The Homeowner Protection Act, 2024: A Guide to NOSI Changes

The Homeowner Protection Act, 2024: A Guide to NOSI Changes

Robert Sheldon

The Personal Property Security Act (PPSA) outlines rules for security interests in personal property. At law, when personal property is attached to real property, it becomes a "fixture." Under the old PPSA legislative scheme, a Notice of Security Interest (NOSI) would be registered on title to indicate a security interest in a fixture, often when the fixture is leased or under a rent-to-own arrangement. Common examples of rented fixtures include furnaces, air conditioners, water heaters, and water softeners.  The government has made changes to the legislation because NOSIs were being registered without the knowledge and consent of the homeowner, and sometimes fraudulently.

ONTARIO PASSES HOMEOWNER PROTECTION ACT, 2024

ONTARIO PASSES HOMEOWNER PROTECTION ACT, 2024

Robert Sheldon

The Ontario government’s Homeowner Protection Act passed third reading today.  Royal Assent is anticipated to happen as quickly as June 7, 2024.  The bill amends several pieces of existing key housing legislation and is meant to significantly strengthen protections for homeowners and buyers of new freehold homes. The Homeowner Protection Act, 2024, aims to enhance consumer rights by banning the registration of Notices of Security Interest (NOSIs) for consumer goods on the Land Registry and deeming existing NOSIs for consumer goods to be expired. Additionally, the Act introduces a 10-day cooling-off period for buyers of new freehold homes, offering them greater security and flexibility.

THE (FINANCIAL) STRUGGLE IS REAL

THE (FINANCIAL) STRUGGLE IS REAL

Tiffany Yim
Real Estate

As you know, this year will be an exciting yet challenging one. We are hopeful that the interest rates will fall and stabilize for home buyers, but we are also approaching that time when many mortgage holders are renewing their mortgage at a substantially higher interest rate than what they started with at the height of the pandemic. Based on a recent Royal LePage survey, 15% of the Ontarians in the survey will be renewing their mortgages this year alone and 74% of these mortgage holders are worried about their mortgage renewals. Not to mention that variable rate holders are already feeling the weight on their shoulders, from interest rates to gas and food prices. Unfortunately, financial struggle and re-organization is inevitable for many.

MESS AROUND AND FIND OUT: RELIEF FROM FORFEITURE IN REAL ESTATE TRANSACTIONS

MESS AROUND AND FIND OUT: RELIEF FROM FORFEITURE IN REAL ESTATE TRANSACTIONS

Robert Sheldon
Real Estate

This appeal emerges from a real estate transaction that hit a financing snag. The Buyers engaged in an agreement to purchase a residential property in Waterloo, Ontario.  Unfortunately, the deal fell through as their financing became unattainable within the agreed timeframe. Subsequently, the Sellers sold the property to third parties at a higher price and retaining the buyers' deposit.

FAMILY ISSUES IN REAL ESTATE (PART 2)

FAMILY ISSUES IN REAL ESTATE (PART 2)

Don Travers
Real Estate

It is important to note that even if the parties meet the legal definition of common law, this does not mean that they have any interest in the other person's property. A legal common law relationship can impose support obligations on each other. However, parties must legally be married, before a party acquires any interest in real property.

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