Incidents of real estate title or mortgage fraud are increasing in Canada and homeowners and lenders are proving to be irresistible targets for fraud artists. The role of legal professionals and title insurance companies has become critical in the fight to detect and prevent fraud. Homeowners can protect themselves through independent legal advice, the purchase of title insurance and exercising caution when signing legal documents. The financial loss which a homeowner could sustain as a victim of fraud could be huge.
If you are selling real estate today you may be asked by your real estate agent to complete and sign a Seller Property Information Statement (“SPIS”). These forms are the product of the Ontario Real Estate Association (OREA). It is not a legal requirement that you sign these forms when you list your property for sale.
The Landlord and Tenant Board (the “Board”) is the name for the tribunal, which settles disputes between landlords and tenants. Our area postsecondary students should know that as tenants, they have considerable rights under the law (Residential Tenancies Act) and the Board has the power to enforce the rights of both landlords and tenants.
If you are buying a resale home and don’t want to inherit the sellers headaches, a home inspection by a professional should be given serious consideration. If a home inspection is ordered, your offer to purchase is usually conditional on you being satisfied with the inspection so that if the inspection is not satisfactory, there is no deal.
From time to time we have condominium owners asking if they should get involved in the decision making and operation of the Condominium Corporation. In our experience the Condominium Corporation works best when there is an active interest by all members.