See what can happen if you find buried bodies on your land. As the attached case demonstrates, it can be extremely costly for the owner of the land, who is responsible for moving any of the bodies. In addition, the stigma is likely to have an effect on the property in the future. The lesson is that when buying vacant rural land, it is wise to consider a search in advance to determine whether any part of the property was once used as a cemetery.
Mark’s column is moving at the star.com
As the attached link explains, my Toronto Star column is now being moved from the Moneyville website to the www.thestar.com website. I am in the process of moving all links to articles on my website. If you need to access any prior article that I have written, you can go to my website at www.markweisleder.com
Who gets the deposit when the seller re-sells for more money?
In many situations, buyers default under a real estate agreement and then the seller re-sells for more money. The deposit is still sitting in the real estate brokerage’s trust account. I am often asked who will win the deposit if the case goes to court, the buyer or the seller?
As the attached case illustrates, in most cases, even if the seller re-sells the property for more money, and does not suffer any damages, the buyer who defaulted will still lose the deposit if the matter goes to court.
The lesson for any buyer is to be very serious every time an offer is made. It will be costly to try and change your mind later.
Be careful when negotiating repairs in amendments
Many times deficiencies are uncovered during a home inspection period and negotiations take place about who is going to conduct the repairs and what repairs need to be done. Buyers are often confused as to their rights if the repairs are not completed in a timely manner.
As the following case illustrates, if the clause is not worded correctly, the buyer may still have to close the deal and then sue for any damages after closing. Buyers need to understand their rights before threatening not to close any real estate contract.
In my opinion, it is better to just negotiate a price reduction than to obligate the seller to make any repairs before closing. Arguments will inevitably arise if the repairs are not done to the satisfaction of the buyers.
My Law Practice
I have received many inquiries about my law practice, providing legal services to real estate buyers, sellers and investors. Working with Real Property Transaction Centres, I am now able to close real estate transactions throughout the GTA.
If you or your clients are looking for a written quote, please visit www.realproperty.ca and search under pricing, quotation, or contact Suzanne at 1-877- 219-9618, ext. 231.
I have now completed a new course on “Staying out of Trouble in 2013.” This is a 1 hour presentation designed to give brokerage companies and their salespeople what they need to know on topics such as lender approvals, condominium re-sales, new home agreements, including the HST rebate, protection when double-ending deals and the updated OREA forms.
If you would like to schedule a private course at your brokerage, please contact me at firstname.lastname@example.org
About Mark Weisleder
Mark is a lawyer, author, instructor, Toronto Star columnist and keynote speaker for the real estate industry.