Real Estate
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April 10, 2024
Ontario Court of Appeal orders borrower to pay $326,500 balance of lender fee despite failed loan
The Ontario Court of Appeal has ruled that a commercial developer must pay $326,500 in lender fees for a failed loan transaction, overturning a lower court decision that the lender was not entitled to the amount since it was payable under an unenforceable penalty clause.
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April 08, 2024
Appeal Court deems universal life insurance policy is not income from property
In a decision expected by tax pundits to set a precedent, the Quebec taxman partially lost a legal battle after the Court of Appeal held that coverage provided by a universal life insurance policy does not constitute income from property even though it is a benefit for the insured taxpayer.
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April 08, 2024
Mortgage broker’s fee: Borrower’s lawyer not liable
In a typical real estate closing, various parties may seek payment out of the proceeds of sale, including for any commissions that may be owing. Real estate and mortgage brokers will often require sellers or borrowers to pay commissions out of any funds received.
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April 05, 2024
SCC rules ‘fraud exception’ bars Canadian bank from making payment demanded under letter of credit
Elaborating on the “fraud exception” to a bank’s obligation to pay on demand under a letter of credit, the Supreme Court of Canada has affirmed 7-2 that a Canadian bank was required to refuse payment to a letter of credit beneficiary due to a third party’s fraudulent behaviour, which was also attributable to the beneficiary.
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April 05, 2024
Benefits of a separate situs will or power of attorney
Many of our readers, especially business owners, may be familiar with the concept of having multiple wills in the same jurisdiction, where each will governs different classes of assets — usually used to avoid paying estate administration tax (a.k.a. probate fees) on assets that do not require probate.
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April 03, 2024
New partners, associates at Aird & Berlis
Aird & Berlis continues to attract new talent.
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April 03, 2024
B.C. proposes amendments to protect renters from bad-faith evictions, unfair rent hikes
British Columbia is set to amend the Residential Tenancy Act to protect renters from bad-faith evictions and rent hikes above the annual allowable rent increase when children are added to the household, according to a government release.
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April 03, 2024
Joint ventures: Potentially dangerous alliances
“Today, businesses grow through alliances — all kinds of dangerous alliances. Joint ventures and customer partnerings, which, by the way, very few people understand.” — Peter Drucker
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April 03, 2024
Aird & Berlis launches Indigenous practice group
A team of lawyers led by Jason Madden and Alexandria Winterburn, including Alissa Saieva-Finnie, Ethan Guthro and Erika Voaklander, comprise Aird & Berlis’s newly created Indigenous practice group.
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April 02, 2024
New federal housing infrastructure fund comes with strings attached for municipalities, provinces
A new $6 billion Canada Housing Infrastructure Fund (CHIF) will only be available to provinces and municipalities if specific federal housing demands are met in those communities.