COMMERCIAL REAL ESTATE

Our Real Estate law practice encompasses the following areas:

- Purchases, sales, and mortgages of residential, commercial, vacant land, and farm land;

- Intra-family transfers;

- Estate transfers;

- Title insurance;

- Severances;

- Rights of way and easements;

- Resolving title issues;

Real estate is usually the most significant investment a person makes in his or her lifetime. Below we provide some general information to consider when buying or selling real estate. Please note that the information provided bellow is of a general nature and may not apply to any specific or particular situation. It is not to be considered as a legal advice nor presumed to be indefinitely up to date..

Chattels – these are moveable items of personal property that are not permanently attached to the dwelling. They are not included in the Agreement of Purchase and Sale unless specifically included in the agreement. Where the question arises as to whether an item is a fixture or a chattel, you should include it in the agreement to be sure it is included and is part of the transaction.

CMHC Mortgage Insurance – this is an insurance premium that is added to the amount of your mortgage to insure against default. It is paid on closing out of the mortgage proceeds.

PST is payable on closing in addition to the amount of the insurance. For more information about the payment of the PST, go to the website of the Canadian Mortgage and Housing Corporation. CMHC also has some Home buying Tools – Calculators.

Conditions – An agreement of Purchase & Sale is often conditional on certain events such as the buyer obtaining satisfactory insurance, home inspection and financing. When drafting conditions, be explicit about the purpose of the condition, the time frame for fulfilling it, whose benefit the condition is for, and whether the condition can be waived if not fulfilled. Once all conditions are waived or fulfilled, the Agreement of Purchase & Sale is firm and binding. There can be consequences for breach of contract. All Purchase & Slae agreements must be set out in writing.

Deposit – This is the amount of money paid when the offer is made. It can be paid upon acceptance or on the occurrence of certain events or conditions such as when all conditions or waived, in a specified time frame or on a certain date. If the agreement of Purchase & Sale does not become firm and binding, the deposit is generally returned to the Buyer without interest or deduction. The Buyer receives credit for the deposit on closing.

First Time Home Buyers - may be eligible for a Land Transfer Tax Rebate up to a maximum of $2,000.