meaning: Lawyer’s Approval: Legal Terms or Business Terms?
- 12/09/12 08:06 AM
Ontario Real Estate Source By Brian Madigan LL.B. In a number of cases, a clause will be included in an Offer “subject to lawyer’s approval”. But, just exactly what does that mean? The answer, unfortunately is far from clear. That seems to depend upon the particular lawyer. Sometimes, the lawyer reviews far more than just the legal wording and extends into the “business terms”, including the purchase price. And, the part that most real estate agents hate, the lawyer may comment upon the agent’s commission. However, not in all cases do we have a situation of the lawyer’s intrusive … (5 comments)
Even after you read this, you still may not know. With thousands of years of common law history, this is still a matter which is subject to judicial interpretation. There are still lots of unanswered questions.
The term vacant possession arises generally in two contexts:
1) occupation by a purchaser of property, and
2) occupation by a tenant of property.
In some cases, the tenant circumstance is a little more complex because the landlord may have to secure vacant possession from a prior … (2 comments)
meaning: What Does Completion Mean in the Agreement?
- 11/19/11 07:54 AM
What Does Completion Mean in the Agreement? Ontario Real Estate Source By Brian Madigan LL.B. Everyone wants to know when the deal will close. So, it’s set out in the “completion date clause” which is the second numbered paragraph in the agreement. Let’s have a look at the standard form agreement of purchase and sale and see what it says in the “completion date” clause:“2. COMPLETION DATE: This Agreement shall be completed by no later than 6:00 p.m. on the _________day of _____________ . Upon completion, vacant possession of the property shall be given to the Buyer unless otherwise provided … (3 comments)
meaning: What does “derogation from the grant” mean?
- 10/02/11 04:17 AM
What does “derogation from the grant” mean? Ontario Real Estate Source By Brian Madigan LL.B. The concept of “derogation from the grant” is a unique legal expression having serious implications.
The grant in this case is the lease agreement and the reference is to what the Landlord had agreed to provide to the Tenant under the lease.
The word derogation means “to take away”.
So, the concept itself simply means the Landlord is not allowed to take away something that he has agreed to in the lease.
Consider, the case of a Landlord who owns a … (1 comments)
meaning: Acceleration Clauses
- 09/30/11 11:30 AM
What is an Acceleration Clause? Ontario Real Estate Source By Brian Madigan LL.B. This is a clause in a mortgage which triggers the obligation to repay the entire principal sum outstanding in advance of the time that it is otherwise due.
Consider a borrower who pays $1,200 per month on his $135,000 mortgage. The mortgage runs for five years. If he breaches an important covenant contained in the mortgage like for example failing to provide insurance, the entire $135,000 is due and owing, even if it is just year one in the mortgage.
Some breaches are considered substantial … (1 comments)
What Does “Absorption Rate” Mean? Ontario Real Estate Source By Brian Madigan LL.B. This is the rate at which homes are being sold on a monthly basis. It is based on a particular market area. Assume that there are 2,400 homes listed for sale in a particular market. And, we know that 200 homes are sold every month. That means basically that we have a 12 month supply of inventory.
The rate is calculated as 200/2,400, or 1/12th, or expressed as a decimal .0833.
There are some areas which calculate the relationship somewhat differently. They take … (4 comments)
meaning: What is a Mortgage?
- 09/17/11 09:11 AM
What is a Mortgage? Ontario Real Estate Source By Brian Madigan LL.B.
A mortgage is a promissory note secured by registration against the title to property. In the event of default the mortgagee (the lender) can sell, foreclose or dispose of the property owned by the mortgagor (borrower).
The derivation of the word “mortgage” is from two latin words “mort” meaning “dead”, and “gage” meaning “pledge”. So, literally the term means “dead pledge”.
The origins of the mortgage loan was the condition sale of the property upon receipt of the borrowed money. The pledge was “dead” when … (0 comments)
meaning: What is a Survey?
- 09/17/11 09:03 AM
What is a Survey? Ontario Real Estate Source By Brian Madigan LL.B. A survey is a proper description of the extent of ownership of land, prepared by an Ontario Land Surveyor (OLS), consisting of a diagram of the property and a report on the property.
The diagram is a physical drawing representing the property, its boundaries, encroachments, easements, rights-of-way, buildings and other structures.
The report is a written summary of matters that are significant and should be brought to the attention of the reader.
A survey is signed and stamped by the Surveyor. A photocopy is not … (2 comments)
meaning: What Does "Tort Liability" mean?
- 09/11/11 01:23 PM
Tort liability is the imposition of an obligation by the courts to compensate another party or refrain from undertaking a certain act, or the requirement to perform a certain act in circumstances arising from a “civil wrong”, being for example: assault, battery, libel, slander, negligence, nuisance, infliction of injury or financial harm.
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through Royal LePage Innovators Realty, Brokerage 905-796-8888www.OntarioRealEstateSource.com … (6 comments)
Tender is the process of demonstrating that as either a vendor or purchaser you are ready, willing and able to complete the proposed transaction in accordance with its terms
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through Royal LePage Innovators Realty, Brokerage 905-796-8888www.OntarioRealEstateSource.com … (4 comments)
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