Brian's Ontario Real Estate Blog

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Commercial Real Estate Agent - RE/MAX West Realty Inc., Brokerage (Toronto)

ARCHIVED BLOG POSTS

2010 

RECO Election 2010 ~ Bully Offers and Unprofessional Conduct By Brian Madigan LL.B.(Ontario Real Estate Source)As many of you know, I have offered to let my name stand as a candidate for election as a Director of the Real Estate Council of Ontario for a three year term commencing in June 2010.Let...
04/22/2010
Buyer's Election in the Case of Fire Damage By Brian Madigan LL.B.(Ontario Real Estate Source)What happens if the house burns down before closing? Obviously, this leaves both the seller and the buyer in a quandary in terms of completion.So, assuming that there has been some damage, what does the ...
04/21/2010
Government Limits on Mortgage Financing By Brian Madigan LL.B.The Government of Canada has been concerned about the current level of interest rates. The difficulty is that borrowers might have qualified for mortgages, that in a few months they may not be able to afford. Both Jim Flaherty, Ministe...
04/21/2010
Realtors' Warning Clauses By Brian Madigan LL.B.(Ontario Real Estate Source)Within the last few years it has become increasingly common for realtors to place warnings within the terms of the agreement of purchase and sale. Precedents for such clauses abound, and the following is an example:"The B...
04/20/2010
RECO Election 2010 ~ Professional Corporations    By Brian Madigan LL.B. The interesting issue about the 2010 RECO election is that there are no issues. As many of you know, I have offered to let my name stand as a candidate for election as a Director of the Real Estate Council of Ontario for a t...
04/19/2010
Power of Sale and Foreclosure Remedies in Ontario By Brian Madigan LL.B.(Ontario Real Estate Source)There are two remedies provided to mortgagees who find their mortgages in default, assuming that simply waiting for payment is not appropriate:1) power of sale,2) foreclosure.Power of sale is a rel...
04/19/2010
Take Some Pictures Now!   By Brian Madigan LL.B. This is something that you can do now, tomorrow might be too late, and next week is definitely too late. Take some pictures! The Spring season is here. Everything does not exactly bloom at the same time. They come and go from April to October. So, ...
04/18/2010
Sellers and Buyers and Vendors and Purchasers    By Brian Madigan LL.B. I appreciate that sometimes terminology can be difficult. In conveyancing practice, there was a "grantor" and a "grantee". The grantor was the seller and the grantee was the buyer. Those terms were used for centuries. Now, th...
04/18/2010
By Brian Madigan LL.B.(Ontario Real Estate Source website)What happens if the purchaser doesn't pay the deposit? Can the vendor get out of the deal? Can the vendor simply sell the property to someone else?The law on this subject somewhat favours the defaulting purchaser.The Courts look at the fa...
04/17/2010
Escheat Law in Ontario Explained By Brian Madigan LL.B.(Ontario Real Estate Source)Escheat is a really old concept and it arose prior to the concept of private ownership of property. So, that's awhile back!All land was owned by the King, who actually held it from the Pope (but, that's another mat...
04/16/2010
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Brian Madigan

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