Real Estate Disputes

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.

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.

The Pros and Cons of Asset Purchases vs Share Purchases

A share purchase involves the purchase of shares of a company effectively transferring the company’s assets and liabilities to the purchaser. An asset purchase, on the other hand, involves the purchaser buying some (or all) of a company’s assets. Oftentimes, the purchaser may prefer an asset purchase and the vendor may prefer a share purchase; this preference, however, will vary depending on a variety of factors.