Welcome to the first edition of Three Bullet Thursdays, part of our Title Tips series, from Zinati Kay- Real Estate Lawyers.
As a valued past client or partner, you’ll receive our new Thursday newsletter. It’s your fast track to essential Ontario Real Estate Law updates. Read three points quickly, or click for more.
With nearly 30 years of experience navigating Ontario Real Estate Law, almost 30,000 transactions closed without a Title Claim, and having been featured in numerous publications, we’re committed to bringing you clear, concise, and relevant information every Thursday.
To know this Thursday:
1. There is NO cooling-off period on the purchase of new freehold construction yet. This has not passed final legislative requirements. We will let you know when it passes. Until then your purchase should be conditional on legal review.
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2. There is NO right to assign a preconstruction purchase. Almost all preconstruction purchase agreements require the builder’s consent, which can typically be withheld in the builder’s discretion.
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3. There is NO right to terminate a preconstruction purchase because mortgage financing has fallen through due to a lower appraisal. This is not relevant to the requirement to close the transaction.
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We’re always here to answer your questions and provide guidance. Feel free to reach out to us by phone or email.