Legally Speaking Co-Lenders’ Personal Liability for Agent’s Misrepresentation #326

Raising financing for a specific project occasionally involves pooling the funds of a number of investors in a mortgage in favour of a limited company which is incorporated and managed by the persons who brought the…

Legally Speaking Satisfactory Financing #214

Subject to “satisfactory financing”, while not a whim and fancy clause, has been analyzed in several earlier cases and again in a recent decision involving the cash purchase of a business…

Legally Speaking Interest, Prime + 2%; Vendor Take-Back Mortgage; Residential Mortgage or Residential Agreement for Sale #130

An offer to purchase a commercial building was subject to raising a first mortgage at a rate of interest no more than “C.I.B.C. prime plus 2%.” The Commitment letter from…

Legally Speaking Residential Mortgage or Residential Agreement for Sale – Continued; Negligence, Liability of Owner/Employee of a Limited Company #126

Column 125 discussed how a mortgagor may be able to limit liability under the personal covenant of the mortgagee, upon the sale by the mortgagor…

Legally Speaking Faxed Transmission – Signed and in Writing; Trespass to Land – Trees #124

Is a contract created by Fax Transmissions a contract in writing signed by the persons transmitting the offer or acceptance? Having been long accustomed to telegram…

Legally Speaking Satisfactory Financing #121

Relief is in sight. This column is about a B.C. Court of Appeal decision which will make the addition of a conditional financing clause less of a hazard…

Legally Speaking Financing Clauses – "Satisfactory Personal Financing" – Uncertain #110

Adam B. Able, the affable agent/owner of the Point Grey Wreck Beach Real Estate Agency, was in his office balancing his accounts payable against the sales…

Legally Speaking Solicitors Conflict of Interest Rules Affecting Vendors #33

Column No. 26 discussed the increasing number of successful damage actions brought against lawyers by vendors in transactions where the lawyers in question considered that they were acting for the purchasers only…

Legally Speaking Fiduciary Relationship Responsibilities Between the Licensee and Client #29

Legally Speaking Column No. 1 discussed the fiduciary relationship between the licencee and the person who has retained the licencee to sell his property. Those principles were examined in a recent case where the…

Legally Speaking Concessionary Financing, Take-Back Mortgages and Buy-Downs Interest Rates #21

Column 20 discussed concessionary financing by vendors in the form of take-back mortgages and buy-downs of interest rates on high interest mortgages to be assumed or arranged by a prospective purchaser…

Legally Speaking Concessionary Financing, the Salvation of the Housing Markets #20

An article in the Financial Times of Canada of April 12, 1982 reviews the extent to which “concessionary financing” by vendors has been the salvation of the housing markets in the past few months…

Legally Speaking Removal of Conditions and the Law and Equity Act #17

An offer to purchase the assets of a hunting and fishing lodge, was subject to a number of conditions, one of which was the following: “Subject to obtaining financing, provided that this subject clause shall be…

Legally Speaking “Best Efforts” Cases #9

Very occasionally a prospective purchaser for whom an offer to purchase is being prepared, asks for the insertion of a condition in the agreement such as “subject to financing…” because he is not entirely certain…

Legally Speaking Offer to Purchase Unenforceable Because of Uncertainty As to Who Was the Intended Purchaser #3

An offer to purchase made by “the undersigned Century 21 Real Estate Ltd. or nominee” was held to be unenforceable, in part because of the uncertainty as to who was the intended purchaser…

Legally Speaking Increasing Deposit #2

Every vendor wants as large a deposit as possible, while no potential purchaser wants to tie up a relatively large sum if he is unable to get the financing which is the condition precedent to his purchase of the…