All tagged Real Estate Lawyer

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

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.

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

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.