Real Estate
10 Common Mortgage Blunders You Can Easily Avoid
The Smiths (seemingly friendly and genuine people) walk into your law office with what appears to be a straightforward real estate deal including mortgage financing, for which you are to represent the lender as well. But, is it really that straightforward? Consider this: a high percentage of claims are caused by communication errors, inadequate investigation,… Read More »
Categories: Real EstateUndertakings 101: Manage your risk
There is often some confusion around the purpose of undertakings and how they should be structured. Be the lawyer who solves closing problems without taking on risks. Undertakings are essential elements in real estate transactions. They are commonly given by one party to another to avoid delays in closings, or as a courtesy to the… Read More »
Categories: Real EstateThe future of law: Why the real estate lawyer is the quarterback of the real estate deal
On June 22, 2016, surrounded by family and colleagues, Kathleen Waters was honoured with the 2016 Ontario Bar Association’s Award of Excellence in Real Estate. Her remarks included comments on the lawyer as quarterback and advice on moving successfully into the digital future. “I’m a passionate believer in the role of the lawyer as defender… Read More »
Categories: Real Estate, The TitlePLUS Program & Title InsuranceSix things LAWPRO hates to see in a real estate transaction
When I talk about the disturbing escalation we have seen in claims costs in the past few years, I am often asked why real estate claims are so prominent, and what can be done to get these claims under control. Besides the usual advice about careful review of transaction details, effective and regular lawyer-client communication,… 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 InsuranceNever release funds before closing without meeting security requirements under the Condominium Act
Not infrequently, LAWPRO sees claims related to the release of condominium purchasers’ deposits to a vendor prior to closing. The circumstances under which these deposits can be released are strictly limited under the Condominium Act, 1998, S.O. 1998, c.19 (the “Act”), and the legislation does not permit contracting out of security requirements. Prior to the… Read More »
Categories: Real EstateDemystifying condominiums with better communication
The single biggest problem in communication is the illusion that it has taken place. ~ George Bernard Shaw Many people start their home ownership journey by purchasing a condominium unit. Others downsize to a condominium later in life. As first-time condominium buyers, they may be unfamiliar with the operation and documentation of a condominium corporation…. Read More »
Categories: Communication Errors, Real EstateTendering correctly: Preserve your client’s rights (and avoid a claim!)
Tendering, in real estate practice, is a strategy real estate lawyers can use to demonstrate a client’s willingness and readiness to close a transaction in circumstances where there may be doubts about the other party’s ability or willingness to close on time. done properly, tendering can help to preserve a client’s rights in the event… Read More »
Categories: Real Estate