is : "public interest responsible communication". After dealing with the issue of public and private, the Court has come up with eight (8) tests for responsible communication. These rules apply whether you are the editor of a national newspaper chain or an amateur blogger sending your opinions into cyberspace.The Court poses the following question:Was Publication of the Defamatory Communication … (0 comments)

Responsible Communication (5) ~ Necessary Statement - 01/27/10 12:12 PM
Responsible Communication (5) ~ Necessary Statement  
By Brian Madigan LL.B.The Supreme Court of Canada recently dealt with the matter of defamation. The Court decided that there should be a new defence to such an action based in libel and slander, and that is : "public interest responsible communication". After dealing with the issue of public and private, the Court has come up with eight (8) tests for responsible communication. These rules apply whether you are the editor of a national newspaper chain or an amateur blogger sending your opinions into cyberspace.The Court poses the following question:Was Publication of the Defamatory … (0 comments)

Responsible Communication (4) ~ Two Sides to Every Story - 01/27/10 08:11 AM
Responsible Communication (4) ~ Two Sides to Every Story  
By Brian Madigan LL.B.The Supreme Court of Canada recently dealt with the matter of defamation. The Court decided that there should be a new defence to such an action based in libel and slander, and that is : "public interest responsible communication". After dealing with the issue of public and private, the Court has come up with eight (8) tests for responsible communication. These rules apply whether you are the editor of a national newspaper chain or an amateur blogger sending your opinions into cyberspace.The Court poses the following question:Was Publication … (2 comments)

Supreme Court: Tests for Responsible Communication (3) ~ The Source - 01/27/10 08:06 AM
Supreme Court: Tests for Responsible Communication (3) ~ The Source  
By Brian Madigan LL.B.The Supreme Court of Canada recently dealt with the matter of defamation. The Court decided that there should be a new defence to such an action based in libel and slander, and that is : "public interest responsible communication". After dealing with the issue of public and private, the Court has come up with eight (8) tests for responsible communication. These rules apply whether you are the editor of a national newspaper chain or an amateur blogger sending your opinions into cyberspace.The Court poses the following question:Was … (0 comments)

Supreme Court: Tests for Responsible Communication (2) ~ Importance - 01/26/10 01:12 PM
Supreme Court: Tests for Responsible Communication (2)  
By Brian Madigan LL.B.The Supreme Court of Canada recently dealt with the matter of defamation. The Court decided that there should be a new defence to such an action based in libel and slander, and that is : "public interest responsible communication". After dealing with the issue of public and private, the Court has come up with eight (8) tests for responsible communication. These rules apply whether you are the editor of a national newspaper chain or an amateur blogger sending your opinions into cyberspace.The Court poses the following question:Was Publication of the … (3 comments)

Supreme Court: Tests for Responsible Communication (1) ~ Seriousness - 01/26/10 08:59 AM
Supreme Court: Tests for Responsible Communication (1)  
By Brian Madigan LL.B.The Supreme Court of Canada recently dealt with the matter of defamation. The Court decided that there should be a new defence to such an action based in libel and slander, and that is : "public interest responsible communication". After dealing with the issue of public and private, the Court has come up with eight (8) tests for responsible communication. These rules apply whether you are the editor of a national newspaper chain or an amateur blogger sending your opinions into cyberspace.The Court poses the following question:Was Publication of the … (2 comments)

Economic Predictions for 2010 By the Experts - 01/25/10 07:43 PM
Economic Predictions for 2010 (by the "experts")  
By Brian Madigan LL.B.It is always interesting to see whether the "experts" really know what they are talking about.So, here's a quick sampling of several experts, forecasting their expectations after looking closely into the crystal ball for 2010:Economic Growth For CanadaStewart Hall of HSBC Securities says the economy will grow by 2.4% in 2010.Canadian DollarCamilla Sutton of Scotia Capital expects the Canadian dollar to be at par with the US dollar by mid year, and to go above that for the rest of the year.Bonds Eric Lascelles of TD Financial Group expects higher … (2 comments)

Be Careful Giving Legal Advice! - 01/25/10 12:19 PM
Be Careful Giving Legal Advice!
 By Brian Madigan LL.B.
It is always difficult to draw a line where a real estate agent's advice ends and a lawyer's advice begins. At best, it is a grey area.
The two extremes are usually quite clear to everyone, so they don't present a problem. The difficulty really only arises in the grey area.
The grey area is larger for some real estate agents than others. That is because they are knowledgeable, experienced and prepared to offer comments, viewpoints, opinions.
Those that draw the line closely, and don't speak up in most cases have nothing … (10 comments)

Mortgage Rates ~ January 2010 - 01/25/10 09:54 AM
Mortgage Rates ~ January 2010  
By Brian Madigan LL.B.Mortgage rates in Canada are lower now than they have been in the last 50 years.This is an excellent time to take advantage of the preferential rates.Terms....... Posted Rates..... Preferred Rates6 MOS......... 4.60%..... 3.85%1 YEAR......... 3.65%..... 2.35%2 YEARS....... 3.95%..... 2.95%3 YEARS....... 4.50%..... 3.45%4 YEARS....... 5.14%..... 3.85%5 YEARS....... 5.49%..... 3.99%7 YEARS....... 6.60%..... 5.19%10 YEARS...... 6.70%..... 5.35%Rates are subject to change without notice.Prime Rate is 2.25%.It should be noted that the bank rate is 0.25%. That is the rate charged by the Bank of Canada to Canada's "Schedule A" banks, should they wish to … (4 comments)

"Public Interest" in Canada's Blogging Laws - 01/24/10 11:02 AM
"Public Interest" in Canada's Blogging Laws  
By Brian Madigan LL.B.There are new laws in Canada that govern the matter of blogging on the internet. The Supreme Court of Canada determined that there must be new laws to protect amateur bloggers and others who proceeded in good faith to express their views, candidly in cyberspace.The right to self-expression is a fundamental right which must be protected. The Court established a new defence to a defamation action based in libel or slander, namely, "public interest responsible communication".So, what does public interest mean?The Court offered some important guidelines to assist in the determination … (3 comments)

The Meaning of "Bona Fides" - 01/23/10 04:08 PM
The Meaning of "Bona Fides"  
By Brian Madigan LL.B.The latin expression "bona fides" means "good faith". It is really the opposite of "mala fides" or "bad faith". Both expressions have importance when it comes to the courts.The courts do not wish to join forces with someone who is proceeding in bad faith by enforcing their rights. The standard insurance contract requires not only "bona fides", or good faith, but "uberrimae fides" or the utmost good faith. That's the obligation concerning disclosure on the part of the insured.In a reciprocal context, the courts have held that the insurer must treat the … (3 comments)

The Meaning of "Mala Fides" - 01/23/10 03:47 PM
The Meaning of "Mala Fides"  
By Brian Madigan LL.B.The latin expression "mala fides" means "bad faith". It is really the opposite of "bona fides" or "good faith".From time to time, the courts become concerned with the morality of the situation, or the motivation of one of the parties to a transaction. The courts do not wish to join forces with someone who is proceeding in bad faith by enforcing their rights. Sometimes, motivation is key.The standard insurance contract requires not only "bona fides", or good faith, but "uberrimae fides" or the utmost good faith. That's the obligation concerning disclosure on … (1 comments)

Blogging Laws in Canada - 01/21/10 08:56 PM
Blogging Laws In Canada   By Brian Madigan LL.B.You might have thought that there were no particular laws about blogging. And, until recently, there probably weren't. The Supreme Court of Canada in Grant v. Torstar (2009) outlined some of the laws that apply in the case of blogging.In a recent case, the Supreme Court of Canada found it necessary to carefully consider the law of defamation in the light of new media which includes lightning fast communication and dissemination of information from website to website, blog to blog, travelling around the globe in an instant.Torstar owns and publishes the Toronto Star, Canada's largest … (11 comments)

Beware of January Adjustments! - 01/21/10 11:05 AM
Beware of January Adjustments!   By Brian Madigan LL.B.This is the time of the year when the landlord sends out bills to all his commercial tenants. This is a "catch up" payment. Anything that the landlord overlooked and failed to charge is sent out to the tenants on a pro rata basis.Most tenants are anxious to ensure that the lease is up to date, so it just gets sent onto the bookkeeper and paid. But, should it be paid?The only way to know, is to look through the existing lease. Usually, it's not available, so once again, the easiest course is … (2 comments)

When to Sell Your Business in Leased Premises? - 01/20/10 07:32 PM
When to Sell Your Business in Leased Premises?  
By Brian Madigan LL.B.Actually, the answer to this question is quite simple: before the lease runs out. Otherwise, your business is worth next to nothing.Frequently, business owners struggle with the day to day activities of running their businesses. However, there are times when the business may not go well or just be located in the wrong place.Now that you have decided to sell, you really need to do something about it. The average person does nothing. They wait, and they send out a few more flyers and hope the business will get … (6 comments)

January 2010 Toronto Market Stabilizes - 01/20/10 01:21 PM
January 2010 Toronto Real Estate Market Establishes Firm Base  
By Brian Madigan LL.B.Here is the latest report from the Toronto Real Estate Board:"Greater Toronto REALTORS® reported 1,749 existing home sales on the Multiple Listing Service (MLS®) during the first two weeks of January. This result was almost double the 888 sales reported for the same period in 2009, when sales had dipped to a recessionary low.We have had a strong start to 2010, said Toronto Real Estate Board President Tom Lebour. Widespread sales growth in terms of geography and housing type indicates that many households remain confident in their ability … (3 comments)

The Meaning of "Ad Idem" - 01/20/10 09:32 AM
The Meaning of "Ad Idem"   By Brian Madigan LL.B.The latin expression "ad idem" simply means a "meeting of the minds". This is a basic legal principle and the fundamental aspect required for the formation of a contract. Unless the parties minds have met, then there cannot be a true consensus. In fact, sometimes the expression "consensus ad idem" is used in legal decisions.Many courts have said that unless the parties are "ad idem", then there can be no contract. The two parties must have a common intention and there minds must have met.The case in English law which is quoted … (0 comments)

The Meaning of "Mens Rea" - 01/19/10 09:31 PM
The Meaning of "Mens Rea"
By Brian Madigan LL.B.
The latin expressions "actus reus" and "mens rea" are two of the most important phrases when it comes to the criminal law.
Actus reus is the "act". It is the actual criminal or guilty act from a factual perspective. It can be seen, it can be witnessed, it can be observed. If it happened, then, the accused may be prosecuted.
Mens rea is the "guilty mind" associated with the criminal act. If there is no guilty mind, then there can be no conviction.
In almost every criminal offence, it is the obligation … (2 comments)

The Meaning of "Actus Reus" - 01/19/10 09:27 PM
The Meaning of "Actus Reus"
By Brian Madigan LL.B.
The latin expressions "actus reus" and "mens rea" are two of the most important phrases when it comes to the criminal law.
Actus reus is the "act". It is the actual criminal or guilty act from a factual perspective. It can be seen, it can be witnessed, it can be observed. If it happened, then, the accused may be prosecuted. However, if there was no such occurrence, then there can be no crime.
The act is objective, it is a fact. The act might be positive or negative. A negative act is … (0 comments)

The Meaning of "Mutatis Mutandis" - 01/16/10 07:43 PM
The Meaning of "Mutatis Mutandis"   By Brian Madigan LL.B.The latin expression "mutatis mutandis" is one of the most helpful latin legal terms. It means "with the necessary changes". In effect, it was the "search and replace" function for thousands of years. And, it still is.Basically, it refers to a comparison between two documents. You might compare the first one to the second one, "with the necessary changes". This expression presumes that all appropriate changes that might have been necessary were in fact made, without having to go through the formal process of actually making those changes.Before the days of word … (5 comments)

The Meaning of "Nunc Pro Tunc" - 01/15/10 07:58 AM
The Meaning of "Nunc Pro Tunc"   By Brian Madigan LL.B.The latin expression "nunc pro tunc" is an important latin legal term. It literally means "now for then". Actually, it is synonomous with official backdating.It is quite clear that you can't backdate documents. If something was to be signed on 15 April, then two weeks later it is quite improper to insert the prior date leading others to believe that the document was so signed on 15 April.There is a specific provision in the Real Estate and Business Brokers Act to prevent backdating.However, that doesn't mean that backdating is not appropriate … (6 comments)

ORES Real Estate Index for 2009 Toronto - 01/14/10 06:43 PM
ORES Real Estate Index For 2009   By Brian Madigan LL.B.2009 Month...... Average Price..... IndexJanuary..... $343,632.....106.34February..... $361,305....111.81March....... $362,052..... 112.04April....... $385,641.....119.34May........ $395,609......122.43June........ $403,972......125.01July.......$395,414.....122.37August...... $387,921.....120.05September...... $406,877.....125.91October..... $423,559.....131.08November..... $418,460.....129.50December..... $411,931.....127.48Here is the ORES Real Estate Index for the Greater Toronto Area for each month in 2009. This Index started at 100 as of 1 January 2005. This chart depicts the last 12 months. It tracks the average prices of single family homes.So while there has been a 21% gain to the end of the year, the most noteworthy comment is that the Index stood at 106.34 at the end of January. Basically in 4 … (0 comments)

The Meaning of "Stare Decisis" - 01/14/10 11:00 AM
The Meaning of "Stare Decisis"   By Brian Madigan LL.B.The latin expression "stare decisis" is probably the most important latin legal term. It means "maintain what you have decided". It is the fundamental basis of the common law legal system of precedents.Once a Court makes a decision, then that's the law. It doesn't change. Every similar case that comes forward will be treated in the same way. The law is consistent. It doesn't change depending upon who the parties may be. Justice is blind!The legal system of binding judicial precedents is fundamental to the operation of the common law. So, what … (6 comments)

Meaning of the Latin Expression "Obiter Dicta" - 01/14/10 08:13 AM
The Meaning of "Obiter Dicta"   By Brian Madigan LL.B.The latin expression "obiter dicta" means "by the way". It is a collateral remark made by a Judge in the reasons for judgment. It is a "side remark" or "comment". It is not part of the actual decision. It is a "passing statement" or "observation".The essential part of the judgment is called the "ratio decidendi". Anything else, which is non-essential is part of the "obiter dicta" or "obiter" for short.When analyzing a court decision, it is important to distinguish between:1) ratio decidendi, the essential, and2) obiter dicta, the non-essential.It is only the … (5 comments)

The Meaning of "Ratio Decidendi" - 01/13/10 08:46 PM
The Meaning of "Ratio Decidendi"
By Brian Madigan LL.B.
The latin expression "ratio decidendi" is one of the most important phrases used in law. It stands for the "legal principle", "the reason behind the decision" or "the rationale of the case".
In essence, this is the important legal maxim drawn from the case. It is the essential part of the decision. Less important matters, or matters which are not material are unnecessary. They are non-essential, and often referred to as "obiter dicta" or "obiter" for short.
The ratio decidendi:
•·        represents the essential elements of the case
•·        recites the fundamental issues in … (1 comments)

ORES Real Estate Index for December 2009 - 01/13/10 07:35 PM
ORES Real Estate Index for December 2009  
By Brian Madigan LL.B.Here is the "ORES REAL ESTATE INDEX" which tracks the average resale prices of single family homes and condominiums in the Greater Toronto Area (GTA). It also tracks certain benchmark comparisons such as the price of oil and gold, as well as the Consumer Price Index.In addition, the stock market indices for Toronto, and the three largest US markets are also compared.For ease of comparison, everything we look at is worth 100 points on the Index as of 1 January 2005. That time period compares favourably with the five year … (1 comments)

Meaning of the Latin Expression "Inter Alia" - 01/12/10 08:35 PM
The Meaning of "Inter Alia"   By Brian Madigan LL.B.The latin expression "inter alia" means "among other things".The reference is often made when a short quotation or extract is made. The words "inter alia" are added so that the reader will know and appreciate that the quotation was not the full quotation in its entirety. There was more, so the reader is cautioned to look at the original quotation should further information be required.Usually for the purposes of the reader, the short extract is sufficient. The term "inter alia" is the official caution.Brian Madigan LL.B., Realtor is an author and commentator … (4 comments)

Disclosure Statement Checklist - 01/12/10 07:36 PM
Disclosure Statement Checklist  
  By Brian Madigan LL.B.
The following document is a Disclosure Statement Checklist. It is to be used following the steps as outlined in "Guidance to the Seller's Agent Concerning Completion of the Disclosure Statement".
The document can be amended as required. The items mentioned are some of the specifics that a seller's agent may be called upon to offer in testimony should the matter ever proceed to Court.
In some cases, the answer is a simple "yes" or "no" and in other cases, a full explanation may be required.
The checklist also deals with the handling … (8 comments)

Guidance to the Seller's Agent in Completing the Disclosure Statement - 01/11/10 02:51 PM
Guidance to the Seller's Agent in Completing the Disclosure Statement  
By Brian Madigan LL.B.There are several aspects of the disclosure statement and the process of completing the disclosure statement that should be taken into consideration and applied by the seller's agent.In Ontario, the disclosure statement is known as the Seller Property Information Statement (SPIS). If the seller's agent proceeds carefully through the process, then the matter of disclosure will have been dealt with appropriately and neither the seller, nor the seller's agent should end up being sued afterwards.So, what are the steps?1) Explanation of the law of disclosure2) Review of … (3 comments)

The Meaning of "Contra Proferentum" - 01/10/10 12:37 PM
The Meaning of "Contra Proferentum"  
By Brian Madigan LL.B.The latin expression "contra proferentum" means "against the interests of". The expression might also appear as the "contra proferendum" rule, which has the same meaning.The doctrine or legal principle summarized by this latin expression is intended to provide guidance to Courts in the interpretation of contracts.First, the Court must conclude that there is some ambiguity in the interpretation of the contract before the rule will apply. Then, the Court will interpret the meaning in favour of the party who:1) did not draft the contract,2) did not propose the wording, and3) did not … (8 comments)

The Meaning of "Ab Initio" - 01/10/10 11:50 AM
The Meaning of Ab Initio   By Brian Madigan LL.B.The latin expression "ab initio" means "from the beginning", or "from the comencement".It is a common term used in conditions that are part of a contract.The parties negotiate the terms of a contract and agree that the contract is in place but is subject to a certain condition.If that condition is not satisfied, fulfilled or waived by the parties then the basic contract itself is:1) deemed to be void (result),2) ab initio (time).The result is usually quite clear. There is no contract, and further "there was no contract". The addition of the … (0 comments)

The Meaning of Caveat Emptor - 01/10/10 08:24 AM
The Meaning of Caveat Emptor   By Brian Madigan LL.B.The latin expression "caveat emptor" literally means "let the buyer beware".In law, caveat emptor is a doctrine in contract and property law that stands for the proposition that:1) a completed sale contains no warranties,2) the buyer's right of investigation and inspection takes place prior to the sale,3) once completed, the sale cannot be set aside and the buyer is without remedy.There was one modification to the principle, and that was if the buyer negotiated a warranty that was intended to apply after the completed sale, it would be enforced by the Courts.Historically, … (8 comments)

The Meaning of "Uberrimae Fides" - 01/09/10 12:20 PM
The Meaning of "Uberrimae Fides"  
By Brian Madigan LL.B.Translated from latin it means "utmost good faith" or "the most abundant faith".Used in a legal context it refers to a doctrine of disclosure in insurance contracts. In fact, it is the obligation to make full and proper disclosure on the part of the insured. The requirement is to meet a standard imposed by the law at the highest level.So, as far as insurance contracts are concerned this is a "tell all" doctrine. Don't keep anything back! Tell the whole truth, and nothing but the truth. Volunteer every little bit of information. … (1 comments)

Latin Legal Terms and Expressions - 01/09/10 12:02 PM
Latin Legal Terms and Expressions   By Brian Madigan LL.B.From time to time certain latin legal expressions appear in contracts and other legal documents. Sometimes, they are puzzling because they are expressions and terms derived from another language without any particular "translation". So, unless you know the meaning of the term, you will likely find difficulty understanding the concept, or that part of the legal contract.When it comes to real estate contracts in Ontario, all the Latin expressions have been removed, at least from the documents drafted by the Ontario Real Estate Assciation (OREA). There are other documents drafted by lawyers … (3 comments)

What Does Good Title Mean? - 01/08/10 08:09 PM
What Does Good Title Mean?  
By Brian Madigan LL.B.The traditional definition of good title in law, is a title without any qualifications, exceptions or explanations. A solicitor's opinion on title would point out any matters that were relevant to the issue of ownership. Such an opinion might read as follows: "you have a good and free, marketable title in fee simple, subject only to a first mortgage in favour of ABC Financial securing the principal sum of $ 100,000.00 together with interest at a rate of 5 and ½ % per annum, calculated semi-annually and not in advance....".You will notice … (3 comments)

Ownership of the Leasehold Improvements - 01/08/10 08:02 PM
Who Owns the Leaseholds?  
By Brian Madigan LL.B.There are some basic common law principles relating to ownership of leasehold improvements: · "Whatever is fixed to the freehold of land becomes part of it"
· Buildings constructed and fixtures placed on leased land become part of the freehold property of the landlord
· This takes priority over the landlord and Tenant relationship
· The fixtures (only as part of the land) are leased to the tenant
· The landlord and tenant cannot by agreement change this result
· This occurs automatically by operation of law
· The parties can, however, make … (1 comments)

Seller's Agent: Two Primary Uses of the Disclosure Statement - 01/05/10 10:13 AM
Seller's Agent: Two Primary Uses of the Disclosure Statement  
By Brian Madigan LL.B.When listing a property, a seller's agent will need to deal with the disclosure statement, in Ontario it is known as the Seller Property Information Statement or SPIS.There are several decisions that need to be made at the outset. First, of course, is whether to use the document at all. The sales representative will have to explain the document and its use to the client.As part of the explanation two options should be provided:1) use the document as a seller property information statement under the terms of the … (7 comments)

Two Year Toronto Real Estate Performance - 01/04/10 09:01 AM
Are You Looking for Two Year Performance?  
By Brian Madigan LL.B.Are you interested in the performance statistics for the GTA and Toronto over the last two years?If so, the Star has compiled an interactive Map. Have a look:www.thestar.com/staticcontent/744608The Map shows the two year performance, from November 2007 to November 2009.There are a few items of caution: · An increase or decrease is only important to show a trend
· An increase or decrease in one area can be compared to another area
· Is a two year period enough to show a trend?
· What about the particular November 2007 … (7 comments)

Advice for Buyers' Agents concerning Disclosure Statements - 01/04/10 08:58 AM
Advice for Buyers' Agents concerning Disclosure Statements  
By Brian Madigan LL.B.From time to time, a buyer's representative will come across a Disclosure Statement signed by a Seller. In Ontario, it is known as a Seller Property Information Statement.What advice should they give to their client?The sales representative needs to have a relatively open and honest discussion concerning the disclosure document, the law, the contract and its limitations as well as the available remedies.Here are some matters that a real estate sales representative acting on behalf of a buyer should point out to the client concerning the Seller Property Information Statement: … (2 comments)

Closing Time: 5:00 pm or 6:00 pm? - 01/03/10 11:32 AM
Closing Time: 5:00 pm or 6:00 pm ?  
By Brian Madigan LL.B.There used to be a time when agreements of purchase and sale provided that transaction must be completed prior to 4:30 pm on the date scheduled for closing. Now that we have an electronic registration system in place, that time should say "5:00 pm", because that's the last time permitted for registration.Let's have a look at the standard form agreement in use in Ontario:"2. COMPLETION DATE: This agreement shall be completed by no later than 6:00 pm on the 4th day of July 20xx. Upon completion, vacant possession of … (4 comments)

E-Mails Not Permitted - 01/03/10 11:27 AM
E-mails Not Permitted  
By Brian Madigan LL.B.Just in case you were wondering, e-mails are not permitted as official communication of Offers and related documents. That is the case under the Real Estate and Business Brokers Act, 2002 and it is confirmed by agreement between the parties.Here is the specific clause in the standard form agreement of purchase and sale:"3. NOTICES: Seller hereby appoints the Listing Brokerage as Agent for the purpose of giving and receiving notices pursuant to this Agreement.Only if the Co-operating Brokerage represents the interests of the Buyer in this transaction, the Buyer hereby appoints the Co-operating Brokerage … (8 comments)

Agreement of Purchase and Sale (Long Form) - 01/02/10 07:46 PM
Long Form of Agreement  
Brian Madigan LL.B.There are actually two separate and distinct documents used to evidence an agreement to convey land:1) agreements of purchase and sale, and2) agreements for sale.The first category is relatively straightforward and is the common document in use. The agreement results from the acceptance of an offer and specifies the terms upon which the vendor will convey title. The closing date is typically, three or four months in the future and the funds are exchanged in return for the title to the property. Well in excess of 99% of real estate transactions are undertaken using … (2 comments)

Evicting Tenants under the Residential Tenanies Act (Ontario) - 01/02/10 07:43 PM
Evicting Tenants under the Residential Tenancies Act   
By Brian Madigan LL.B.If you are a residential landlord or you are contemplating becoming one, you should have a look at some of the new rules.The Residential Tenancies Act came into force in January 2007. Basically, it tips the scales of justice a little further in favour of tenants and particularly professional tenants.Some of the changes are difficult to justify and one might speculate that they are motivated more by politics and perception than they are by necessity.One of the new hotly contested issues is the matter of the eviction process. Under the … (7 comments)

Real Estate Mediation - 01/01/10 12:52 PM
Real Estate Mediation  
By Brian Madigan LL.B.You may wonder what this has to do with real estate? However, unresolved disputes really represent the quickest way to eliminate any equity that has accumulated in real estate acquisitions made over the years by either parties to the marriage.Oftentimes, in stressful situations, the house, cottage, or investment properties are overlooked at the outset. It is often thought that a good deal of capital appreciation has accumulated and the equity will be there to divide.Many times, this isn't the case. If real estate is the major asset, then it should be treated as such. … (13 comments)

Make Sure Measurements Are Accurate - 01/01/10 12:48 PM
Double Check Measurements   By Brian Madigan LL.B.How important are the actual measurements of a room? Does size matter? Sometimes, it does. Possibly the prospective purchaser is undertaking some rough calculations of value based on the overall size of the building. Square footage is the basis of this type of calculation, as is the cost per square foot.In many other cases, this is not the situation. The buyer sees the room sizes and is otherwise content with their size and suitability.You can appreciate that this situation would be different for a home buyer purchasing a new home from a builder just … (8 comments)

 
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Brian Madigan LL.B.

Toronto, ON

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RE/MAX West Realty Inc., Brokerage (Toronto)

Address: Toronto, Mississauga, Oakville, Brampton, Caledon, Thornhill, Greater Toronto Area, http://www.iSourceRealEstate.com

Office Phone: (416) 745-2300

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