In a recent White Paper, the NDP government tabled a proposed piece of legislation called the Landowner Transparency Act (“Act”), which has a huge impact on the privacy interests of apartment building owners, as well as possible significant tax implications. Submissions to the government closed on September 19, 2018. Keep an eye out for the outcome of the submissions and for the inevitable legislation that ensues.
Alan E. Farber, Farber & Company
The rapid escalation of prices in the real estate market have given Purchasers a false sense of security if they enter into an agreement of purchase and sale and change their mind and fail or refuse to complete the transaction. There is an ongoing obligation for the Vendor to mitigate their losses by reselling the property as soon as possible. In today’s market this almost always means the Vendor will resell at a profit thereby relieving the Purchaser of the necessity to pay damages to the Vendor for loss of profit. Many Purchasers, however, forget that they may still be responsible for the deposit which was placed in trust at the time of entering into the agreement.
Edward L. Wilson, Lawson Lundell — Barristers and Solicitors
Bare trusts are increasingly being used when investors acquire investment properties as they provide a number of significant advantages. Anyone considering purchasing an apartment building should fully examine the potential use of a bare trust arrangement.
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