All tagged real estate law amendments
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.
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.
