What Is a Zombie Deed in Real Estate Law
what is a zombie deed? A “zombie” deed is a deed of property that was signed during the owner of the property’s lifetime, but registered in the land title system after the death of the owner as though they were still alive. In a sense, the now deceased owner’s wishes with regards to the disposition […]
3 Covenants A Lender Makes in Their Mortgage
Regardless of the payment type (blended or interest-only), amortization or structure (open v. closed) of the mortgage, these are the three (3) covenants your lender is making when providing you with a mortgage: RPL represents buyers, sellers, and private lenders in the regards to all aspects of property ownership and mortgage lending. Contact me if […]
6 Things A Borrower Promises in Their Mortgage
When you purchase property using a mortgage, you are pledging your rights (because you do not actually own the land – the Crown does) to the property as security for the mortgage loan. This is technically what is happening in the transaction. If you ever thought of real estate as just a ‘home’ or a […]
Prospectus Exempt Securities: The Accredited Investor Exemption in Ontario
In this latest instalment of our prospectus-exempt securities series, we look at the accredited investor exemption in Ontario. The accredited investor exemption is widely used in Canada and the United States. In fact, about 92% of the private capital-raising in Ontario relied on the accredited investor exemption. It is based on the idea that some […]
What is a Collateral Mortgage?
In essence, a collateral mortgage is, as defined in Royal Bank of Canada v. Slack – “any property which is assigned to or pledged to secure the performance of an obligation and as additional thereto, and which upon the performance of the obligation is to be surrendered or discharged.”. This…is a complicated definition, and it […]
What is Title Insurance?
Title insurance is an insurance policy which provides coverage for risks to title in real estate transactions. Typically, title insurance policies include unpredictable issues including Practically speaking, if there is an issue on title that only becomes known after the transaction closes, the title insurer will step in to either remedy the defect on title […]
Land Transfer Tax Exemption: Natural Love & Affection
Land Transfer Tax Exemption: “Natural Love & Affection” In Ontario, it is permissible to transfer property to loved ones without paying Land Transfer Tax (LTT), subject to certain requirements & provisos. Generally speaking, if there is no consideration of monetary value flowing between the donor (the person gifting the property) and the receiver (the person […]
Will & Estate Plan & How To Deal With a Cottage Property
Unlike matrimonial or family homes, Will & Estate Plan & cottages often belong to either one party alone or are owned by multiple family members; or, they may have been passed down by family, or purchased using funds from an inheritance. As a result, most believe that these properties will be excluded from family equalization […]
What Happens if Formaldehyde or Asbestos is Found?
What Happens if Formaldehyde or Asbestos is Found in the Home After Closing? If formaldehyde, asbestos or similar is found in the property after closing, do the purchasers have good grounds to sue for damages? The short answer – typically, yes. But, it depends (…it always does with the law). According to Real Estate Council […]
New Mortgage Stress-test law Regulations in Ontario
On May 20, 2021, the Office of the Superintendent of Financial Institutions (OSFI) announced important changes to the minimum qualifying rate on uninsured mortgages (residential mortgages with a down payment of 20% or more): “Effective June 1, the minimum qualifying rate for uninsured mortgages (i.e., residential mortgages with a down payment of 20 percent or […]
