An “All Obligations” mortgage is one which, by its terms, secures all of the mortgagor’s present and future obligations of all types, from time to time owed to the mortgagee, limited at any one time to the maximum principal or face amount stated in the mortgage. This type of mortgage has become increasingly popular with [...]
Tag Archives: Condominiums
A purchaser of residential real estate closes the transaction, moves in and then subsequently discovers that there is a convicted pedophile living across the street. The new purchaser has a young family living with him. Is the existence of the neighbouring pedophile a “latent defect” under real estate contract law sufficient to enable the purchaser [...]
Many property owners have been working all year getting apartment buildings registered as condominiums, but this will be much harder when new laws come into effect on November 7. The government hasn’t quite slammed the door on conversions, but almost. See my Whiteboard Session for more details.
Did you know that if you acquire title to a parcel of real estate which is subject to a mortgage, you will, without signing any document, be “automatically” obligated to both the mortgagee (the creditor) and to the party transferring to you (the original mortgagor/debtor), that you will be responsible for performance of all of the obligations owed to the mortgagee/creditor under the mortgage? To find out what the ramifications of this rule may be, please refer to my more detailed memorandum on this matter by going to same on “Implied Covenants”
There has been a lot of press lately on the subject of the conversion of apartment buildings into Condominiums. Based on this, the number of signs advertising converted apartments for sale and the level of activity in our office, it is clear that this is a very common event these days. Both the municipal and [...]
“Condo wars” are breaking out – owners are mad about increases in fees or assessments and boards are under attack for the way they have handled building repairs. These conflicts may arise because the roles of the players aren’t clearly understood. The Condominium Act states generally that “the affairs of the Corporation shall be managed [...]
In the course of a year, I get invited to a lot of Condominium Corporation owner meetings and all too often this is because there is a special assessment or increase in common element fees and the owners are MAD! On these occasions, the song often goes – we can’t afford the special assessment, we [...]