Lenders offer a handful of different types of loans in Ontario, but two of the most common are known as open mortgages and closed mortgages. What is the difference between the two?
What's the difference between an open and a closed mortgage loan?
Obligations of Ontario commercial tenants and landlords
It's important to note that commercial landlords and commercial tenants have obligations under the law that must be upheld. When disputes spring up, it is often because one of these obligations is not being honored by one party or the other.
The legal definition of a subdivision
Most people know what a subdivision is in general, understanding that it's a large piece of land that has been broken up into multiple lots and sold off. Many times, those who own these lots will sell them to people who want to build their own homes, and they'll even use specific builders and contractors to do the work. But what is a subdivision in a legal sense?
Selling home without agent could become more difficult
The Canadian Real Estate Association and the Competition Bureau entered into an agreement in 2010 that would allow a flat-fee listing on Multiple Listing Service, which is owned by CREA. It's also where all but about 10 percent of the real estate transactions occur. Many people in the past few years have started selling their homes themselves in order to avoid paying the usual 5 percent fee for the realtor's commission.
What are Ontario's zoning bylaws?
If you're thinking of buying property and building, one of the most important things you want to look into is how the zoning by-laws are going to impact that property. These laws dictate how you are allowed to use the land. For instance, they tell you if the property can be used for a residential housing project or if it can be used for a business. There are areas that are zoned for both, but most areas fall into one category or the other. You must know which category the property fits into before you buy it or you could be stuck with land that you can't use as intended.
Foreclosures in Ontario use the Power of Sale process
Financial difficulties often mean that people have to make difficult choices about which bills will get paid and which bills have to become delinquent. In some cases, one of the bills that gets put off is the mortgage. When that happens, homeowners might learn that they are facing foreclosure. In Ontario, foreclosures happen through the Power of Sale. If you are facing a foreclosure, understanding this procedure might help you.