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Articles by Rachel Puma
Tick Tock Goes The Contract Clock: Ontario Court's Ruling On "Time Is Of The Essence" Clause In New Build Transactions
As published on Builder Bites Time is a funny thing; and when it comes to legal transactions, a vitally important thing. This is underscored in the recent case of Correa v. Valstar Homes (Oakville Sixth Line) Inc., 2024 ONSC 3616. Here, the Ontario Superior Court of Justice addressed the strict enforcement of "time is of the essence" clauses in real estate transactions.
The importance of Time is of the Essence clauses in new build transactions
By Rachel Puma Robins Appleby Time is a funny thing – and when it comes to legal transactions, a vitally important thing. This is underscored in the recent case of Correa v. Valstar Homes (Oakville Sixth Line) Inc., 2024 ONSC 3616. Here, the Ontario Superior Court of Justice addressed the strict enforcement of “time is of the essence” clauses in real estate transactions. On Feb.
The Fine Print: Form And Sufficiency Of Letters Of Credit To Vacate Liens
If a contractor is not paid within a certain amount of time, they may register a construction lien against the property as security for their purported entitlement to payment for improving the property. There are specific requirements under the Ontario Construction Act on when and how this can be done, which are not covered in this article.
The Fine Print: Form and Sufficiency of Letters of Credit to Vacate Liens
If a contractor is not paid within a certain amount of time, they may register a construction lien against the property as security for their purported entitlement to payment for improving the property. There are specific requirements under the Ontario Construction Act on when and how this can be done, which are not covered in this article.
How Can Developers Protect Themselves Against Defaulting Buyers In Today's Market?
BUYING HIGH AND APPRAISING LOW Recently, developers of residential homes, whether condominium or low-rise "freehold" homes, have faced significantly increased numbers of purchasers not closing their deals because the purchasers are unable to obtain financing, even where significant deposits have been paid to the developer. This is particularly the case for homes sold at high prices at peak market (particularly in late 2021 and early 2022).
Your construction contractor has a lien against your property - now what?
By Rachel Puma Robins Appleby If a contractor is not paid within a certain amount of time, a contractor can generally register a construction lien against title to a property, as security for the contractor’s purported the improvement of the property and their entitlement to payment. The Ontario Construction Act sets out specific timelines for the “preservation” and “perfection” of liens, which must be strictly complied with.
Purchaser defaults in today’s real estate market
By Rachel Puma Robins Appleby An increased number of purchasers are defaulting on the purchase of residential homes, whether condominium or lowrise freehold homes. This is particularly the case for homes sold at high prices at peak market (particularly in late 2021 and early 2022). The long and short of it is that certain purchasers are simply unable to secure adequate financing to purchase the home on the closing date.
How Can Developers Protect Against Defaulting Buyers? Mitigation Strategies In Today's Market
Developers of residential buildings, whether condominium or low-rise "freehold" homes, have faced significantly increased numbers of purchasers not closing their deals due to the inability to obtain financing, even where significant deposits have been paid to the developer. This is particularly the case for homes sold at high prices at peak market (particularly in late 2021 and early 2022). We are not seeing as many defaults on high-rise condominiums due to the longer build period.
How can developers protect against defaulting buyers? Mitigation strategies in today's market
Developers of residential homes, whether condominium or low-rise “freehold” homes, have faced significantly increased numbers of purchasers not closing their deals due to the inability to obtain financing, even where significant deposits have been paid to the developer. This is particularly the case for homes sold at high prices at peak market (particularly in late 2021 and early 2022). We are not seeing as many defaults on high-rise condominiums due to the longer build period.
Developers Beware! The HCRA Can Revoke Your Licence
As a result of a number of developers cancelling condo projects in the last few years due to escalating costs of financing and construction, the Home Construction Regulatory Authority (HCRA) is cracking down on builders who are attempting to improperly increase the price of their units. In early 2023, the HCRA updated one of its advisories with respect to Price Escalations and Contract Terminations.
HCRA Advisory - Price Escalations And Contract Terminations - Real Estate - Canada
Earlier this year, the Home Construction Regulatory Authority (HCRA) updated one of its advisories with respect to Price Escalations and Contract Terminations. Much of the advisory is not new, but it highlights HCRA's focus on being the "watchdog" for consumers. This note will briefly discuss two items in the Advisory, being (1) Price Escalations, and (2) Adjustments; however, readers are encouraged to read the entire Advisory for further information and guidance from HCRA.
HCRA Advisory - Price Escalations and Contract Terminations
By Leor Margulies and Rachel Puma Robins Appleby Earlier this year, the Home Construction Regulatory Authority (HCRA) updated one of its advisories with respect to Price Escalations and Contract Terminations. Much of the advisory is not new, but it highlights HCRA’s focus on being the “watchdog” for consumers.
Ready or not: Reacting to repudiation of real estate sale agreements
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Reacting to repudiation: A cautionary tale for vendors in today’s market
By Rachel Puma Robins Appleby We are starting to see the impact of rising interest rates on the ability of purchasers to close their real estate transactions. Appraisals are coming back lower than expected or previously valued, which results in the purchaser being unable to obtain sufficient financing to close.
‘Force majeure’ commercial lease clause should include penalties for tenants
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Commercial Tenants And Landlords Beware: Parties Should Specify The Rent Consequences When The Force Majeure Clauses Are Triggered
Canada: Commercial Tenants And Landlords Beware: Parties Should Specify The Rent Consequences When The Force Majeure Clauses Are Triggered 31 January 2022 by Ellad Gersh , Joseph Jamil and Rachel Puma Robins Appleby LLP Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
Tackling climate change, affordable housing, and housing supply
By Rachel Puma Robins Appleby Throughout 2021, the City of Toronto has been considering amendments to the current Toronto-wide zoning bylaw in relation to parking requirements for new developments. Historically and to-date, the City has required a minimum amount of parking spaces based on number and size of units and location of the development. The more parking spots required for a particular development (and particularly for new condominiums), the more costly the project becomes.
FINTRAC’s transitional period for reporting to end Dec. 1, 2021
By Rachel Puma Robins Appleby As of June 1, 2021, amendments to the Regulations made under the Proceeds of Crime (Money Laundering and Terrorist Financing Act (PCMLTFA) came into force, which have once again changed the reporting obligations of Reporting Entities (REs).
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New Ontario Home Builders’ Code of Ethics
By Rachel Puma Robins Appleby A new Code of Ethics has come into effect for licensees (builders and vendors) under the New Home Construction Licensing Act (NHCLA). The Code is intended to give licensees a similar ethical framework as other skilled professionals.
Canada Emergency Rent Subsidy (
Canada: Canada Emergency Rent Subsidy ("CERS") - The New Benefit Program To Assist Commercial Tenants And Property Owners 27 November 2020 by Darrell M. Gold and Rachel Puma Robins Appleby LLP To print this article, all you need is to be registered or login on Mondaq.com.
What the real estate industry needs to know about FINTRAC and virtual identity verification
By Rachel Puma Robins Appleby In 2019, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act was amended to modernize identity verification procedures, among other things. As a result of the amendment, real estate developers, sales representatives and brokers that are subject to the Act (“Reporting Entities”) are able to verify clients’ identities virtually, when the client is not physically present.
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