Real Estate
When waiving a search comes back to haunt you
How a client perceives a lawyer’s role in a transaction often depends on the client’s experience. At one end of the spectrum, a new homebuyer may believe that the lawyer will not only navigate the process, but will also personally shield the client from all risks. At the other extreme, a sophisticated businessperson may urge… Read More »
Categories: Real EstateFive new documents released by the OBA Working Group on Lawyers and Real Estate
The Working Group on Lawyers and Real Estate is tasked with focusing on issues facing the real estate lawyer and creates tools for lawyers to become more efficient and better serve their clients. One of its latest projects is to create a set of province-wide precedent materials which lawyers can use and adapt for their… Read More »
Categories: Real EstatePower of attorney on the other side of your real estate transaction? Your cue to pay special attention
I had occasion to learn, recently, about the impact of a power of attorney on a real estate transaction: the most basic lesson being that powers of attorney increase fraud risk. So much so, in fact, that the Law Society of Upper Canada has recommended that their use should be avoided wherever possible in real… Read More »
Categories: Real EstateWhen it comes to cottage properties, due diligence is particularly important
This article by Mahwash Khan (Training & Communication Counsel at LAWPRO) originally appeared in the July 4, 2014 issue of The Lawyers Weekly published by LexisNexis Canada Inc. It has been a long and harsh winter. Summer is here and your clients are now looking to purchase an oasis of joy and peace – away… Read More »
Categories: Real EstateWhat do title insurers expect from lawyers?
Still relatively new in Canada, title insurance is not fully understood by many consumers. Even certain less-sophisticated lenders lack detailed knowledge of the product. The responsibility for explaining title insurance to those who purchase it – and for supporting insureds in obtaining coverage that suits their needs – falls squarely on lawyers’ shoulders. Lawyers are… Read More »
Categories: Real Estate, The TitlePLUS Program & Title InsuranceReal estate value fraud – alive and kicking
Is your client purchasing a property with a significant increase in value within a short period of time? It may be prudent to ask some questions before proceeding: Have there been any renovations done on the property? Are there other factors which could explain the increase in value? Was it listed on MLS? Are real… Read More »
Categories: Real EstateA Picture is Worth a Thousand Words (In a Real Estate Transaction)
For the most part, gone are the days when real estate lawyers and clerks knew all of their clients personally and were familiar with all of the properties with which they were dealing. In order to run a viable real estate practice, today’s real estate practitioners often have to provide expert opinions on properties using… Read More »
Categories: Real EstateFrom TitlePLUS Today: Title Insurance – Not a Panacea for Due Diligence
Obtaining title insurance in connection with the purchase of property has become the norm to the point that title insurance is on most real estate lawyers’ standard checklist of items to use when acting on a real estate transaction. It is important to keep in mind that, while title insurance shields buyers from many of… Read More »
Categories: Real Estate