ARCHIVED BLOG POSTS
2010
2
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Planning to Change the Use? By Brian Madigan LL.B.Let's assume that you want to change the use of the property. What does the agreement say about that? The standard form agreement of purchase and sale says:"9. FUTURE USE: Seller and Buyer agree that there is no representation or warranty of any...
02/20/2010
3
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Interest Rates on the Way UP! By Brian Madigan LL.B.The interest rate environment in North America has been low. The US Federal Reserve has maintained the discount rate at 0.50% since June 2006.Now, the rate has now increased to 0.75%. This comes in response to the improvement in financial mark...
02/19/2010
3
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Market Reaches New Highs (Mid February 2010) Toronto By Brian Madigan LL.B.Here is the latest report from the Toronto Real Estate Board:"Greater Toronto REALTORS reported 3,555 sales through the Multiple Listing Service during the first two weeks of February.This represented a 74 per cent incre...
02/18/2010
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Negotiate in the Offer to Lease By Brian Madigan LL.B.That's simple enough advice. It's easy to follow. And, no one gets hurt.So, what's the problem? No one wants to do it. It's too costly, it's too time consuming and it's too much trouble.OK, if you're going to take that approach,then you'd be...
02/18/2010
3
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Adjournment "Sine die" Explained By Brian Madigan LL.B.The latin expression "sine die" means "some uncertain date in the future".In terms of legal proceedings the phrase often appears in Court Orders. Frequently, a matter is not ready to proceed before the Judge, but it does appear on the docket,...
02/16/2010
4
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Government Limits on Mortgage Financing By Brian Madigan LL.B.The Government of Canada has been concerned about the current level of interest rates. The difficulty is that borrowers might qualify now for mortgages that in a few months they may not be able to afford. Both Jim Flaherty, Minister ...
02/16/2010
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Guardian "Ad Litem" Explained By Brian Madigan LL.B.The latin expression "ad litem" pronounced "ad light um" means "for this suit" or "for the purposes of this lawsuit".Generally, the expression is used in connection with the term "guardian", so that the term appears as "guardian ad litem".In a...
02/16/2010
4
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Mid February Mortgage Rates By Brian Madigan LL.B.So, what about interest rates? Are they going up or down?Actually they are slightly down.Here are some same source numbers. Look at the subtle changes over the last two weeks.Quoted rates are down for three, four and five year terms.Preferred ra...
02/15/2010
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How to Avoid the Exit Tax By Brian Madigan LL.B.It's bad enough to be finished with your lease, and have no equity, but what about paying thousands of dollars just to leave? This is an exit tax!In a lease, it's often called the "restoration and removal" clause. You have to read it carefully. Of...
02/15/2010
4
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Real Estate Futures (Toronto and GTA) By Brian Madigan LL.B.Betting on the real estate market is as easy as picking up brochures in the model home.Let's assume that you believe that the real estate market is going up. If you buy a house you will have to pay for it in 2 or 3 months. But, if you ...
02/15/2010
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