Fixtures vs. Chattels in Ontario Real Estate
When buying or selling a home in Ontario, questions can arise about which items stay with the property, and which items the seller is entitled to take. Understanding the difference between fixtures and chattels, and clearly addressing included and excluded items in the Agreement of Purchase and Sale, can help avoid disputes before closing. What…
What is the Requisition Date in an Ontario Real Estate Transaction?
When reviewing an Agreement of Purchase and Sale for a property in Ontario, buyers and sellers may come across a date referred to as the requisition date or title search date. Unlike the closing date, the purpose of the requisition date may not be immediately obvious to someone buying or selling a property. However, it…
Closing Date Extensions in Ontario Real Estate Transactions: What Buyers and Sellers Need to Know
The closing date is one of the most important dates in an Ontario real estate transaction. It is the date on which the buyer is expected to provide the required funds, the seller is expected to transfer title, and the transaction is completed. But real estate transactions do not always proceed exactly as planned. A…
Frequently Asked Questions Regarding Real Estate Closings
1. Do I need to attend the lawyer’s office on closing day? Usually, no. Most clients sign their documents and deliver the necessary funds before closing day. The lawyers then complete the closing electronically. However, clients must remain available in case an unexpected question, missing document or funding issue arises. 2. Can I move into…
What Happens on Closing Day? A Step-by-Step Guide for Ontario Home Buyers and Sellers
Closing day is one of the most exciting parts of a real estate transaction. For buyers, it is the day they officially become the owners of their new property. For sellers, it is the day ownership is transferred and the sale proceeds are finalized. However, closing day can also feel stressful when clients are unsure…
Can One Co-Owner Force the Sale of a Property in Ontario?
Owning property with another person can work well until the owners want different things. One owner may want to sell, while the other wants to remain. Former partners may disagree about their contributions. Family members may inherit a property but be unable to agree on what should happen to it. In Ontario, a co-owner is…
Shareholder Disputes in Ontario: What Every Business Owner Should Know
For many entrepreneurs, starting a business with a family member, friend, or business partner is an exciting opportunity. At the outset, everyone shares a common goal of growing the business and achieving long-term success. However, as the business evolves, disagreements can arise over management, finances, ownership, or the future direction of the corporation. When these…
Real Estate Deposit Disputes in Ontario: Who Gets the Deposit When a Deal Falls Apart?
When a real estate transaction collapses, both sides often focus immediately on the deposit. The seller may believe the deposit should be forfeited because the buyer did not close. The buyer may insist on its return because a condition was not satisfied or the seller could not complete the transaction. The brokerage, if involved in…
What Happens When a Buyer Fails to Close a Real Estate Deal in Ontario?
A firm closing date is not a suggestion. Once an Agreement of Purchase and Sale becomes binding and all conditions have been satisfied or waived, both the buyer and seller are generally expected to complete the transaction. If the buyer does not close, the legal consequences can be significant. What happens next depends on the…
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