Judges will do all they can to prevent a lawsuit from falling at the first hurdle, but their patience has limits. When launching their legal cases, many non-lawyers picture the process ending in vindication following their day in court. In reality, only a tiny...
Court orders sale of co-owned home, leaves details for later
Although recent interest rate hikes have taken the edge off Toronto’s notoriously wild housing market, prices are still high enough that co-ownership with family or friends remains an increasingly conventional choice for prospective buyers who see no other route onto the property ladder. When co-owners fall out over a house, emotions run high and it’s often hard for them to agree on anything again. And while Ontario’s Partition Act provides a mechanism for the division and sale of a property, litigants (and their counsel) are often wary of pushing for a court-ordered sale until they have worked out some of the other details in dispute — such as the list price, the listing agent, or liability for outstanding property taxes and other bills associated with the home.
Buyers beware as housing market cools
Cold feet can cost buyers dearly when the housing market takes a turn for the worse. Higher interest rates and economic volatility are a recipe for falling real estate prices, and difficult market conditions are already having an effect, with the Canadian Real Estate...
Commercial Property Deal Collapses and Costs Vendor
Commercial property deal collapse costs vendor $11 million The prospect of compensation for lost profits means it’s not just buyers who must beware when a commercial real estate deal collapses — sellers found responsible for the failure to close could find...
Co-ownership Agreements and Litigation
Entering into a legal agreement with your co-owner(s) to put everything in writing is strongly encouraged. It will assist with resolving disputes with the property later. Even if you don’t have an agreement in writing, a lawyer experienced in handling property disputes can negotiate a settlement without having to litigate.