Archive for the ‘Real Estate’ Category
The Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235 (the “Act”) was passed and came into effect on January 1, 2023.
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Further clarifications released for Canada's Foreign Home Buyer Ban and the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
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Beginning January 1, 2023, the federal government’s Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) will come into effect across Canada, resulting in what is being referred to as the foreign home buyer ban.
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It is an unfortunately common story in construction litigation: parties agree on a scope of work and price, the scope of work changes and the parties don’t go back to the bargaining table to reach an agreement on the new scope of work.
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The Office of the Superintendent of Real Estate (OSRE) has released a new information brochure for consumers looking to purchase a pre-sale condo.
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It is a common question: when you lend someone money, they use that money to purchase land and the money is not paid back, can you somehow secure repayment by encumbering title to the land?
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Under the Builders Lien Act, a statutory right is created to filed builders liens for work performed and/or materials supplied to an improvement.
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Over the past few months there has been a substantial increase in real estate activity.
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There is frequent need for parties who obtain judgments in jurisdictions outside of BC to come to BC seeking to enforce their judgments against assets of judgment creditors held in BC.
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When you become the registered owner of real property in British Columbia that is free and clear of any financial encumbrances or agreements for sale, the Land Title Office has the ability to issue to you a "Duplicate Certificate of Title."
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As was discussed in my previous article, Property, Parties, Price – How Far the Court Will Go to Insert the 3 P’s of Real Estate into a Contract, it is critical that parties to a contract of purchase and sale for real property take the time to properly document the terms of their contract.
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The Federal Government announced today a new Canada Emergency Commercial Rent Assistance (CECRA) program intended to assist businesses that have been impacted by the COVID-19 Global Pandemic.
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The Office of the Superintendent of Real Estate announced the release of Policy Statement 17, which temporarily amends Policy Statement 5 and Policy Statement 6 in relation to the nine month early marketing period.
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As of March 30, 2020, there are changes to the BC Residential Tenancy Act and BC Manufactured Home Park Tenancy Act that will remain in force until our provincial state of emergency ends.
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As of March 30, 2020, there are changes to the BC Residential Tenancy Act and BC Manufactured Home Park Tenancy Act that will remain in force until our provincial state of emergency ends.
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When would-be homeowners obtain home inspections, they place a great deal of reliance on the inspection report they receive.
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COVID-19 has resulted in a number of issues which put the performance of purchase contracts for real property at risk.
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Subject to clauses, waiver or satisfaction of subject to clauses, deposits and when deposits become non-refundable are issues in contracts of purchase and sale that often become the subject of litigation.
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It is one of the most common scenarios in construction litigation: work has completed, the contractor has rendered its final bill and an owner refuses to pay on the basis that there were delays or that there are defects or deficiencies.
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While a contract can be formed by any combination of communications and oral and verbal agreements, it remains the most prudent course of action to reduce a contract to writing to avoid any ambiguities about what has or has not been agreed to.
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When a builders’ lien is filed, it can cause all manner of disruptions to financial, contractual and business relations
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In my previous article, Builders Liens: Strict Compliance or Lose Your Lien, I explored how a family company lost its lien rights by making the mistake of pursuing its lien in the name of its principal rather than the company.
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The Province of British Columbia has approved the amendments to REDMA and the Real Estate Development Marketing Regulation in order to facilitate the disclosure of information to provincial and federal authorities
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The Statute of Frauds and Canadian jurisprudence require that for any contract of real property to be enforceable, it must contain an agreement with respect to three essential elements knowns as the 3 P’s: parties, property and price.
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A recent case from the Ontario Court of Appeal sets out an interesting chain of events.
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Most people familiar with the purchase and sale of real property are familiar with subject to clauses, the full legal significance of such clauses can be a source of confusion.
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Did you know that there is a different contract that is used when buying and selling a home on Westbank First Nations Lands?
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Do you own recreational property in Kelowna or West Kelowna? Thinking of renting it to avoid BC’s proposed speculation tax, but still want to enjoy it yourself for some parts of the year?
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Often times, parties will get to the edge of entering into contractual relations, but miss the steps required to form a contractual agreement.
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As discussed in my previous article, Invitations to Tender: Why it is Important Both Bidders and Solicitors to Follow Proper Process, the solicitation of bids for public projects must follow a fair and transparent process.
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A landlord entering into a commercial lease should consider the rights it wishes to have if the tenant is not performing its obligations.
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The BC Courts recently had the opportunity to consider the enforceability of a lease clause requiring a tenant to pay 6 months’ future rent on termination for breach of lease.
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The B.C. Government has introduced draft legislation to amend the Real Estate Development Marketing Act that imposes obligations on developers in relation to the assignment of Purchase Agreements for the sale or lease of strata lots.
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Government and non-government actors that solicit bids for contractors for management or construction projects must follow a fair and transparent process for doing so.
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Contracts for the purchase and sale of real property and many other commercial contracts contain a clause that says in respect of certain or all contractual obligations that “time is of the essence.”
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It can be frustrating for homeowners dealing with inadequate contractors that the controlling mind/primary owner of the company can hide behind their corporation to avoid personal liability.
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The BC Office of the Superintendent of Real Estate released new Real Estate Rules aimed at consumer protection, which will come into effect on March 15, 2018.
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A builders lien can be an effective, powerful and inexpensive tool for helping unpaid contractors, subcontractors, suppliers receive payment for their materials and services.
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Earlier this month the provincial government’s Office of the Superintendent of Real Estate published proposed rule changes to the Real Estate Services Act.
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It is most likely common knowledge that, for quite some time, the housing market in the lower mainland has been a highly competitive environment.
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Real property ownership in British Columbia is governed by a modified Torrens system for title registration.
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On December 15, 2016 the British Columbia Provincial Government released information on the B.C. Home Owner Mortgage and Equity Partnership program.
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Party Wall Agreements have historically been used to manage the relationship between land owners with a common boundary and a wall down the middle of the property line.
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On October 3, 2016, Canada’s Finance Minister Bill Morneau announced changes to mortgage rules with the introduction of a “stress test.”
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When real estate developers consider disclosure requirements they commonly think of the obligations under the Real Estate Development Marketing Act.
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In my foreclosure practice, typically the material circumstances have already been cast in stone by the time a client comes to see me about going to court.
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In virtually all standard contracts of purchase and sale, the parties agree that the vendor will provide a property disclosure statement (“PDS”) and that the representations made in the PDS will survive the completion of the contract.
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There has been a lot of discussion in the media, amongst politicians and most likely in your circle of friends recently about the rapid increase in housing prices in B.C. and particularly in the Lower Mainland.
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When a purchaser borrows funds to purchase real property (i.e. land and any buildings or structures attached to the land), most arm’s length lenders will require a personal promise to repay the funds, as well as some interest and expenses.
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Since 2005, the real estate industry has been self-regulated by the Real Estate Council.
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A restrictive covenant is a class of legal “promise” imposing a restriction on one party for the benefit of another. When drafted correctly, restrictive covenants are an invaluable tool to protect your business.
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In British Columbia s. 59 of the Law and Equity Act, R.S.B.C. 1996, c. 253 (the “Act”) essentially requires that contracts dealing with
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In the case of Jozsa v. Charlwood-Sebazco, 2016 BCSC 78 (CanLII) the Plaintiff, Mr. Jozsa, was a very experienced landscape designer hired by Ms. Sebazco to complete landscaping at her home.
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Section 1 of the Builders Lien Act, S.B.C. 1997, c. 45 (the “Act”) defines an “owner” as anyone with a legal or equitable interest in land.
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At one time or another, strata councils inevitably have to deal with questions or issues raised by its members relating to conflicts of interest.
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Too often, people mistakenly assume that because the home or renovations are done in accordance with architectural plans and within the requirements of the applicable municipality or district, that the home or renovations are sound.
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“Conveyancing” is the term your lawyer uses to describe the legal process of transferring an interest in land from the seller to the buyer.
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BC’s Manufactured Home Park Tenancy Act (“MHPTA”) will not apply to tenancy agreements on reserve lands where the landlord is an Indian or an Indian Band.
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Changes have recently been introduced to the laws surrounding Land Use Contracts (“LUCs”) that could materially affect the right of a land owner to use his land that is presently subject to a LUC. LUCs are contractual agreements between property owners and a local government which were used in BC throughout the 1970s to negotiate the […]
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The local housing market appears to be on the rise. While this is a good sign of our recovering economy, it is also an appropriate time for purchasers to remind themselves of some of the risks and their legal rights when purchasing a home. The maxim, “buyer beware” (or caveat emptor), applies to purchasing a […]
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A landlord's reaction to a default under a commercial lease is usually determinative as to its ability to collect arrears and to recover future rent under the lease. This first installment of this five-part series will set out some of the important questions that landlords will be asked in assessing an appropriate course of action. The questions are as follows: 1. What is the default alleged? 2. Is there a written lease? 3. Have you [...]
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Since the introduction of the Real Estate Development Marketing Act (REDMA), developers have had concerns that any minor or insignificant variance from the strict compliance of REDMA will permit a purchaser to avoid its obligations under a Purchase Agreement.
First reading has been granted to legislation that will amend the Real Estate Development Marketing Act (REDMA) and will bring greater certainty to the real estate development [...]
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This post discusses the hundreds, if not thousands, of land contracts in British Columbia that may be negatively affected by section 73 of the Land Title Act, R.S.B.C. 1996, c. 250 and the line of legal authorities stemming from International Paper Industries Ltd. v. Top Line Industries Inc., 1996 CanLII 3340 (BC CA) ("Top Line").
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In negotiating the settlement of family property and asset division in a family law matter, particularly in relation to the valuation of the family home, parties often argue about whether or not the parties should deduct real estate commissions when one party is looking to buy the other’s interest in the home. The idea behind […]
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The Supreme Court of British Columbia rendered the Tang v. Zhang decision in 2012. That decision has now been overturned by the British Columbia Court of Appeal. In the case, Mr. Zhang entered into a Purchase Agreement with the Vendors and paid a deposit of $100,000. Mr. Zhang failed to complete on the purchase, and […]
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A well-drafted and well-negotiated commercial lease is essential to the success of a Tenant’s business. Grey areas can lead to unexpected costs and even litigation down the road – this can be avoided by good drafting and making sure you think about all of the following prior to signing on the dotted line. Here are […]
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Its not often that consumers get a break on new purchases. The Harmonized Sales Tax (HST) New Home Rebate is a BC government initiative which aims to compensate new home buyers for the added taxes associated with the implementation of the HST. The rebate is available for “newly constructed” homes or “substantially renovated” homes purchased as a primary place of residence. A “substantial renovation” [...]
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The BC Property Transfer Tax (the “PTT”) is a value added tax payable by purchasers who acquire an interest in property.The actual tax rate is 1% on the first $200,000 of the fair market value of the property being transferred, plus 2% on the fair market value over $200,000. For example, a purchaser acquiring a property with a fair market value of $300,000 will have to pay an additional amount of PTT as follows:
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This article addresses a particular challenge that a purchaser of real property in a foreclosure scenario faces with respect to its potential liability for tax (non-resident withholding tax) under section 116 of the Income Tax Act (Canada) (the “ITA”). Section 116 of the ITA makes a purchaser of real property liable to pay tax to the Canada Revenue Agency (the “CRA”) in an amount of 25% or 50% of the purchase [...]
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The bleakest year in the U.S. foreclosure crisis has only just begun. U.S. Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and more will miss payments as they struggle […]
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We have recently received a notice from the Superintendent of Real Estate advising of the issuance of two new Policy Statements which require developers to include further information in disclosure statements or amendments filed on or after November 1, 2007. We wish to draw these to your attention at this time in order to allow you to gather any information needed prior to filing your disclosure or amendment. We will be pleased [...]
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The Land Title Office recently considered the filing of a “building” strata plan in which a number of the strata lots consisted of a bunkhouse measuring less than 100 sq. ft. Each of the bunkhouse strata lots had designated for their exclusive use LCP which was considerably larger than the strata lot, and in some cases the LCP area measured over 2,000 sq. ft.
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On February 20, 2009, real estate developers (“Developers”) will become subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “Act”). Developers will be required to comply with the following record keeping and reporting obligations:
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In an economy where credit is tight for certain purchasers of real estate, vendors may want to consider alternative financing arrangements in order to make their property more marketable. Vendors have two primary alternatives: to sell the property to the purchaser under an Agreement for Sale or to sell the property subject to a vendor take-back mortgage.
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Pursuant to the Real Estate Services Act (the “Act”), as of January 1, 2009, individual realtors may now form personal real estate corporations. Advice from professional advisors, such as Accountants and Lawyers, is extremely important to ascertain whether incorporation is right for an individual realtor. Every realtor’s situation is different and it is important to remember that tax/legal advice may vary greatly depending [...]
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