ARCHIVED BLOG POSTS
2016
Agreement Date or Just an Offer Date?There is a common misconception concerning the Agreement date.Sometimes, it’s actually just an Offer date. If there is an Agreement, it may indeed be sometime later. This runs the risk of causing confusion.Previously, when legal stationers prepared paper based...
04/14/2016
Fixtures Clause in the Agreement of Purchase and SaleThe “Fixtures” clause in the standard form OREA Agreement of Purchase and Sale (2016 version) reads as follows:5. FIXTURES EXCLUDED:...................................................................................................Fixtures are ...
04/14/2016
Terms Posted Rates Preferred Rates 6 MONTHS 3.14% 3.10% 1 YEAR 2.99% 2.29% 2 YEARS 2.84% 2.14% 3 YEARS 3.39% 2.34% 4 YEARS 3.89% 2.49% 5 YEARS 4.64% 2.59% 7 YEARS 5.30% 3.44% 10 YEARS 6.10% 3.84% Rates are subject to change without notice. OAC E&OE Prime Rate 2.70% 5 yr variable 2.35%
04/14/2016
Maintaining the Secrecy of Your OwnershipQuestion:How do I prevent others from knowing that I own certain property in Ontario. It’s basically a public record to be found in the Registry Office and on the online program at GeoWarehouse?Answer:Incorporation is a good first step, but often the corpo...
04/14/2016
No Deposit: The Seller’s Options!What can the Seller do if the deposit is late or doesn’t arrive at all?There are essentially two options: Affirm the transaction, waive the breach and elect to proceed with the transaction, Terminate the transaction, declare the breach is a fundamental term of t...
04/13/2016
Rental Items Clause in the Agreement of Purchase and SaleThe issue of Rental Items has now become quite important in an Agreement of Purchase and Sale.This is the Rental Clause in the standard form OREA Agreement of Purchase and Sale (2016 version):6. RENTAL ITEMS (Including Lease, Lease to Own):...
04/12/2016
Three Distinct Concepts for Time DeadlinesIt is somewhat interesting that the standard Form OREA Agreement of Purchase and Sale makes several references to “time”.There is a clause that states:20. TIME LIMITS: Time shall in all respects be of the essence hereof provided that the time for doing or...
04/12/2016
Terms The Bank Preferred Rates 1 Year 3.14% 2.79% 2 Years 3.14% 2.34% 3 Years 3.80% 2.49% 4 Years 4.54% 2.59% 5 Years 4.84% 2.69% 7 Years 5.30% 3.39% 10 Years 6.10% 3.89% VIRM 2.70% 2.15% The prime rate is 2.70%
04/12/2016
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Issues with the Time of CompletionThe closing date and time should be clear and concise and not pose any particular challenges.Let’s have a look at the standard Form OREA Agreement of Purchase and Sale and what it says about the “completion date”, (2016 version):2. COMPLETION DATE: This Agreement...
04/12/2016
Fixed term best discounted preferred rates posted rates as of April 12, 20166 mos 3.10% 3.14%1yr 2.29% 2.89%2yr 2.24% 2.84%3yr 2.34...
04/12/2016
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Brian Madigan
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