Real Estate Law in Timmins involves the acquisition or the sale of real estate of a variety of properties. Some consist of single family dwellings, others deal with the purchase and sale of an apartment complex wherein one must be mindful of the retrofit legislation and the legislation that governs landlords and tenants. There are also the purchase and sale of commercial properties where one must be familiar with the Environmental Laws. For example, if you are acquiring a property where gas or oil tanks were used at that location or on abutting properties in the past, you need to consider having at least a Phase I and possibly a Phase II environmental assessment done. There is obviously a cost for such an assessment, but it is better to find out before purchasing as opposed to be the owner and being faced with the extraordinary expense of having to clean it up at your expense. It also includes the acquisition of a leasehold interest which is where an individual or a corporation is acquiring the building and not the land. For example, this would be when one has entered a lease with the Ministry of Natural Resources to build a cottage and the individual does not acquire ownership of the land. The land remains in the name of the Crown.
Each type of real estate transaction presents its own challenges and one must be familiar with the laws governing them. For example, on a commercial transaction wherein it is provided that the HST is included in the purchase price it is quite likely that the vendor will not receive the purchase price set out in the agreement. In fact, he/she will receive the purchase price less 13% of the value which will need to be remitted to Revenue Canada unless both the purchaser and the vendor have an HST number and can file election with the appropriate government authority.
It is important to be aware that the legal fees that you are paying in the purchase and sale of a real estate property include providing legal advice even prior to you executing the agreement of purchase and sale. This is a service that is not often sought by our clients when a real estate agent is involved. You must remember that the agreement of purchase and sale (the offer) is the legal document which forms the foundation of the real estate transaction and if it is not done properly at this stage you may be tying the lawyer’s hands in being able to assist you even before you set foot in our office.
Real Estate Law touches several fields of law such as:
- Contract law
- Corporate Law
- Environmental Law
- Municipal Law
Real Estate also includes the drafting of a lease agreement which deals with a certain parcel of land. One must be aware that if the lease is for a period of more than 21 years it will be necessary to apply to the Committee of Adjustment to obtain an Order permitting the same as otherwise it may be contrary to the Planning Act.
Contact Suzanne Desrosiers Professional Corporation to find out more about how we can assist you.
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